Press Room

Media coverage on Bank of Queensland fiasco


April 16, 2021

Here are links to the various articles which have appeared on the Bank of Queensland capital raising fiasco.

BoQ's lawyer weighs into capital raising debate
Eureka Report, April 13, 2021

King Wood Malleson lawyers defend shafting retail
AFR, April 11, 2021

Boards behaving badly, again
Terry McCrann, The Australian, April 2, 2021

Bank of Queensland screwed over by investment banks
Terry McCrann, Herald Sun, March 31, 2021

How Bank of Queensland snared ME Bank
AFR, March 31, 2021

Computershare learns the lessons from BoQ fiasco
Eureka Report, March 30, 2021

Computershare shows up Bank of Queensland
Terry McCrann, Herald Sun, March 29, 2021

ASX and ASIC decline to help small shareholder
Courier Mail, March 29, 2021

Will ripped off BoQ shareholders go with a class action?
Crikey, March 25, 2021

BoQ is not a standard bank
InQueensland, March 19, 2021

BoQ retail entitlements stuck in the mail
AFR, March 17, 2021

How 70,000 BoQ retail shareholders were fleeced of $118m
Crikey, March 17, 2021

How BoQ ripped off retail shareholders
Eureka Report, March 16, 2021

There was also this 2012 article by Terry McCrann which is worth a read.

Comparable capital raisings that are worth a look.

IGO Ltd (IGO): announced a $1.9 billion lithium acquisition in late 2020 which was being partially funded by a $766 million capital raising comprising a $446 million institutional placement at $4.60 (a 9.7% discount to the previous close of $5.09) and a 1-for-8.5 non-renounceable offer to raise $320 million. The $262 million institutional component was 98% subscribed and the $58 million retail component was open from December 15 until January 15 with applicants permitted to apply for additional shares equivalent to 50% of their entitlement. The stock was well in the money leading into the close, so the retail offer was 93% subscribed, although the announcement provided no breakdown on the overs component. The company privately advised that the $57 million comprised $38 million in entitlements and $15 million in overs. IGO made the offer to 9,977 eligible shareholders and a healthy 5,085 or 51% took it up. This shows that give enough time, retail investors will take up an in-the-money offer to a far greater extent than what happened at Bank of Queensland.