AUB Group Limited announces successful completion of Share Purchase Plan (SPP)
AUB Group Limited has completed its share purchase plan (SPP), which closed at 5:00 PM (AEST) on 28 June 2024. The SPP, initially announced to the ASX on 13 June 2024, followed AUB’s A$200 million placement to institutional investors conducted in May 2024.
The SPP received strong support from shareholders, with approximately A$49 million in valid applications from eligible shareholders, surpassing the SPP target of A$25 million. A total of 2,549 eligible shareholders participated, with an average application size of around A$19,000.
In accordance with the SPP terms outlined in the SPP Offer Booklet dated 17 June 2024, AUB will scale back applications based on the size of existing shareholdings of applicants. Individual applications under the SPP will receive a minimum allocation of A$1,000 and a maximum allocation of A$30,000. AUB confirms that eligible shareholders who applied for their pro rata equivalent received at least their pro rata equivalent, subject to the A$30,000 cap, and those who applied for less received the amount they applied for.
Approximately A$25 million worth of shares will be issued at A$27.50 per share, the same price paid by institutional investors under the Placement. The SPP shares will rank equally with existing shares from allotment and are expected to begin trading on 8 July 2024, with holding statements dispatched on the same day. Application monies not applied to the acquisition of SPP shares (due to the scale-back) will be refunded to applicants per the SPP terms.
The Group’s CEO and Managing Director, Mike Emmett said: “On behalf of the AUB Board, I would like to thank our retail shareholders for their applications and continued support of AUB Group. Proceeds raised under the Share Purchase Plan will provide additional financial flexibility to enable the continued execution of the Group’s accretive and strategic M&A pipeline.”
The Group Limited is an ASX200 listed group of retail & wholesale insurance brokers and underwriting agencies operating in ~570 locations globally. Over 5,000 team members work with ~950,000 clients to place ~AUD 9.5bn in insurance premiums with local and foreign insurers.
