MCU Investment Shares Fully Subscribed

The Maleny Credit Union (MCU) has closed its share offer fully subscribed. More than 120 credit union members took advantage of the exclusive offer to take up the one million shares on offer.

MCU Board Facilitator, Peter Pamment, said "we are extremely pleased with the support shown for the Credit Union. We’ve been in existence now for over 21 years and its clear that our members want to see us continue well into the future."

Mr Pamment said "the Credit Union was approached by a number of non members and brokers wanting to invest when the capital raising was first announced. However, we wanted this offer to be exclusive to our committed members. It’s very satisfying then to see the share offer succeed purely on the support of members. We thank them for their support and look forward to repaying their loyalty with attractive franked dividends".

MCU General Manager, John Ford, claims the "MCU Member Investment Shares are an innovative capital instrument and are a first for credit unions in Queensland. They provide members the opportunity to receive attractive yields and franked dividends on a twice-yearly basis without compromising the mutual status of the Credit Union. The Credit Union benefits from increased capital, which in turn gives us the ability to extend more loans to members. In essence, the share offering is designed to strengthen the autonomy of the Credit Union and support its future growth."

The Credit Union remains committed to allocating Member Investment Shares to subscribers in early January, as per the Offer Information Statement.