IMB Ltd (“IMB”) today announced the completion of its seventh off-market share buyback (“Buyback”). The Buyback was the seventh in a series of buybacks that IMB has undertaken since the commencement of the Buyback program in 2012. IMB has undertaken these periodic off-market buybacks as a key part of IMB’s ongoing strategy to simplify IMB’s capital structure. This capital strategy is designed to strengthen IMB’s mutual model and ability to deliver sustainable financial performance while maintaining the capacity to invest in strategic priorities.
2.76 million shares were successfully tendered into the Buyback. The Buyback Price for shares bought back by IMB was $2.74, representing a 0% discount to the Deemed Market Value. The total consideration for the shares bought back was $7.5 million.
The outcomes of the Buyback are summarised below:
The total number of shares bought back under the Buyback program to date is 18.54 million, representing 46.45% of the issued share capital at the commencement of the Buyback program.
As a result of the strong demand for the Buyback, all Shares tendered will be bought back from shareholders who tendered their Shares at a discount of 1% or more and/or as a Final Price Tender, and a scale back will apply to tenders submitted at a discount of 0%.
Shareholders whose tender is subject to scale back will have a Priority Parcel of 250 Shares bought back before a scale back of 25.40% is applied. As a result of the 25.40% scale back, successful shareholders who tendered their shares at 0% discount will have 74.60% of their Shares tendered in excess of the Priority Parcel bought back.
In addition, shareholders who tendered all of their Shares at a discount of 0% and who would be left with less than 100 Shares after the acquisition of the Priority Parcel and application of the scale back, will have their Shares bought back in full.
The final Class Ruling to be issued by the ATO is expected to confirm that $1.57 of the Buyback Price will be treated as a fully franked dividend and that for Australian capital gains tax purposes, the Sale Consideration per share is $1.17. Please refer to section 3 of the Buyback Booklet for information on the taxation treatment of the Buyback. The Class Ruling is expected to be published by end-December 2025, subject to the ATO’s processing times.
The Buyback proceeds are expected to be dispatched to successful participants by direct credit to their nominated account by Friday, 31 October 2025.
Further information about the Buyback can be found on IMB’s website at www.imb.com.au/buyback or in the Buyback booklet which was mailed to shareholders.
Shareholders may also call the Buyback information line on 1800 414 212 from within Australia or 61 2 8067 9200 from outside Australia between the hours of 9.00am to 5.00pm (Sydney time), Monday to Friday.
1 The Deemed Market Value has been calculated as the volume weighted average price (“VWAP”) of IMB Shares traded on the IMB Market over the 10 days on which Shares traded prior to the announcement of the Buyback on 27 August 2025 adjusted for the movement in the S&P/ASX 200 index from the date of the announcement of the Buyback to the Closing Date. The VWAP was $2.73 and the S&P/ASX 200 index increased by 0.4% from 8,961.2 on 27 August 2025 to 8,995.3 on 17 October 2025.
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