The NRMA share buyback has been overwhelmingly successful – a situation that should please all parties. About 250,000 shareholders offered their shares back.

NRMA is planning to spend about $400 million to buy back 148.6 million shares. The final buyback price announced on Thursday was $2.72 a share, made up of a capital gains tax-free return on capital of $1.78 a share and a fully franked dividend of 94 cents a share.

The buyback will allow NRMA to entice more institutional investors on to its register, hopefully assisting in quelling the continuing warfare on the factionalised board of directors.