A strong response from investors has helped The Perpetual Equity Investment Company (PIC) raise more than $101 million in an offer which closed in late September and resulted in the addition of around 2,000 new shareholders.
The firm said investors demonstrated their strong interest by commitments for $44.81 million via the entitlement offer and top-up facility, as well as $56.43 million via the general offer and shortfall offer.
According to PIC’s chairman, Nancy Fox, investors also appreciated the access to long-term growth and the regular fully franked income that PIC provided.
“We are pleased with the level of investor support for the capital raising, both from existing and new shareholders,” she said.
“The strong commitment we have received shows there is ongoing investor demand for quality investment expertise.”
The proceeds of the capital raise would go towards company’s plans to expand its investment portfolio and increase its ability to take advantage of market opportunities, the firm said.
The company offers investors access to a concentrated and actively managed portfolio of both Australian and global securities, with a focus on delivering a sustainable income stream.
The portfolio aimed to hold between 20 to 40 securities diversified across industry and offshore investments.
Since listing on the Australian Securities Exchange in December 2014, the company has returned 9.9 per cent per...