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Bendigo and Adelaide Bank raises $175m through SPP and share placement

23 December 2008 |Media centre

Bendigo and Adelaide Bank (BEN) is pleased to announce that it has raised A$175 million of capital by placing 17.5m new shares at $10 per share. $80m of capital was raised via a share purchase plan (SPP) with a further $95m raised via an institutional placement this morning.

The placement, lead managed by Goldman Sachs JBWere, received overwhelming support from existing shareholders and new investors.

The Chairman of Bendigo and Adelaide Bank, Robert Johanson, said the raising provided the opportunity to boost the Bank’s capital position materially and to provide it with a solid platform to take advantage of growth opportunities in the current market.

“Our loyal shareholder base has always been a great strength of this company and we are delighted with their support,” Mr Johanson said.

“We are also pleased to welcome some new institutional investors as shareholders in Bendigo and Adelaide Bank.”

The capital raising, which will increase Bendigo’s Tier 1 ratio to approximately 8.0%, and the Total Capital ratio to 10.9%, underpins the strength of Bendigo and Adelaide Bank’s conservative balance sheet.

The Bank will continue to manage actively its capital base and to consider other capital raising initiatives as appropriate. However, based on the success of the SPP and Placement, BEN does not currently intend to underwrite the current half-year interim dividend.

Bendigo expects that the SPP and Placement shares will be allotted to successful applicants on 31 December 2008 and will be quoted on ASX from this date.

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Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

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