After 24 years of operation, Ambidji successfully completed its first share buyback.
Since formation the Company had a policy of encouraging a wide shareholder base amongst employees and associates of the company, with some 22 shareholders prior to the buyback. The passage of time, however, has seen a number of shareholders retire or follow other pursuits away from the Company. The buyback was designed to use the cash reserves of the Company as a convenient way to provide liquidity for parties seeking to realise their share value. The three founding shareholders, David Miles, Alan McDonagh and Brian Jackson elected not to participate in the buyback and now collectively hold 90% of the Company’s stock. The remainder are held by a small group of former staff and associates who were keen to continue with the Company. According to Chairman, David Miles, the greater concentration of ownership enhances the Company’s flexibility in pursuing future entrepreneurial activities. At the Extraordinary General Meeting approving the buyback, the Board formally acknowledged the significant contribution and value of the long term support of the departing shareholders in building the Company into what it is today.