Bendigo and Adelaide Bank Limited (ASX:BEN) has disclosed the issue of 3,171,826 unquoted performance rights to employees, including seven key management personnel, with an issue date of 2 November 2026, under the company's employee incentive scheme.

Key Points

  • 3,171,826 performance rights (ASX security code: BENAAA) were issued on 2 November 2026 under an employee incentive scheme.
  • Seven key management personnel were among the recipients, with allocations ranging from 41,282 to 150,000 performance rights each.
  • The securities are unquoted and subject to a restriction on transfer; they will not be quoted on ASX until the restriction ends.
  • Following the issue, total unquoted BENAAA performance rights on issue stand at 5,179,892.

Performance Rights Issued Under Employee Incentive Scheme

Bendigo and Adelaide Bank disclosed the issue of 3,171,826 performance rights under the BENAAA security class on 2 November 2026. The securities were issued under an employee incentive scheme and are subject to a restriction on transfer, meaning they will not be quoted on ASX until that restriction ends. The issue was made under an exception in Listing Rule 7.2, specifically exception 15, and therefore did not require security holder approval under Listing Rule 7.1. The performance rights rank equally in all respects from their issue date with existing issued securities in the same class, according to the filing.

Key Management Personnel Allocations

The filing disclosed that seven key management personnel received performance rights as part of the issue. Richard Fennell received the largest individual allocation of 150,000 performance rights. Andrew Morgan received 51,900, Kieran O'Meara received 48,571, Adam Rowse received 45,000, Kerrie Noonan received 45,714, Bruce Speirs received 43,411, and Christopher Dean received 41,282 performance rights. Each key management person is listed as the registered holder of their respective allocation. The company stated there was no other information it wished to provide about the securities the subject of the notification.

Securities on Issue Following the Transaction

Following the issue, Bendigo and Adelaide Bank's total unquoted BENAAA performance rights on issue stand at 5,179,892. The company's quoted securities comprise 582,300,043 ordinary fully paid shares (ASX:BEN), 3,000,000 Cap Note 3-BBSW+3.20% securities (ASX:BENPI), and 5,024,446 Cap Note 3-BBSW+3.80% securities (ASX:BENPH). Unquoted securities also include 255,934 BENAA ordinary fully paid employee shares and 34,068 BENAB ordinary fully paid employee shares. The filing noted that the automatically generated figures may not reflect the entity's current issued capital if other forms are currently with ASX for processing.