Australian Unity in capital raising
The shares have a face value of $100.
Australian Unity undertook a $67 million capital-raising late in 2010 to fund the expansion of a property in its retail property fund.
The current offer is open is Australian Unity members and employees as well as general applicants and other firms. The minimum application will be $2000 worth of shares for members and $5000 worth for general applicants.
The securities will mature in April 2016. Holders of the notes will receive quarterly interest payments based on the three-month bank bill rate plus a fixed margin.
However, Australian Unity has warned the industry that holding the notes will not confer voting rights at the company’s general meetings.
Australian Unity group managing director Rohan Meade said the capital raising was an important part of the group’s strategy to fund its planned growth.
The offer is expected to open on March 11.
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