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Bank of Queensland: Completes $682M retail entitlement offer

March 15, 2021

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 also use all the money from the equity raising to fund the $1.32 billion acquisition of Members Equity Bank
The acquisition expected to deliver material scale to the banking sector and also 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