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Bank Of Queensland Ltd To Acquire Virgin Money (Australia) Pty Ltd

Tuesday, 9 Apr 2013 07:32pm EDT 

Bank Of Queensland Ltd announced the expansion of its distribution footprint through the acquisition of Virgin Money (Australia) Pty Ltd (VMA), the Australian retail financial services arm of the Virgin Group. The total purchase price for VMA will be approximately $40 million. After the payout of VMA obligations of around $10 million, approximately $30 million in fully-paid ordinary BOQ shares will be issued to a subsidiary of the Virgin Group soon after completion as part of the acquisition consideration. The parties have agreed the consideration shares are to be subject to a 12 month holding lock, subject to certain limited exceptions. The final purchase price and the number of shares to be issued (based upon the 30 day volume weighted average price of BOQ in the 30 trading days prior to the date of the agreement) are subject to post-completion adjustments. BOQ will also pay an ongoing royalty to Virgin Group for exclusive use of the VMA brand in Australia for up to 40 years. 

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19 Dec 2014