Bank of Queensland Share Purchase Plan raises $24.7 million

Bank of Queensland shareholders who took part in the Share Purchase Plan offer which closed this week will receive their full allocations following a successful capital-raising of $24.7 million to fund the Bank's ongoing growth.


The SPP offer allowed existing shareholders to buy up to $5000 worth of new Bank shares at a 2.5% discount to the market and with no brokerage fees.


The offer was taken up by 25% of shareholders.


Managing Director David Liddy said the result was an exceptionally good one.

"I think the strong take-up can be largely attributed to our ongoing financial success, highlighted by our record $21.3 million half-year profit, and our enormous scope for future growth," Mr Liddy said.


"Obviously, our current investors are in the best position to understand the full value of owning Bank of Queensland shares and this accounts for the relatively high take-up of the offer.


"The increase in the maximum allocation allowed to shareholders from $3000 last year to $5000, was an added incentive, meaning each shareholder could significantly increase their holding in the Bank at an appreciably reduced cost," Mr Liddy said.


"I think the excellent result of this SPP bodes well for future offers, especially as it fits with our strategy to have capital management programs that will grow with the Bank," Mr Liddy said.


The SPP issue price was $8.62, calculated by applying the 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 ($8.85). The price was $8.90 as at the close of the SPP on 11 June 2003.


The table below provides some examples of allotments for applications in multiples of $1,000.

Allotment ValueShares allotted

All shareholders will receive allotment notices from the share registry shortly.