MCU Offers Investment Shares

Members of the locally owned Maleny Credit Union (MCU) voted unanimously at the AGM on Saturday 29th October to change its Constitution and offer up to 1.1 million Member Investment Shares.

According to MCU Board Facilitator, Peter Pamment, "the issuing of Member Investment Shares is designed to build the Credit Unions’ reserves, support business growth and provide members with an increased opportunity for economic participation. For sometime now the Credit Union has been experiencing very strong growth in demand from members for savings and loans. To support this ongoing growth it has been necessary for MCU to boost its reserves by raising share capital from its members. The Member Investment Shares will attract fully franked dividends enabling members to take advantage of the franking credits built up by MCU over the years."

Mr Pamment said, "the MCU Board is pleased that the members supported the change to the Constitution which included improved protection against demutualisation. The Credit Union continues to be owned by its members and each member continues to have only one vote. At the same time, we now have the ability to raise capital to underpin our future growth by boosting prudential reserves and improving member services. This is an important step in strengthening the autonomy of the Credit Union."

Mr Pamment said "MCU members interested in Member Investment Shares should obtain a copy of the Offer Information Statement from either 28 Maple Street, Maleny, or here. Applications for Member Investment Shares close on Monday 5th December."