Perpetual to offer two for one option with new LIC
Perpetual will offer its first listed investment company (LIC) in October and will aim to attract investors with a 'two for one’ share option in the newly launched venture.
The LIC - to be called Perpetual Equity Investment Company Limited - will have an option for investors to purchase an additional share for every share subscribed for under the offer.
Perpetual was unable to supply full details of the underlying investments until the prospectus has been lodged with the Australian Securities and Investments Commission which is expected to take place in early October.
Perpetual will be one of the larger investment managers to offer a LIC this year with boutique managers ECP Asset Management and Investors Mutual both having launched their own LICs in July of this year.
The sector has begun to mature according to Zenith Investment Partners who released a review in June and found that LICs offered benefits for investors looking for absolute returns on the condition they do not buy shares at too high a premium.
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