Bank of Queensland announces Share Purchase Plan offer

Bank of Queensland today announced to the ASX a new Share Purchase Plan offer for its shareholders.


The offer was foreshadowed in the bank's release of its record half-yearly results on April 4, and will be used to help fund the Bank's strong growth.


The Share Purchase Plan (SPP) will also enable existing shareholders to increase their shareholdings at a discount to market and without incurring additional costs.


Managing Director David Liddy said the SPP is an attractive offer for retail investors currently on the Bank's register.


"The Bank's strategy is to have capital management programs in place that will grow with the Bank and a Share Purchase Plan fits this strategy. The funds raised will be used to assist in financing the Bank's growth," Mr Liddy said.


An offer document and application form will be dispatched to shareholders by late May 2003.


The offer will close on June 11 2003. Subject to the terms of the offer, all shareholders who are registered at end of day on May 9 2003 (record date) will be sent the offer document and are eligible to participate.


Shareholders may apply for up to $5,000 worth of new shares. This is an increase from last year's limit of $3,000. The minimum application is $1,000.


The issue price will be calculated by applying a 2.5% discount to the volume weighted average market price of the Bank's ordinary shares in the five business days after the closing date of June 11 2003 (subject to adjustment for any market disruption).


Bank of Queensland will announce the issue price to ASX as soon as it is calculated and applying shareholders will be advised how many shares they have been issued.


The Bank is seeking to raise up to $25 million through the offer. If more than $25 million is raised, the Bank reserves the right to either accept the over subscriptions or scale back applications received to a total of $25 million or such greater amount as the Board determines.