- First IMB buyback misses target
01 October 2012 7:05amIMB said on Friday that it had completed its first off-market share buyback of shares.
The Wollongong-based building society said it had spent A$9.5 million to buy back 2.9 million shares at A$3.28. This was a five per cent discount to the "deemed market value".
At the end of July, IMB said it aimed to buy back $14 million of shares through the tender.
In May, IMB announced that it had accepted the recommendation of a structural review that it should overhaul its capital structure.
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.