The Qantas Group is announced the successful completion of an approximately $1,360 million fully underwritten placement (Placement)1 of approximately 372.7 million new shares (Placement Shares) to institutional investors at a price of $3.65 per Placement Share (the Placement Price).

The Qantas Group received high levels of interest from both existing institutional shareholders and new investors, with demand to participate in the Placement significantly in excess of the funds that Qantas sought to raise.

Priority went to eligible existing institutional shareholders, including a large number of small sophisticated institutional shareholders whose investments are managed by small to medium sized investment advisers and brokers.

All existing institutional shareholders who bid for an amount up to their ‘pro-rata’ share of Placement Shares were allocated their full bid, on a best endeavours basis. For the remaining Placement Shares, Qantas sought to prioritise allocations to eligible existing institutional shareholders, including those small sophisticated institutional shareholders, and then to introduce new eligible institutional shareholders, in each case based on factors including likelihood of long-term support for Qantas, the nature of the investor,support to date and existing holdings (if applicable) and the size and timeliness of bids into the book.

Qantas will also undertake a share purchase plan (SPP). An SPP booklet with further details on the SPP is expected to be dispatched to eligible shareholders on 2 July2020.