EBI proposal to de-list from ASX
Everest Babcock and Brown Alternative Investment Trust (EBI) has proposed to de-list from the Australian Securities Exchange (ASX) to combat its trading discount to net tangible assets (NTA).
Despite shares rallying after a proposal earlier in the year to adopt an ongoing off-market buyback facility to address its trading discount, EBI’s discount has widened to 33 per cent.
Chairman of EBI Trevor Gerber said: “The board has been looking at potential solutions for some time and in developing our proposal we have been mindful to balance the needs of unit-holders, who would like reasonable levels of liquidity in the short-term, with those of investors who have invested for the longer term.
“The board believes that the proposed delisting provides investors with a solution to EBI’s trading discount to NTA,” he added.
A general meeting of unit-holders will be held in October to vote on the delisting.
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
