Capital Notes Offer 2017
On 22 November 2017 Bank of Queensland Limited announced its intention to raise $300 million through the offer of Capital Notes, with the ability to raise more or less (Offer). The Offer closed on 15 December 2017 and following strong investor demand, the size of the Offer was increased to $350 million.
The Capital Notes were issued on 28 December 2017, and began trading on a deferred settlement basis on the Australian Securities Exchange (ASX) on 29 December 2017 under the ASX code "BOQPE". Trading on a normal T+2 settlement basis commenced on 3 January 2017.
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 qualify as Additional Tier 1 Capital of BOQ under APRA’s Prudential Capital Requirements.
As part of the Offer, eligible holders of Convertible Preference Shares (CPS) as at 7:00pm (Sydney time) on 17 November 2017 had the opportunity to reinvest some or all of their CPS in Capital Notes.
Full Terms and Conditions are contained in the Prospectus for the issue of the Capital Notes.
Convertible Preference Shares (CPS)
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.
CPS dividend payment history is available on the dividend page of this website and upcoming important CPS dates are available on the financial calendar page.
Perpetual Equity Preference Shares (PEPS)
BOQ redeemed the remaining BOQ PEPS on 15 April 2013 and as a result these instruments were removed from the official quotation on 16 April 2013.
BOQ PEPS are Perpetual Equity Preference Shares which entitled holders to discretionary, preferred, non-cumulative semi-annual floating rate dividends that were fully franked. The payment of dividends was subject to certain conditions including availability of profits and the Directors’ discretion.
Full Terms and Conditions of BOQ PEPS are contained in the Prospectus for the issue of BOQ Perpetual Equity Preference Shares (“BOQ PEPS”) (PDF 996kb).
Full media release
On 19 November 2012, BOQ released an Amendment to the PEPS Terms of Issue on the Australian Securities Exchange. Read the ASX release or the Amended PEPS Terms of Issue.
Reset Preference Shares (RePS)
Reset Preference Shares (RePS) that were issued by BOQ are a form of hybrid capital. Full details are contained in the attached Terms and Conditions for Reset Preference Shares (PDF 166kb).
Resolutions were passed at the Special General Meetings on 1 August 2005 to alter the terms of non-cumulative Reset Preference Shares (RePS). Read the Information flyer and general implications for RePS Holders (PDF 181kb).
In accordance with the relevant terms and conditions, it was announced on 27 August 2010 that Bank of Queensland would exchange all issued RePS for fully paid Ordinary Shares in Bank of Queensland on the next dividend payment date. RePS were suspended from official quotation on the Australian Securities Exchange (ASX) on 8 October 2010 and converted to BOQ Ordinary shares on 15 October 2010.
For more information please access the RePS Issuer Conversion Notice (PDF 56kb) and the Further Details of the Conversion Notice (PDF 41kb) released by the ASX.
Series 1 Reset Preference Shares (S1RPS)
Details of the S1RPS offer, including the Information Memorandum and Terms and Conditions, can be found in the Series 1 Reset Preference Shares booklet (PDF 260kb).
In accordance with the relevant terms and condition, BOQ exchanged all issued S1RPS for fully paid Ordinary BOQ Shares on 20 October 2008. For more information please access the S1RPS Exchange Notice (PDF 30kb) released by the Australian Securities Exchange.