As a Westpac shareholder I received Bankers Trust share offer. I like to know if anyone here thinks it is a good investment. The price will range from 4.80 - 5.50/share. The PE ratio (based on earnings per share) is 32.7 - 37.4 times, based on cash earnings per share is 16.8 - 19.3 time. I honestly don't know what's the difference between the two? Either way it doesn't look cheap. Having to say that it only opens to Westpac shareholders so it should list at a premium. Is this going to be a repeat on Platinum?