Investor Presentaiton
Key terms of the merger proposal
Scrip and cash
proposal
Value
Implied premium
(based on BOQ 1 month
VWAP of $15.62 to 16 Mar 07)
Implied premium
(based on BOQ closing share
price of $16.60 on 16 Mar 07)
Board (post merger)
Integration to combine
management strengths
Name (post merger)
Mechanism to effect
merger
Conditions
Scrip offer on exchange ratio of 0.748 BOQ shares and $5.50 in cash per BEN share (value of
$17.18)(1)
Exchange ratio is calculated based on 1 month VWAP trading prices for BEN and BOQ
EPS positive impact for year ended August 2009 for both BOQ and BEN shareholders
30% premium to BEN closing share price as at 16 March 2007 of $13.21
25% premium to BEN 1 month VWAP of $13.74
36% premium to BEN closing share price as at 16 March 2007 of $13.21
30% premium to BEN 1 month VWAP of $13.74
5 BEN Board members to be invited to enlarged BOQ Board
David Liddy (MD of BOQ) to be MD of enlarged Group and manage integration
"Best of both" approach to choosing senior management
To be defined - clear that all present brand names continue to exist
BEN scheme of arrangement - vote by BEN shareholders
BEN Board to recommend merger proposal
Regulatory approvals
Conditions typical for public offer
Bank of
Queensland
(1) Value based on $15.62 (BOQ 1 month VWAP); exchange ratio will be adjusted to reflect BOQ entitlement issue
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