Capital raisings

 

Details of some of Bank of Queensland's recent capital raisings are set out below:

 

Entitlement Offer 2014 

On Friday 11 April 2014 BOQ announced a 3 for 26 accelerated renounceable entitlement offer of new BOQ ordinary shares at a price of $10.75 per new share, to raise approximately $400 million for the acquisition of Investec Bank (Australia) Limited.

 

The institutional component of the entitlement offer closed on 16 April 2014, raising approximately $183 million with approximately 95% take-up by eligible institutional shareholders and the remaining entitlements sold in an institutional shortfall bookbuild at $12.05 per share. The retail component of the entitlement offer closed on 9 May 2014, raising approximately $125 million with 57% take-up by eligible retail shareholders and the remaining entitlements sold in an institutional shortfall bookbuild at $11.90 per share.

 

View the 2014 Retail Entitlement Offer Booklet.  

 

View the ASX release - BOQ Announces Completion of Retail Bookbuild.   

 

Convertible Preference Shares 2012

Bank of Queensland Limited (BOQ) announced on 7 November 2012 its intention to raise $200 million through the offer of Convertible Preference Shares (CPS). The offer closed on 18 December 2012 raising a total of $300 million, the CPS were issued on 24 December 2012 and began trading on a deferred settlement basis on the ASX on 27 December 2012 under the code “BOQPD”. Trading on a normal settlement basis commenced on 31 December 2012.

 

CPS are fully paid, non-cumulative, perpetual, convertible preference shares and qualify as Additional Tier 1 Capital under APRA’s Basel III capital adequacy framework which took effect from 1 January 2013.

 

Full terms and conditions are contained in the Prospectus for the issue of BOQ Convertible Preference Shares. 

 

 

Retail Shareholder Entitlement Offer 2012 

The 2012 Retail Shareholder Entitlement Offer closed at 5.00pm (Sydney time) on Tuesday, 24 April 2012.


Under the Retail Entitlement Offer, eligible shareholders were able to subscribe for 8 New Shares for every 37 existing BOQ shares held, at an offer price of $6.05 per New Share. Normal trading of New Shares issued under the Retail Entitlement Offer is expected to commence on Wednesday, 2 May 2012.

 

The retail component on the Entitlement Offer followed the successful completion of an institutional component of this equity raising. Of the approximate $284 million raised in the institutional component, approximately $150 million was raised through an institutional placement and approximately $134 million through the institutional component of the accelerated 8-for-37 pro-rata non-renounceable entitlement offer. 

 

View the ASX release - BOQ receives strong support from retail shareholders and successfully completes the retail component of its $450 million equity raising 

 

View the 2012 Entitlement Offer booklet 

 

 

Retail Shareholder Entitlement Offer 2009

On Thursday, 17 September 2009, Bank of Queensland confirmed that it had successfully completed the retail component of the accelerated 1-for-9 pro-rata non-renounceable entitlement offer announced on 19 August 2009.


The retail component of the Entitlement Offer closed on 14 September 2009 and raised approximately $110 million. This followed the completion of the institutional placement and institutional component of the Entitlement Offer which raised approximately $230 million.

 

View the ASX release - BOQ successfully completes retail component of its $340 million equity raising 

 

 

Share Purchase Plan Offer and Share Placement - 2008/09

BOQ raised $108 million through a share placement to institutional and sophisticated investors and the Share Purchase Plan (SPP) which closed January 23, 2009. This additional capital will be used to continue to fund the organic growth opportunities in BOQ's existing business.

 

BOQ successfully raised $63 million of equity capital through a placement to institutional and sophisticated investors at $7.64 per share.

 

This placement was in addition to approximately $45 million raised from the SPP. Participating in the SPP allowed 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 for the SPP was also $7.64 per share (calculated by reference to a 7.5% discount to the 5-day VWAP ended 23 January 2009).

 

View the media release - BOQ raises $108m through institutional placement and SPP 

 

The Share Purchase Plan 2008/09 Offer Document is available online 

 

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.

 

Media release - BOQ raises $200m of new capital 

 

Prospectus (PDF 2100kb) 

 

 

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 dispatched to all SPP participants in December 2004.

 

 

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 dispatched to all SPP participants in June 2003.

 

View 2003 offer document (PDF 147kb)