SYDNEY: Australian Unity Limited is seeking to raise $100million, with the ability to raise more or less, a news release said. The offer is expected to open on 11 December 2020.
Australian Unity Limited has announces an offer of Australian Unity mutual capital instruments (Australian Unity MCIs).
The offer forms part of Australian Unity’s ongoing capital management strategy with the proceeds of the offer to be used for a range of opportunities across the Australian Unity Group.
These include pursuing near-term growth opportunities within the individual businesses as well as investing capital across the Australian Unity Group where third-party funding has historically been utilised.
The use of proceeds may also extend to merger and acquisition opportunities across the Australian Unity Group operating platforms—to increase investment in social infrastructure and to help support business consolidations in important mutual sectors such as private health insurance, banking and friendly societies.
Application has been made for Australian Unity MCIs to be quoted on the ASX and trade under the code ‘AYUPA’.
Australian Unity Managing Director, Rohan Mead said: “Australian Unity is delighted to issue Australia’s inaugural mutual capital instrument and to provide eligible investors with the opportunity to invest in Australian Unity. The Offer will support Australian Unity’s ongoing and sustainable growth as it continues to provide health, wealth and care products and services that deliver both community and social value.”
Acacia Partners Pty Ltd has been appointed as Financial Adviser to the Offer, and Acacia Partners Pty Ltd, Morgans Financial Limited and National Australia Bank Limited have been appointed as Arrangers and Joint Lead Managers to the Offer. Bell Potter Securities Limited has been appointed as C0-Manager to the Offer.