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Shareholders urged to be vigilant with new spate of offers

27 June 2007 |Media centre

Bendigo Bank shareholders have been urged to be vigilant following another spate of ‘predatory’ offers to buy their shares.

Share purchase offers have recently been sent to Bendigo Bank shareholders by Hassle Free Share Sales Pty Ltd.

“Shareholders have become more aware of these predators in recent times due to increasing publicity about these unconscionable practices,” Bendigo Bank spokesman Owen Davies said.

“Again, we urge shareholders to seek independent financial advice and check the current price of Bendigo Bank shares before taking any action on unsolicited offers to buy their shares.”

Mr Davies said Share Buyback Group Pty Ltd and Hassle Free Share Sales Pty Ltd, which both share the same address, had offered Bendigo Bank shareholders a cash payment of $10 per share.

“This offer is significantly under the current market value of Bendigo Bank shares and should be ignored by our shareholders,” Mr Davies said.

“Bendigo Bank shares have been trading on the Australian Stock Exchange in the last 52 weeks in the range of $11.96 to $18.02, which is in excess of the offer made by Share Buyback Group.”

Mr Davies said the bank’s renewed warning followed the receipt of letters by many shareholders this week.

He said a number of shareholders had expressed anger about Share Buyback Group and Hassle Free Share Sales obtaining details of their shareholding.

“A company is required by law to provide a copy of its share register to anyone when asked to do so,” he said.

“Unfortunately, we cannot control what they might do with this information.”

If shareholders want to sell their shares for any reason, Bendigo Bank suggests they contact their broker.

If they do not have a broker, information on how to get in touch with one is available from the Australian Stock Exchange’s Customer Service Centre, telephone 131 279.

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