AUB Group has successfully completed its Share Purchase Plan (SPP), raising approximately $10.6 million. This follows the $400 million institutional placement announced in January. The SPP closed at 5pm AEDT on February 26, extending the offer to 6145 eligible shareholders, with 768 ultimately participating in the plan.
Under the SPP, AUB Group will issue around 450,000 new fully paid ordinary shares. The issue price was set at $23.62 per share, representing a 2 per cent discount to the five-day volume weighted average price up to and including February 26, rounded to the nearest cent.
AUB Group is a leading equity-based insurance broker network and services provider operating in Australia and New Zealand. It provides its network partners with access to markets, products, technology and business solutions. The funds raised through the SPP will be used to partly finance AUB’s acquisition of Prestige Underwriting, a deal the company expects will accelerate its UK retail strategy and significantly expand its structural growth platform in the region.
