Bank of Queensland has raised $17.7 million from shareholders under its share purchase plan offer - almost double the $10 million target set by the Bank.
Launched in April specifically to reward the loyalty of our retail shareholders, the offer gave the Bank’s 27,000 shareholders the opportunity to buy up to $3000 of new shares at a 2.5 per cent discount to the current market price.
Around 2.6 million new shares will be issued after over 25 per cent of shareholders took up the invitation.
The share purchase plan and the recently issued shares under the Bank’s Dividend Reinvestment Plan take the Bank’s total number of fully paid ordinary shares on issue to 64.9 million.
This gives Bank of Queensland a market capitalisation of $465 million at yesterday’s closing price of $7.15.
The issue price of the shares issued under the share purchase plan was $6.847, compared to $7.15 when applications closed on 21 May.
Shareholders will be notified by mail early next week of their individual allocations.
Managing Director David Liddy said the overwhelming demand to participate in the offer was an excellent outcome for Bank of Queensland.
"The uptake is a very positive reflection of existing investor confidence, particularly when it’s viewed in parallel to our popular dividend reinvestment plan," Mr Liddy said.
"Our retail investors have often requested an opportunity to take part in this type of offer and we are grateful for their continuing support, so this outcome shows the Bank’s commitment to them."
"The share purchase plan offer also provides additional financial resources and further strengthens Bank’s of Queensland’s balance sheet."
For more information:
Head of Corporate Affairs
07 3212 3522 or 0439 730 547