Pohl’s LIC IPO successful
Listed investment company, Barrack Street Investments Limited (BST) announced this week it had successfully raised $16 million through its Initial Public Offer and is scheduled to list on the Australian Securities Exchange (ASX) on 14 August 2014.
The LIC will be managed by boutique Australian equities manager ECP Asset Management (ECPAM), headed by Dr Manny Pohl and will invest in a portfolio of quality small and mid-cap ASX listed companies.
Pohl said the Barrack St LIC aimed to achieve medium to long-term capital growth and income through fully franked dividends with an objective of exceeding a benchmark return of 8 per .cent a year
A particular target of the Barrack Street Investments LIC capital raising was small super funds with fewer than five members.
“It’s widely acknowledged that SMSFs are heavily weighted to ASX top 50 companies and cash,” said Pohl. “We are delighted that our message of diversification beyond the top 50 ASX stocks resonated with the SMSF sector and others.”
The offer was priced at $1 per share and investors in the IPO will receive a free 24-month option for every share subscribed for, exercisable at $1. Morgans Corporate was Lead Manager to the Offer, which closed on 31 July 2014.
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