ANZ BANK SETS ONE-FOR-TWO BONUS ISSUE Australia and New Zealand Banking Group Ltd <ANZA.S> said it will make a one-for-two bonus issue from its asset revaluation reserve to shareholders registered June 2. The proposed bonus and an increase in authorised capital to one billion one-dlr par shares from 600 mln will be put to shareholders for approval at an extraordinary general meeting on May 26, the ANZ said in a statement. The issue will absorb about 230 mln dlrs of the 260.9 mln standing in the asset revaluation reserve, it said. The bank said that by lowering the dividend rate it expects to maintain the value of dividend payout on the enlarged capital at about the level of its last full year ended September 30. The group paid 31 cents a share and 133.1 mln dlrs in all for that year. Shareholders will also be asked to approve changes in the bank's articles of association to allow it to offer shares in lieu of the interim dividend at a discount of five pct to the market price. The group is the latest to announce a tax-free bonus issue ahead of dividend imputation, effective July 1.