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BEN successfully completes bookbuild for CPS offer


28/09/2012

Bendigo and Adelaide Bank Limited ("BEN") today announced that it successfully completed the bookbuild for its offer of convertible preference shares ("CPS"), which was announced on 24 September 2012 (the "Offer").

BEN allocated $200 million of CPS in firm commitments to new investors under the Bookbuild, and the Margin has been set at 5.00% per annum. In addition, BEN has allocated a further $10 million of CPS to Eligible RPS Holders who have elected to reinvest their RPS under the Broker Firm Offer.

Eligible RPS Holders who did not partake in the Broker Firm Offer still have the opportunity to participate in the Reinvestment Offer by electing to have some or all of their RPS redemption proceeds (i.e. $100 per RPS) to be applied to the Application Payment for CPS.

Bendigo and Adelaide Bank Managing Director Mike Hirst said, "We are very pleased with the great level of support shown by investors for the Offer. This will ensure BEN continues to have strong regulatory capital levels and forms an integral part of BEN's ongoing capital management strategy."

Redemption of RPS

BEN intends to provide holders of BEN reset preference shares ("RPS") an RPS Exchange Notice on 2 October 2012 to redeem RPS for their face value ($100) on 1 November 2012. Please note that the last ASX trading day for the RPS is now intended to be Monday, 22 October 2012.

Offer details

The Offer is expected to open on 2 October 2012. The Reinvestment Offer, Securityholder Offer, Community Bank and Customer Offer and General Offer are expected to close at 5.00pm (Melbourne time) on 25 October 2012. The Broker Firm Offer for applications in respect of Reinvested RPS is also expected to close at 5.00pm (Melbourne time) on 25 October 2012 and the Broker Firm Offer for all other applications excluding those in respect of Reinvested RPS is expected to close at 10.00am (Melbourne time) on 31 October 2012.

Further information

A replacement Prospectus with the full details of the Offer, including the Margin and updated amount proposed to be raised, is expected to be lodged with ASIC and released to the ASX on 2 October 2012. Potential investors can obtain a copy of the Prospectus by calling the CPS Information Line on 1300 318 082 (within Australia) or +61 3 9415 4866 (outside of Australia) between 9:00am and 5:00pm (Melbourne time) or by visiting www.BendigoCPSoffer.com.au. Defined terms used in this announcement have the meaning given in the Prospectus.

Investors should read and consider the Prospectus in full and obtain professional advice before deciding whether to acquire CPS or participate in the Reinvestment Offer. Applications for CPS under the Offer can only be made by completing the Application Form that will be in, or will accompany the Prospectus. This announcement is not financial product advice and has not taken into account your objectives, financial situation or needs.