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
The Federal Court has issued its verdict in ASIC's first greenwashing case against Vanguard Investments Australia regarding the use of ESG exclusionary screens.
Investment managers who plan to implement artificial intelligence in the next five years expect to see increased productivity, but views are mixed on whether it will boost revenue and assets under management.
A former corporate adviser has been sentenced in the Supreme Court of Western Australia for insider trading to realise a profit of more than $57,000.
Private markets expertise is sought-after for investment operations hires as allocations to alternative assets rise, according to a recruitment firm, but there is a gap between demand and supply.