PM Capital launches LIC
Specialist fund manager PM Capital has signalled its intention to launch a new listed investment fund (LIC) on the Australian Securities Exchange - the PM Capital Global Opportunities Fund Limited.
Announcing the move, PM Capital chief executive Chris Donohoe said the new product would be aimed at investors wanting access to the market.
"Based on our observations of investment markets, we believe that now is an excellent time to offer this global equity company to investors," he said.
"Cash and bonds are trading at historically low yields and do not compare to the relative earnings yield of companies.
"There are only a small number of global LICs in Australia, with the majority of assets trading at a significant premium. We therefore believe that this initial public offering will attract good interest," Donohoe said.
He said the company had appointed Ord Minnett to act as arranger and joint lead manager in a pre-capital raising roadshow, with RBS Morgans, Bell Potter and Taylor Collison having been appointed as the other joint lead managers.
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