AUB Group completes $10.6m share purchase plan
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The news: Insurance broker AUB Group has completed its share purchase plan (SPP), announced in January, raising approximately $10.6 million alongside its $400 million institutional placement.
The numbers: AUB said the SPP offer was sent to 6,145 eligible shareholders, with 768 participating.
A total of 450,000 new fully paid ordinary shares will be issued at $23.62 each, marking a 2% discount to AUB’s five-day volume weighted average price as of 26 February. Shares last closed at $23.90.
The context: The raise is designed to support AUB’s acquisition of UK insurance broker and underwriting platform Prestige. AUB managing director Mike Emmett said the $432 million takeover will “meaningfully accelerate” the company’s UK retail strategy.
The source: ASX
