The information below is a summary only. Before investing in any
security you should consult the full prospectus or a financial
advisor.
| ASX CODE: |
VSLHB |
| Issue type: |
Medium Term Unsecured Notes |
| Country: |
Australia |
| Issue currency: |
AUD |
| Number on issue: |
32,729 (as per prospectus dated 12 April 1999) |
| Face value: |
$118 per note . |
| Maturity date: |
31 December 2005 |
| Redemption details: |
The MTN will be repaid on the 31 December 2005, or 30 June 2004 at
your election, at their face value of $118 each. The election must
be made on the Acceptance and Application Form. If no election is
made the maturity date will be 31 December 2005.
The MTN's may be redeemed at the option of the Company up to the date
of maturity as follows:
Redemption Price - the Issue Price, plus unpaid interest to the date
of redemption, plus the Make Whole Premium.
Make Whole Premium - the difference (not to be less than Zero) between:
(a) the net present value of the expected future cash flows from the
MTN's, discounted at a rate equal to the then-current Australian
Government Bond yield corresponding closest to the remaining life
on the MTN's plus 300 basis points, calculated at the time of
announcement by the Company of it's intention to redeem; and
(b) the issue price
Redemption Period - within 30 days after an announcement by the
Companyof it's intention to redeem the MTN's, at any time during
the term of the MTN's
|
| Interest rate: |
From the 1 Januuary 1999 until 30 June 2001 the interest
paid will be 9.75% p.a.
From the 1 July 2001 until maturity the interest paid will be 7.75% p.a.
|
| Interest payment dates: |
Interest is calculated in arrears and paid half yearly as at 30
June and 31 December |
| Books close Date (Record Date): |
The Record Date is at the close of business 11 business days prior
to the Interest Payment Date.
The securities are marked 'ex-interest' for SEATS trading purposes on the
open of business 4 days prior to the Record Date. These dates can be
subject to change, and consequently should be confirmed by contacting
your broker, the Issuer or the Issuer's registrar. |
| Winding up: |
If the Company is wound up prior to repayment, MTN's rank for
the repayment of principal and unpaid interest behind secured
creditors but ahead of all shares in the capital of Vision Systems
and equally with all other unsecured creditors of the company.
|
| Further Details: |
Please refer to full prospectus dated 12 April 1999. |
