Bank of Queensland Limited (ASX:BOQ) and Zip Co Ltd (ASX:Z1P) shares are making a splash on the ASX 200 on Thursday…
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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is having a mixed day. The benchmark index is currently trading flat at 7,025.6 points.
Here’s what has been happening on the market today:
Zip raises $400 million
The Zip Co Ltd (ASX: Z1P) share price is trading lower today after emerging from its trading halt. This morning Zip announced that it has successfully priced its $400 million zero coupon senior unsecured convertible notes. These notes are convertible into fully paid ordinary shares of Zip at an initial conversion price of $12.39 per share. This represents a conversion premium of 29% over the Zip share price prior to its halt. The funds will be used to support the active pursuit of both core and international growth opportunities.
Bank of Queensland half year results
The Bank of Queensland Limited (ASX: BOQ) share price is in the red today despite announcing a solid half year result. During the first half of FY 2021, the regional bank posted a 9% increase in cash earnings after tax to $165 million. This was driven by balance sheet growth, improved net interest margin (NIM), disciplined expense management, and lower loan impairment expense. This allowed the bank to declare a 17 cents per share fully franked interim dividend. This result was in line with what Goldman Sachs was expecting. It pencilled in cash earnings of $164 million and a 17 cents per share dividend.
Regis Resources share price crashes
The Regis Resources Limited (ASX: RRL) share price is crashing lower today after returning from its trading halt. Investors have responded negatively to its plan to acquire a 30% interest in the Tropicana Gold Project for $903 million from IGO Ltd (ASX: IGO). To fund the acquisition, Regis has raised $494 million from institutional investors at a 14.8% discount of $2.70 per share. The company will now seek to raise a further $156 million via the fully underwritten retail component of the entitlement offer.
Best and worst ASX 200 performers
The best performer on the ASX 200 on Thursday has been the Ampol Ltd (ASX: ALD) share price with a gain of over 5%. This follows the release of the fuel retailer’s first quarter update. The worst performer has been the Regis share price with a 14% decline. This follows its aforementioned equity raising.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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