Howarth Champions BOQ Share Plan

Wednesday, 14/01/2009

WA business identity and recent addition to the Bank of Queensland Board of Directors, Tony Howarth, is hosting a briefing for BOQ shareholders at the Perth Hyatt Regency at 10.30am this Friday about the Bank’s Share Purchase Plan. 

Mr Howarth will join BOQ Chief Financial Officer Ram Kangatharan in briefing local BOQ shareholders about the Plan, which gives shareholders the opportunity to acquire more BOQ shares at a 7.5% discount to market and without the usual brokerage fees. 

BOQ will explain to local shareholders attending the briefing the pricing, timing and benefits of the Plan as well as providing an update on the Bank’s operations. 

BOQ announced the Plan at its Annual General Meeting in December last year, and participation is open to all registered ordinary shareholders of Bank of Queensland as at 7.00pm (Sydney time) on Wednesday, 10 December 2008 and whose registered address is in Australia or New Zealand. 

Following the Bank’s purchase of Home Building Society in 2007, a significant proportion of the Bank’s shareholders are based in WA 

Mr Howarth said the Bank’s newly acquired shareholder base was of real importance to the Bank. 

“Following the acquisition of Home Building Society, WA became an integral element to the BOQ story. Many of our WA shareholders are also important customers of the Bank in WA and I look forward to having the opportunity to meet many of our WA shareholders on Friday. 

“This offer to all shareholders continues the Bank’s long commitment to its retail investors.” 

About the BOQ plan

Bank of Queensland Limited (BOQ) has invited eligible shareholders to apply for up to $10,000 worth of ordinary shares under the Bank of Queensland Share Purchase Plan (Plan), at an issue price discounted to the average market price of BOQ shares on ASX. 

Funds raised from the Offer will further strengthen the Bank's capital position and enable it to take advantage of future growth opportunities.  The capital raised will be Tier 1 capital for the purposes of APRA Prudential Standards. 

The issue price under this offer is equal to the lesser of:

  • a 7.5% discount to the volume weighted average price over the 5 business days before and including the closing date for the offer on which shares are traded (pricing period), and
  • $10.08. 

There is no brokerage or other transaction costs for shareholders attached to the offer. 

Eligible shareholders can choose to subscribe for new shares in parcels of $1,000, $3,000, $5,000, $7,000 or $10,000. 

Shareholders are encouraged to consider the offer carefully and to obtain their own financial advice in relation to the offer before applying for shares. ABN AMRO Morgans Limited is acting as Lead Manager to the Plan. 

The closing date for the offer is next Friday, 23 January.