Aust Unity looks at capital raise via MCIs



Australian Unity has flagged its intention to undertake a capital raising using the recently-changed legal provisions which allow it to offer mutual capital instruments (MCIs).
The company announced to the Australian Securities Exchange (ASX) today that it was considering making an offer of new ASX-quoted MCIs and had started confidential discussions with wholesale investors.
It said the MCIs would feature discretionary non-cumulative dividends, scheduled semi-annually.
The announcement said that whether the offer went ahead would be determined by market conditions.
The ability of Australian Unity and other mutual to raise funds via MCIs was made possible by the passage early last year of the Treasury Laws Amendment (Mutual Reforms) Act 2019.
Recommended for you
First Sentier Investors chief executive, Mark Steinberg, is set to depart the asset manager after seven years.
Metrics Credit Partners has completed the acquisition of Taurus Finance Group and BC Investment Group as it looks to launch consumer lending arm Navalo.
AMP has announced to the ASX that it is being sued by property fund manager Dexus regarding the sale of its real estate and domestic infrastructure equity business.
Having seen inflows of US$5.6 billion to its fixed income funds in the last quarter, Janus Henderson has closed on a deal with life insurer Guardian to secure funds to boost its product development.