Although they have stated the capital raise is for acquisitions I suspect it's as much to do with keeping shareholders happy given they're not yet paying dividends. It's a clever way to go as it strengthens their balance sheet and gives SHs a chance to accumulate at a discount - at the price of a little dilution, which I think most would accept given AFL are in such a strong growth phase.
Ann: FY21 Half Year Results Presentation, page-4
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