IMB Ltd Completes $11.8 million Off-Market Share Buyback

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2017 /

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

2.41 million shares were successfully tendered into the Buyback. The Buyback Price for shares bought back by IMB was $4.91, representing a 0% discount to the Deemed Market Value. The total consideration for the shares bought back was $11.8 million.

The outcomes of the Buyback are summarised below:


Value of Shares bought back	$11.8 million
Number of Shares bought back	2.41 million
Percentage of Shares on issue bought back	8.5%
Percentage of votes attaching to Shares bought back	4.7%
Deemed Market Value per Share¹	$4.91
Buyback Discount	0%
Buyback Price per Share	$4.91
Capital Component per Share	$1.17
Additional Capital component	Nil
Fully franked dividend component per Share	$3.74

The total number of shares bought back under the Buyback program to date is 14 million, representing 35% of the issued share capital at the commencement of the Buyback program. The Board is pleased with the success of the Buyback program and remains committed to undertaking further Buybacks over the medium term.

Tax Considerations

The final Class Ruling to be issued by the ATO is expected to confirm that $3.74 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 mid-February 2018.

Payments

The Buyback proceeds are expected to be dispatched to successful participants by direct credit to their nominated account by Wednesday 20 December 2017.

Further information

Further information about the Buyback can be found on IMB’s website at www.imb.com.au or in the Buyback Booklet which was mailed to shareholders. Shareholders may also call the IMB Buyback information line on 1300 585 271 from within Australia or 61 2 4298 0190 from outside Australia between 9:00am and 5:00 Monday to Friday (Sydney time).

19 December 2017

_{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 October 2017 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 $4.85 and the S&P/ASX 200 index increased by 1.3% from 5,919.9 on 27 October 2017 to 5,998.3 on 11 December 2017.}

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