POPULAR DEMAND PROMPTS BULLISH BANK TO ESCALATE EQUITY OFFER

Written on the 20 November 2012

POPULAR DEMAND PROMPTS BULLISH BANK TO ESCALATE EQUITY OFFER

ASX-LISTED Bank of Queensland (BOQ) has confirmed it will increase its latest equity offer by 25 per cent to $250 million.

The move was in response to strong investor support for the original $200 million convertible preference share offer, which was announced earlier this month.

BOQ chief financial officer Anthony Rose (pictured) is pleased with the positive response from shareholders and believes it confirms the strength of the bank’s balance sheet and market capital ratios.

”We have seen very strong new investor demand and strong premium equity participating security (PEPS) rollover in the retail broker firm book-build, with the transaction more than two times oversubscribed already,” he says.

The transaction size can be further increased due to a reinvestment offer for PEPS holders, who were already registered on November 9 and did not participate through the book-build.

“BOQ values this investor base and it was important to provide PEPS holders with an opportunity to switch into a new instrument on current market terms,” says Rose.

The reinvestment, shareholder and general offers are expected to close on December 13.

BOQ shares were flat this week at $6.80 per unit.


Latest News

FLYING START TO 2017 PASSENGER NUMBERS FOR GOLD COAST AIRPORT

RECORD numbers of travellers used the Gold Coast Airport (GCA) in January this year, continuing a five-year trend ...

SUNCORP SAYS IT'S 'COVERED' AGAINST FINANCIAL COST OF CYCLONE DEBBIE

INSURER Suncorp (ASX: SUN) says it is "well protected" against the financial impact of Cyclone Debbie th...

ADELAIDE DIGITAL MARKETING GURUS CHANGING THE FACE OF ONLINE RETAILING

Frank Grasso, CEO of Adelaide based Dynamic Creative, believes his company's new software will revolutionise Adwo...

WHY A JUNIOR MINER DECIDED TO JOIN THE RANKS OF THE HOT POT STOCKS

USUALLY, when a relatively unknown explorer experiences a sharp spike in its share price, it means they've fou...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter