Suncorp Group Ltd (SUN.AX)
28 Apr 2017
Mon, Apr 3 2017
* Suncorp group ltd - $300 million has been allocated on a firm basis under broker firm offer and institutional offer
SYDNEY, March 27 Australian insurer Suncorp Group plans to raise around A$250 million ($191 million) of hybrid securities to strengthen its capital base, it said on Monday, with the bank hoping to tap piles of cash looking for a higher-yielding home.
* To issue a new perpetual, subordinated, convertible, unsecured security, suncorp capital notes (capital notes), to raise $250 million
* Understands that Suncorp Group Limited's stake in tower has now reached 19.99% of shares
* It is responding to approximately 11,000 claims from hailstorm on 18 February 2017 across its insurance brands
* Confirms that it has now received a non-binding indicative proposal from Suncorp Group Limited
* Suncorp Group acting through UBS, have approached shareholders seeking to initially buy up to a 19.99% stake in Tower
* In medium term expects sustainable ROE of at least 10%, which implies an underlying ITR of at least 12%
* Suncorp finalises execution on New Zealand Autosure disposal
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