IML plans to launch public/ASX firm
Australian equities fund manager, Investors Mutual Limited (IML), has announced plans to launch a new income-focused ASX-listed investment company, in which it will act as an investment manager.
The new company would aim to replicate the Investors Mutual Equity Income Fund investment strategy, with an objective to deliver shareholders a dividend yield of two per cent above that of the S&P/ASX 300 index but with lower levels of volatility to that of the S&P/ASX 300 index.
Additionally, it would seek to raise $100 million in its Initial Public Offering (IPO) and would be expected to pay dividends on a quarterly basis.
IML said it had already received indicative commitments in excess of the $100 million minimum and anticipated that both the new company and the offer would be further supported.
The prospectus for the offer would be lodged with the Australian Securities and Investments Commission (ASIC) during the fourth quarter.
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