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Shareholders warned of 'predatory' purchase offer

1 May 2007 |Media centre

Bendigo Bank today renewed its warning to shareholders about “predatory” offers to buy their shares.

The warning follows a flurry of share purchase offers sent this week to Bendigo Bank shareholders by Share Buyback Group Pty Ltd.

Share Buyback Group is offering 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,” said bank spokesman Owen Davies.

“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 – including a high of $15.20 before the Bank of Queensland proposal – which is in excess of the offer made by Share Buyback Group.

“We would 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 the bank’s warning followed the receipt of letters by many shareholders this week.

“The offer may be seeking to take advantage of confusion that might exist in shareholders’ minds about the Bank of Queensland’s recent proposal to merge with Bendigo Bank.

“That merger proposal has been rejected by the Bendigo Bank board. The Share Buyback Group’s offer is totally unrelated.”

Mr Davies said a number of shareholders had expressed anger about Share Buyback Group 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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