NAB transaction raises $100,000 for charity
NAB shareholders have raised $100,000 for charity through ShareGift Australia as part of the demerger and IPO of Clydesdale Bank (CYBG) in February.
The collaboration between NAB and ShareGift Australia, which enabled prospective holders of small parcels of CYBG shares to donate their allocated securities to charity, was the first time philanthropic giving was structured directly into a sale facility as part of a corporate action of this type in Australia.
Monies raised will be directed to Community Hubs Australia, to fund its National Community Hubs Program, which is supported by the Scanlon Foundation and the Department of Social Services.
Community Hubs work with migrant and refugee women and children, offering services and support such as skills training, English language classes, breakfast clubs as well as volunteering opportunities and community events.
This donation will be used specifically to deliver English language tuition to mothers with preschool children across hub locations nationally as part of the existing Mother and Child program.
NAB Group Executive Governance and Reputation Michaela Healey said that NAB was proud to have led this innovative project with ShareGift Australia to raise $100,000 for an initiative that aligns with NAB’s commitment to building more prosperous communities.
“This opportunity was a great way to showcase innovative philanthropic giving. We would like to thank NAB shareholders for supporting ShareGift Australia, and we hope the strong result will encourage other ASX listed companies to use ShareGift Australia as part of their corporate transactions,” Ms Healey said.
Chairman of ShareGift Australia Christopher Thorn added that he was delighted with the important benchmark NAB has now set for corporate transactions and the outcome for Community Hubs Australia.
“ShareGift Australia makes it easy for shareholders to support the community by donating their shares. The money raised through this transaction will have a real impact on Community Hubs Australia but also, the deal itself, has established a ground-breaking way for Australian listed entities to incorporate community benefit into new parts of their business.”
About ShareGift Australia:
ShareGift Australia is a not-for-profit organisation that gives shareholders an easy and cost effective way to donate shares or cash proceeds to the community.
To date, more than $1.1 million of charitable giving has been facilitated by ShareGift Australia and donated to over 400 charities, mobilising a new stream of charitable funds.
A list of charities which ShareGift Australia has supported is available online at http://www.sharegiftaustralia.org.au/charities-we-support#full-list