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QBE Insurance Group (ASX:QBE) - Outgoing CEO, Pat Regan - The Market Herald
Outgoing CEO, Pat Regan
Source: Carrier Management
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  • QBE Insurance (QBE) has successfully completed a US$750 million placement and will use the money to boost its capital
  • Approximately 145.5 million shares were issued to institutional investors at a price of AUD$8.25 each
  • QBE will also allow existing eligible shareholders to take part in a share purchase plane to raise an additional US$75 million
  • Shareholders will have the opportunity to apply for up to AUD$30,000 worth of shares
  • At market close QBE shares are down a slight 3.51 per cent and are trading for $8.79 each

QBE Insurance (QBE) has successfully completed a US$750 million placement and will use the money to boost its capital.

Approximately 145.5 million new fully paid ordinary shares were issued to institutional investors at a price of AUD$8.25 each.

Existing domestic and offshore institutional investors expressed significant interest for the placement.

"We are delighted with the strong support for the equity raising from our institutional shareholders," CEO Pat Regan commented.

"We see the success of the equity raising as a clear endorsement of our capital plan to bolster the group's capital, reduce gearing and improve earnings resilience," he said.

The company expects shares from the placement to settle on April 17 and will be issued and can begin trading on April 20.

QBE will also allow existing eligible shareholders to take part in a share purchase plane to raise an additional US$75 million.

Shareholders will have the opportunity to apply for up to AUD$30,000 worth of shares and will not incur any transactions costs.

While exact details surrounding the share purchase plan are unknown as of yet, shares will be priced less than the placement and less than the five-day volume weighted average price of the days before, and including, the closing date on May 11.

QBE expects these shares will be issued on May 20 before trading commences on the ASX on May 21.

QBE has the right to accept any applications that may result in more, or less, than the US$75 million being raised.

At market close, company shares are down a slight 3.51 per cent and are trading for $8.79 each in a $11.91 billion market cap.

QBE by the numbers
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