Partial Underwriting of Dividend Reinvestment Plan
Bank of Queensland Limited (BOQ) has today entered into an agreement with Macquarie Capital Advisers Limited to partially underwrite BOQ's Dividend Reinvestment Plan (DRP) in respect of the 2008 Final Dividend.
The price per fully paid ordinary share under the underwriting arrangement will be the DRP price, which will be at a 2.5% discount to the arithmetic average of the daily volume weighted sale price of shares in ordinary trading on ASX over a 5 trading day period commencing on Monday, 17 November 2008. The DRP issue price and the number of shares to be issued under the DRP and the DRP underwriting will be announced on Monday, 24 November 2008.
The capital raised through the partially underwritten DRP will strengthen the Bank's Tier 1 Capital position and the proceeds will be used for the general business purposes of the Bank.