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.

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