Market Announcements

Despite a challenging environment for financial institutions, IMB, one of Australia’s largest building societies, has again reported a solid result for the six months ended 31 December 2013.

IMB Ltd (“IMB”) today announces the completion of its off-market share buyback (“Buyback”). The Buyback was the second in a series of buybacks that IMB expects to undertake over the medium term.

IMB Ltd advises that the Deemed Market Value for the Off-Market Buyback of IMB Shares is $4.52. The final Buyback Price will be determined by applying the Buyback Discount of between 8% and 14% to the Deemed Market Value.

The Annual General Meeting of IMB Ltd was conducted on 22 October 2013.

IMB announces off market share buyback October 2013

IMB announces that its wholly owned subsidiary IMB Land Pty Ltd and its joint venture partner, One Tree Bay Pty Ltd, have disposed of the landholding referred to as ‘One Tree Bay’, located on the south coast of NSW at Sussex Inlet.

IMB Members are advised that the 2013 Annual General Meeting is to be held on Tuesday, 22 October 2013 at 10.00am (Sydney time), at the Hoskins Room, Novotel Northbeach Hotel, 2-14 Cliff Road, North Wollongong.

In a market that continues to be challenged by low consumer sentiment and strong competition for retail funds and lending, IMB Building Society has reported a solid result for 2012/13 with operating profit after tax of $28.5 million. The result is in line with Board and management’s expectations as indicated in the half-year financial results.

IMB's share price moved from a closing price on, Wednesday, 31 July 2013, of $4.89 per share to $4.35 on Thursday, 1 August 2013.