Brief: AUB To Buy Tysers For A$880 Mln

PSC Insurance

08/05/2022 23:50

May 9 (Reuters) - AUB Group Ltd  AUB.AX :
    * CO ENTERED INTO A BINDING AGREEMENT TO PURCHASE TYSERS
    * PROPOSED DEAL FOR AUD880 MILLION
    * SEES 30% UNDERLYING PRO FORMA EPS ACCRETION ON A PRO FORMA
CY22
BASIS FROM DEAL
    * DEAL WILL BE FUNDED FROM PROCEEDS OF AN AUD350 MILLION
EQUITY
RAISING, A PLACEMENT OF AUD176 MILLION OF AUB SHARES
    * DEAL WILL ALSO BE FUNDED FROM NEW AUD675 MILLION
MULTI-CURRENCY
DEBT FACILITY
    * SEPERATELY, CO & PSC INSURANCE ENTER NON-BINDING TERM
SHEET
UNDER WHICH PSC WILL ACQUIRE A 50% STAKE IN TYSERS' UK RETAIL
DIVISION
    * AFFIRMS FY22 GUIDANCE
    * CONTINUES TO TARGET A DIVIDEND PAYOUT RATIO OF 50-70%
    * EXPECTS TO PAY A 2H22 DIVIDEND ON EXISTING AND NEW SHARES

Source text for Eikon:  ID:nASX62PPPf 
Further company coverage:  AUB.AX 

 ((Reuters.Briefs@thomsonreuters.com;))