Capital raisings


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


Capital Notes Offer 2017

Bank of Queensland Limited has announced on 22 November 2017 its intention to raise $300 million through the offer of Capital Notes with the ability to raise more or less (Offer).

Capital Notes are fully paid, unsecured, non-cumulative, perpetual, convertible notes which will pay, subject to the issue terms and BOQ’s discretion, preferred floating rate quarterly distributions which are expected to be fully franked. Capital Notes will qualify as Additional Tier 1 Capital of BOQ under APRA’s Prudential Capital Requirements.

The proceeds of the Offer will be used for BOQ’s general corporate and funding purposes, including the partial refinancing of Convertible Preference Shares (CPS) under the Reinvestment Offer. The Capital Notes have an issue price of $100 each and are expected to be quoted on the Australian Securities Exchange (ASX) and trade under the ASX code “BOQPE”.

As part of the Offer, eligible holders of CPS as at 7:00pm (Sydney time) on 17 November 2017 have the opportunity to reinvest some or all of their CPS in Capital Notes (Reinvestment Offer).

For more information on the Offer and to access the Prospectus, please visit the offer website or contact the BOQ Offer Information Line on 1800 779 639 (within Australia) or +61 1800 779 639 (outside Australia) 8:30am to 7:30pm (Sydney time) Monday to Friday.

Capital Notes Deed Poll 


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.


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)