In 2008, IMB’s Board sought a report from PricewaterhouseCoopers Securities Ltd (PwC Securities) on the relative contribution Shareholder Members have made to the permanent funding of IMB compared to the contribution made by IMB’s other Member classes (Contributed Funding).
PwC Securities provided its report to IMB’s Directors on 4 September 2008 and this report was made available to Members (the 2008 Report). The 2008 Report and the covering Explanatory Memorandum issued by IMB in conjunction with the 2008 report are located under the 2008 Market Announcements on IMB’s website.
In 2012 IMB undertook the first of a series of off-market buybacks of ordinary shares on issue (the Buybacks). As a result, 2.9 million ordinary shares were bought back and cancelled. A second Buyback was undertaken in 2013 with a further 2.1 million ordinary shares bought back and cancelled.
Following the Buybacks, the Board considered it appropriate to understand the effect of the Buybacks on the allocation of Contributed Funding. The Board commissioned PwC Securities to advise on how Buybacks could be incorporated into the Contributed Funding framework developed in 2008. The results of PwC Securities’ review are contained in the report made available to members on 26 June 2014 (the 2014 Report).
The Board have commissioned PwC Securities to update the 2014 Report to include the 2015 off-market share buyback completed in March 2015. The results of PwC Securities’ update are contained in the attached report (the 2015 Report).
If you have any questions or comments in relation to these documents, they should be directed to IMB’s Company Secretary at (02) 4298 0211 or cosec@imb.com.au.
