Bank of Queensland announced today that it had successfully completed a $50 million capital raising through the issue of approximately 4.65 million ordinary shares and $40 million of Series 1 Reset Preference Shares (“S1RPS”) with institutional investors.
The offers were significantly over-subscribed and attracted a range of new and existing institutional shareholders.
Managing Director David Liddy said he was delighted with the continued success of the Bank’s capital raising initiatives, which had allowed it to sustain very strong growth. “Importantly, the Bank has also continued to diversify its shareholder base by attracting several new institutional investors to its register.”
Mr Liddy said that, while these placements were to institutional investors, it was expected that retail shareholders would have an opportunity to take part in a further capital raising in the next six to 12 months.
The $90 million placements, comprised of $50m of ordinary shares and $40 million of S1RPS, were conducted through a bookbuild today.
Ordinary Share Placement
The approximately 4.65 million ordinary shares were issued at a price of $10.75 per share.
“The pricing outcome was at the top end of our range. The placement was well supported by institutional investors and was issued at a 3.5% discount to Monday’s closing price,” Mr Liddy said.
The shares issued under the placement will rank equally with all other shares for any interim dividend declared for the half year ending February 29, 2004. Bank of Queensland will apply for quotation of the shares, which is expected to occur on March 1, 2004.
ABN AMRO Rothschild acted as arranger and underwriter for $30 million of the ordinary share placement.
A placement of $40 million of S1RPS preference shares has been completed under the existing S1RPS program.
The issue is on the same terms and ranks equally with the existing S1RPS Program, but will be unlisted for at least 12 months from this placement, notwithstanding that the existing issue of S1RPS is expected to list before this time.
Macquarie Equity Capital Markets acted as arranger to the S1RPS placement.
All information of the kind that would be required to be disclosed under subsection 713(5) of the Corporations Act 2001 (Cth) if a prospectus were to be issued in reliance on section 713 in relation to the offer of ordinary shares under the placement has been disclosed to ASX.
THIS MEDIA RELEASE DOES NOT CONSTITUTE AN OFFER OF SECURITIES IN ANY JURISDICTION. THIS MEDIA RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, SECURITIES IN THE UNITED STATES OR TO ANY U.S. PERSON (AS DEFINED IN REGULATIONS UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT")). SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES UNLESS THE SECURITIES HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE.