MyState members pick up $1000

Shareholders in Tasmanian Perpetual Trustees have voted in favour of merging with MyState Financial. The merged entity will become a top 300 company on the Australian Stock Exchange worth about $190 million.

MyState Financial's 117,000 members will each receive 387 shares worth $1087 in the new company. Perpetual shareholders will get one share in the new company for each Perpetual share they now own.

MyState Financial was formed in 2007 with the merger of two Tasmanian credit unions. MyState has 12 branches. Six of Perpetual's nine branches will be merged with MyState by the end of 2009.

Source: The Mercury