Linfox sells out of capital-raising Bank of Qld

Lindsay Fox sells down stake in Bank of Queensland, despite endorsing management in February.

Lindsay Fox will sell down his stake in the Bank of Queensland, despite endorsing management of the financial giant in February.

The company has announced it will seek to raise $340 million in new equity to strengthen its capital position and take advantage of emerging growth opportunities.

As part of the capital raising Linfox Share Investment No. 2, one of the largest shareholder groups in the bank, will sell down 8 million shares in a fully underwritten secondary market offering of $10 a share.

The write-down will leave the transport mogul’s investment vehicle with 1.8 million shares, or about 0.8 percent of the company.

Linfox launched an extensive review of his 5.7 percent stake in the bank earlier this year, announcing in February it would retain its interest.

"We want to emphasise our support for management and the bank’s Project Pathways initiative at a time of global uncertainty and opportunity," Linfox Share Investment No. 2 Chairman Peter Fox said at the time.

"We believe this is the best strategy for the bank to continue its growth trajectory and we want the Fox family to continue to play a role in the bank’s ownership."

Bank of Queensland Managing Director and CEO David Liddy says the equity raising will provide the bank with a strong capital position for the medium term and allow it to take advantage of emerging growth opportunities.

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