New property manager on course for back door listing
Boutique property fund manager MacarthurCook is poised to achieve its back-door Australian Stock Exchange listing after shareholders in Local Telecom and Internet agreed to buy the company.
The new fund manager will achieve listing in a couple of weeks, MacarthurCook director Craig Dunstan says.
“There was a 75 to 85 per cent vote in favour of the resolutions at last Monday’s shareholder meeting,” he says.
“This means MacarthurCook can proceed looking for property to be put in new funds and acquiring existing property and mortgage funds.”
As part of the deal approved by Local Telecom and Internet’s shareholders, the group will to buy all the shares in MacarthurCook and become a property investment manager. The new listed company will then be known as MacarthurCook.
In addition, Telecom and Internet shareholders also approved the appointment of Dunstan to the board of the listed company, together with former BNP Paribas deputy general manager Richard Haddock, and the issue of new shares.
Shareholders also approved the sale of Local Telecom’s internet service provider business which should give the new fund management operation about $3.5 million in cash to begin operations.
Dunstan will be the managing director of the new boutique manager while Haddock will become chairman of the board.
Dunstan says a prospectus has been issued to attract new shareholders. A further 225 shareholders are being sought and they will be able to buy up to $5000 of shares.
“It is expected the listing name will change to MacarthurCook as early as next week,” he says.
“We have attracted a lot of new shareholders on the register who are backing the concept of MacarthurCook so we expect them to be long-term investors.”
Dunstan says he is currently recruiting the management team for the boutique fund management operation.
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