The effects of Bank of Queensland’s fleecing of thousands of investors can already be seen in the market. What next for aggrieved investor shareholders?
The Bank of Queensland (BoQ) capital raising fiasco for retail investors covered in Crikey last week has already had an impact on the market, with share registry giant Computershare yesterday unveiling an $835 million capital raising — which showed it had learned all of the key lessons.
First up, Computershare didn’t include any form of selective institutional placement in its capital raising, instead launching the 34th so-called PAITREO offer seen on the ASX — a pro-rata structure which treats all shareholders equally and is renounceable, meaning that non-participants are automatically compensated for their rights.
Just like with BoQ it was global investment banking giants Goldman Sachs and UBS teaming up on the Computershare deal, but this time they are giving retail investors 19 days to participate rather than the minimum 10 days.
