AUB Group has successfully completed a $400 million institutional placement that was initially announced on Tuesday. The placement involved the issuing of approximately 13.6 million new shares. These shares were priced at $29.40 each and were issued on Friday. The company noted that the issue price represents a 7.9 per cent discount compared to the last traded price of $31.91 on January 23.
AUB Group is an insurance broker network spanning Australia and New Zealand and is also involved in underwriting management and services. The funds raised are earmarked for supporting AUB’s strategic initiatives, particularly accelerating its UK retail strategy through the acquisition of Prestige Underwriting.
AUB chief executive Mike Emmett expressed satisfaction with the outcome of the placement. He also thanked shareholders for their strong support of the placement and the broader transaction. Emmett added that the company is excited about Prestige joining the AUB Group.
The company anticipates that this strategic move will deliver significant value for its shareholders through enhanced growth and market expansion in the UK retail sector. The raising allows AUB to pursue this acquisition and further solidify its position in key markets.
