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
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
