On 15th June 2015 Bendigo and Adelaide Bank announced they had closed the Bendigo CPS3 offer raising $282 million. The distribution rate for the first distribution period is set at 4.3843% (6.2633% gross up with franking credits) or $2.1982 per note. The issue date volume weighted average price (VWAP) was set at $12.09 which means the maximum conversion number has been set at:
- 16.5426 ordinary shares per note on a mandatory conversion date;
- 41.3565 ordinary shares per note upon conversion at any other time;
Our understanding is that there was a small scale back applied to the broker firm offer but all applications applied under security holder offer were accepted.
This security will commence trading on the ASX tomorrow and we expect it to trade weaker in the first few days as the broader market has sold off since the bookbuild was completed. Our expectation that this security will open with a trading margin of 4.30-4.40% (which translates to a gross price of $98.0 - $98.50).
