The issues with Bendigo's issue

Bendigo bank’s new share offer is highly complex … and doesn’t yield as much as its ordinary shares.

PORTFOLIO POINT: Ordinary shareholders in Bendigo and Adelaide Bank get a better yield, and have more upside potential, than those who take up the bank’s new convertible preference share offer.

I hope that I will not embarrass any of my fund manager peers by stating that I do not believe that any professional equity manager helped design the terms for the new Bendigo and Adelaide convertible preference share offer. 


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