IMB shareholders have sold down the building society's stock over the past month, giving the thumbs down to a buyback plan that the IMB board announced at the end of May.
IMB has a hybrid structure; it is a mutual approved deposit-taking institution and also a public company limited by guarantee and shares. The shares are traded on an exempt market operated by IMB.
In pursuit of a growth strategy, the board commissioned consultants Grant Samuel Corporate Finance and Watson Mangioni Lawyers to work on its structure.
The consultantsí view was that the ordinary shares had...
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