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Insurance Australia Group to redeem A$156.2M worth of preference shares

Insurance Australia Group Ltd. will redeem A$156.2 million worth of convertible preference shares.

The company said it will buy back all outstanding convertible preference shares at A$100 per share with an additional amount of A$2.08 per share.

The record date for the buyback is April 11.

IAG will pay the price to each convertible preference shareholder May 1. Holders may sell their convertible preference share on or before April 7.

As of April 4, US$1 was equivalent to A$1.32.