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Investor Presentaiton

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES Acquisition summary Acquisition of the Professional Finance business, Asset Finance & Leasing business and deposit book of Investec Bank (Australia) Limited (the "Acquired Businesses") (1) Purchase consideration of $440m, including estimated capitalisation of Acquired Businesses at completion of $230m Acquisition to be funded through an issue of $400m of BOQ shares via a fully underwritten accelerated renounceable entitlement offer ("AREO") and utilisation of excess capital Opportunity for all shareholders to participate on a pro-rata basis or to potentially receive value for their entitlements Strong fit with the four strategic pillars of BOQ's strategy Transaction expected to be approximately 2% cash EPS accretive in the first full year following the acquisition (FY15) and approximately 4% cash EPS accretive in FY16(2) Acquisition remains subject to a number of conditions including regulatory approvals (3), with completion expected by the end of BOQ's current financial year 1 Following a restructuring of Investec Bank (Australia) Limited to remove certain businesses outside of the scope of the acquisition, BOQ will acquire 100% of the shares in Investec Bank (Australia) Limited. 2 Calculated on a post cost synergies basis and excludes the impact of one-off integration and transaction costs, one-off balance sheet transitional impacts and amortisation expense associated with new identifiable intangibles from the acquisition. Refer to slide 29 for the key assumptions. Cash EPS accretion relative to BOQ analyst consensus estimates for cash EPS of $0.96 for FY15 and $1.03 for FY16, theoretically adjusted for the bonus element of the entitlement offer. 3 These include approval of the Treasurer under the Financial Sector (Shareholdings) Act 1998 and the Banking Act 1959 (Cwlth). 8 IT'S POSSIBLE to LOVE A BANK BOQ
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