AUB Group updated on its FY23 guidance, equity raising and Tysers UK Retail JV

AUB Group Limited (ASX: AUB) released its revised guidance for the year ending 30 June 2023 (FY23). Compared to the prior guideline range of AU$112.9 million to AU$121.4 million, FY23 UNPAT is now anticipated to be between AU$120 million and AU$124 million.

AUB has chosen not to proceed with the previously announced Tysers UK Retail (JV) with PSC Insurance Group Ltd. Tysers UK Retail, which displayed strong performance and momentum in the first six months of ownership, will be retained 100% by AUB Group.

Instead of receiving the cash from the JV, AUB is pursuing an underwritten AU$150 million Placement and non-underwritten Share Purchase Plan in order to expand financial flexibility and take advantage of its lucrative bolt-on M&A pipeline.

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