Insurance Australia Group Limited (ASX Code: IAG) announced the successful completion of its off-market share buy-back up to approximately $314 million of capital from shareholders or approximately 63.86m shares, representing 2.6% of the issued capital of IAG.
The ex-entitlement date was 24 August 2016 with the buy-back completion date being 10 October 2016.
The buy-back proceeds consisted of two components:
- a franked dividend component
- a capital component.
Participating shareholders were paid a franked dividend of $1.92 (dividend component) for each IAG share disposed of in the buy-back. The deemed capital proceeds was $3.89, being a $2.99 capital component plus $0.90 representing the excess of the Tax Market Value over the buy-back price.