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
Record flows into iShares ETFs helped BlackRock’s assets under management reach US$13.5 trillion in the third quarter, but it reported outflows from the APAC region.
Regal Partners has passed $20 billion in funds under management, helped by $723 million in net inflows during the last three months.
Global investment manager Fidante has formed a strategic partnership with a London-based asset manager to secure exclusive distribution rights across the APAC region.
Blackwattle Investment Partners has hired a management trio from First Sentier Investors – who departed amid the closure of four investment teams last year – to run its first equity income offering.
