Bendigo makes ATM withdrawal
Bendigo and Adelaide Bank will buff its 2009 full year profit after cashing in a $24.6 million holding in Customers Limited on Tuesday. Customers is one of two independent deployers of automatic teller machines. Bendigo held a stake of 12.7 per cent in the firm, reduced to 11.4 per cent by this week's sale of shares, according to a substantial shareholder notice lodged with the ASX.The 2008 annual report and the last two sets of half-year financial statements do not appear to include a carrying value for the investment in Customers. Since Bendigo was an original investor in the reconstruction of the former minor mining stock into a payments company four years ago, the gain on the value of its holding may be significant.Shares in Customers more than doubled to $2.22 over the last year, with the company the only ASX-listed entity (outside of banks) in the ATM sector, which moved three months ago to a direct charging model.