Share Purchase Plan Offer - 2008
On Thursday 11 December 2008 Bank of Queensland announced a Share Purchase Plan Offer. This shareholder offer is part of the Bank’s continuing plan to actively and effectively manage its capital base and to fund future growth.
Participating in this offer will allow eligible shareholders to increase their BOQ shareholding at a discount to the average market price and without paying any brokerage or other charges.
The issue price per share will be the lesser of:
(a) a significant 7.5% discount to the Volume Weighted Average Price over the 5 business days1 before and including the closing date for the offer on which shares are traded; and
(b) $10.08, being the approximate price at which shares were issued under the Bank’s recent Dividend Reinvestment Plan issue and partial underwriting2.
This offer will be open from 15 December 2008 to 23 January 2009. All shareholders will receive an information pack in the mail which includes the Offer Document and an application form.
The Offer Document is available online
If you have any enquiries concerning the offer please contact your financial advisor or ABN AMRO Morgans Limited on 134 226 (refer to www.abnamromorgans.com.au for the nearest office) or Bank of Queensland’s share registry (Computershare Investor Services Pty Limited) on 1800 779 639 within Australia or +61 3 9615 5970 for New Zealand callers.
1 ‘Business day’ has the same meaning as in the ASX Listing Rules.
2 The price of $10.08 has been rounded down from the Dividend Reinvestment Plan price of $10.0882.
Details of some of Bank of Queensland's recent capital raisings are set out below:
Perpetual Equity Preference Shares - 2007
On Friday, 14 December 2007, Bank of Queensland (BOQ) announced that the offer of BOQ Perpetual Equity Preference Shares (BOQ PEPS) that closed on 10 December 2007 was heavily oversubscribed. As a result, BOQ exercised its option to raise A$50 million in oversubscriptions and, therefore, raised A$200 million of new capital. The proceeds of the offer of BOQ PEPS increased BOQ’s Tier 1 capital and will be used to fund further growth of its business.
Allocation Policy
Valid Applications in the Shareholder Priority Offer were allocated 100% of their Applications up to $10,000 and 34.16% of the balance, rounded to the nearest whole BOQ PEPS.
Valid Applications in the General Offer were not allocated any BOQ PEPS.
Valid Applications under the Broker Firm Offer and the Institutional Offer were accepted in full.
BOQ PEPS are trading on the ASX under the ASX code of BOQPC.
Syndicate
ABN AMRO Rothschild acted as Structuring Adviser to the offer of BOQ PEPS. ABN AMRO Rothschild and Macquarie Equity Capital Markets acted as Joint Lead Managers and Underwriters.
ABN AMRO Morgans and Macquarie Equities Limited acted as Co-Managers to the offer of BOQ PEPS.
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Share Purchase Plan – 2004
The 2004 Share Purchase Plan (SPP) offer was part of the Bank’s continuing program to actively manage its capital base to fund future growth.
The offer gave shareholders the opportunity to subscribe for up to $5000 worth of new Bank of Queensland shares at $10.37 a share.
Subject to the terms of the offer, all shareholders who were on the register as at 8 November 2004 were eligible to apply.
A total of 35% of shareholders took up the opportunity to take part in the SPP, which was oversubscribed by 25%.
The Bank raised more than $50 million and Directors decided not to scale back shareholder applications to the previously announced target of $40 million in new capital.
The table below provides examples of allotments for applications in multiples of $1000.
Allotment Value | Shares Allotted |
$1000 | 97 |
$2000 | 193 |
$3000 | 290 |
$4000 | 386 |
$5000 | 483 |
Allotment advices were despatched to all SPP participants in December 2004.
View 2004 offer document (PDF 182kb)
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Share Purchase Plan – 2003
Bank of Queensland shareholders who took part in the 2003 Share Purchase Pan (“SPP”) received their full allocations following a successful capital raising of $24.7 million to fund the Bank’s ongoing growth.
The offer allowed existing shareholders the opportunity to subscribe for up to $5000 worth of new Bank of Queensland shares at $8.62 a share.
Subject to the terms of the offer, all shareholders who were on the register as at 9 May 2003 were eligible to apply.
The offer was taken up by 25% of the Bank’s shareholders.
The table below provides examples of allotments of applications in multiples of $1000.
Allotment Value | Shares Allotted |
$1000 | 117 |
$2000 | 233 |
$3000 | 349 |
$4000 | 465 |
$5000 | 581 |
Allotment advices were despatched to all SPP participants in June 2003.
View 2003 offer document (PDF 147kb)
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