Australian Stock Exchange spacer Investor Education spacer
Delisted - Home
spacer
Search by Company Name
spacer
  
spacer
Enter main part of company name
eg billiton

spacer
spacer
spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
  Home   spacer   About us   spacer   Sell your worthless shares   spacer Lost shares Lost money??   spacer Thank you   spacer   Media  
spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
spacer
View all companies sorted by company name:
 0-9  A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W  X  Y  Z  
spacer
Search by Code
spacer
  
spacer
Enter three digit code
eg bhp

spacer
  
 
 
 
 
 In administration
 In receivership
 In liquidation
 Change of name
 Company websites
 Capital Losses 2008/09
 We buy worthless shares
 Lost shares Lost money??
 Shell companies for sale
 
 
 Shareholder links
 Contact us
 
 Legal & Class Actions
 Disclaimer & Copyright
 Site map

Demutualised companies

 

05 Jul 09

The demutualisation of the life offices (AMP, National Mutual and Colonial Mutual) has significantly boosted market capitalisation and increased the number of shareholders over the past ten years. The big advantage for members has been the exchange of an interest that could not be traded, for shares that are listed on the Australian Stock Exchange.

However, when they come to sell those shares, as a general rule, shareholders are subject to Capital Gains Tax. Even though nothing was paid for the shares, they have a value for CGT purposes, which is reflected as “Acquisition Cost per share” in the table below. That acquisition cost may be only part of the cost base which can be deducted from the capital proceeds to arrive at the capital gain.

The cost base may also include costs associated with the sale of the shares such as fees paid to a broker.

Below is a selection of demutualisations of the past twenty odd years with the more recent demutualisations highlighted:

DEMUTUALISATIONS SINCE 1985

Last updated: 28 September 2008

Company
Acquisition Cost per share Acquisition Date
Notes (see below)
AMP Ltd
$10.43
20 November 1997
1
Australian Stock Exchange Ltd
N/A
October 1998
2
Canberra Perm BS to Canberra Adv Bank
N/A
August 1990
3
Capita Financial Group
N/A
October 1990
3
Civic Co-op PBS to Canberra Advance Bank
N/A
June 1986
3
Colonial Mutual Life Assurance Ltd
$3.31
11 November 1996
4
First Provincial Building Society
N/A
November 1993
8
Hibernian Friendly Society (NSW) Limited
$1.162
2 September 2002
7
Illawarra Mutual Building Society
N/A
August 1989
8
IOOF Ltd
$2.53
14 June 2002
 
Ipswich & West Moreton Bldg Society
N/A
October 1993
3
Mackay Permanent Building Society
N/A
May 1993
8
MBF Group

N/A

16 June 2008

9

Metropolitan PBS to Metway Bank
N/A
July 1988
3
National Mutual Life (now AXA)
$1.14
8 August 1995
 
NIB Holdings Ltd

$0.85

1 October 2007

Northern Building Society
N/A
July 1993
3
NRMA Insurance (NIGL) - allocated
$1.78
19 June 2000
5
                                        - facility
$2.75
6 August 2000
6
NSW Building Society to Advance Bank
N/A
June 1985
3
Over 50s Mutual Friendly Soc (OFM)
$1.65
12 June 2001
 
Perth BS & Hotham PBS to Challenge Bank
N/A
April 1987
3
Pioneer Permanent Building Society
N/A
August 1993
8
RESI-Statewide BS to Bank of Melbourne
N/A
July 1989
3
St George Building Society
N/A
May 1987
8
Sunstate Credit Union to First Provincial BS
N/A
October 1997
3
Tasmanian PBS to Tasmanian Bank
N/A
September 1987
3
The Co-operative BS of SA to Adelaide Bank
N/A
January 1994
3
The Rock Building Society
N/A
December 1992
3
United PBS to National Mutual R Savings Bank
N/A
March 1987
3
Wide Bay Capricorn Building Society
N/A
December 1992
8

N/A = Not Available        PBS = Permanent Building Society       The more recent demutualisations are highlighted

Notes:

  1. The acquisition cost per share of $10.43 applies to Australian residents disposing of AMP shares prior to the demerger of the UK operations of AMP (to HHG), which took place in December 2003. All other AMP/HHG shareholders should go to the ATO website http://ato.gov.au/individuals/content.asp?doc=/content/46226.htm as the tax consequences of the demerger are too complex to explain here.
  2. ASX issued 166,000 shares to 606 former members. There were two categories of members and the Acquisition Cost or Cost Base is not on the public record. (Shares ended their first day’s trading at $4.25.)
  3. For record purposes only.
  4. ATO advises that under sec 121AA of the ITAA 1936, where a policyholder disposes of a listed demutualisation share, the acquisition cost is the lesser of the ‘embedded value” of $3.66 and the listed first day trading price of $3.31.
  5. If shares were sold through the Facility the capital gain per share is the excess of the facility price of $2.75 over the acquisition cost of $1.78.
  6. If more shares were purchased through the Facility the acquisition cost of those additional shares is $2.75 each.
  7. The Tax Office granted Hibernian/Aevum an extension of time to list its shares after a two year period from it demutualising. Check on the ATO website for the tax concessions available to Hibernian/Aevum shareholders who were Hibernian members.
  8. Demutualisation via listing on an Exempt Exchange.
  9. Participating Contributors received a cash entitlement sent by the company on 30 June 2008 - the amount allocated took into account the type of MBF health insurance product held by the eligible MBF contributor on 8 November 2007, such as hospital or ancillary, the scale of the policy they have held over the years, i.e. Single or Non-Single, and their tenure as a contributor. New tax legislation is being considered and in the meantime the ATO has agreed to allow recipients of the entitlement to lodge 2007/2008 tax returns without including any capital gain arising from their entitlement.  
 
      Pasminco
      Sons of Gwalia
      ION Limited
      Henry Walker Eltin
      Stanilite
      HIH

Please use the
Search facility
for all other companies.

Australian Stock Exchange
Australian Stock Exchange
Australian Shareholders’ Association
Australian Shareholders’ Association
 

We would appreciate brief updates of progress with companies formerly quoted on ASX.  Please also check the details we hold for such companies and advise of any changes to admin@delisted.com.au

In particular we seek notification of the issue of, or intention to issue, Liquidator’s Declarations pursuant to Section 104-145 of ITAA 1997.

Copyright © 2006 deListed. All rights reserved. Reproduction in whole or in part
in any form or medium without the express written permission of deListed is prohibited

Get Adobe Reader