CEO & Managing Director, George Frazis Bank of Queensland (BOQ) has completed its retail entitlement offer and raised $682 million
This forms the final stage of BOQ’s $1.35 billion capital raising, which consisted of a placement and institutional and retail entitlement offers
Participants received one new share for every 3.34 held as of February 24, with shares priced at $7.35
BOQ will use all the money from the equity raising to fund the $1.32 billion acquisition of Members Equity Bank
The acquisition is expected to deliver material scale to the banking sector and provide a clear pathway to a cloud-based digital retail bank technology platform
BOQ is down a slight 0.79 per cent on the market and shares are trading at $8.82
Bank of Queensland (BOQ) has completed its retail entitlement offer and raised $682 million.
This offer forms the final stage of BOQ’s $1.35 billion capital raising , which was announced in mid-February and consisted of a placement and institutional and retail entitlement offers.
Participants received one new share for every 3.34 held as of February 24, with shares priced at $7.35.
BOQ received strong support with existing retail shareholders subscribing for roughly $336 million, a 50 per cent take-up.
Further, $72 million was applied for under the oversubscription facility, while each participant received their full allocation.Shares not taken up will be allocated to the underwriters and sub-underwriters.Shares are expected to settle on March 16, be issued on March 17 and begin trading on the ASX on March 18.BOQ will use all the money from the equity raising to fund the $1.32 billion acquisition of Members Equity Bank .This acquisition forms part of BOQ’s multi-year, multi-band digital transformation strategy.Upon completion, the acquisition is expected to deliver material scale to the banking sector and provide a clear pathway to a cloud-based digital retail bank technology platform.BOQ is down a slight 0.79 per cent on the market and shares are trading at $8.82 at 1:27 pm AEDT.