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BOQ seeks capital

12 December 2008 5:29PM
Bank of Queensland will seek to raise capital, and perhaps up to $100 million, through a share purchase plan.Investors will be able to buy up to $10,000 worth of shares at $10.08 or a lower price, depending on the market conditions prior to the application to buy the shares.Neil Summerson, chair of BOQ, said at yesterday's annual meeting the extra capital would support liquidity as well as growth.Summerson didn't provide much of an outlook statement at the AGM.He did disclose, though, that BOQ expected synergies from the takeover of Home Building Society to rise to $15 million in the year to August 2009 and to $30 million in the year to October 2010, or about 50 per cent more than forecast when the bank first bid for Home in the third quarter of 2007.

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