University welcomes A-Gs Report on Melbourne IT float
Media Release, Thursday 1 June 2000
The University of Melbourne and the Board of its commercial arm, Melbourne Enterprises International (MEI) Limited, welcomed todays Auditor-Generals report on the float of Melbourne IT, confirming that the float had been carried out properly. Most importantly, it recognised that the University had achieved a return of $130 million on its original investment of $350,000.
The Universitys Vice-Chancellor, Professor Alan Gilbert, said the decision to sell Melbourne IT by a public float was intended to maximize value to the ultimate shareholder, the University. "The return of $130million on our investment of $350,000 is a stunning result," he said.
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