PM Capital issues LIC prospectus
PM Capital Global Opportunities Fund (PGF) and its subsidiary, PM Capital GO 2025, have jointly issued a prospectus for the offer of its next generation listed investment company (LIC) security ‘PTrackERS’ which stands for a portfolio tracking exchangeable redeemable securities, it said.
The offer was made via 1:1 entitlement to PGF shareholders and a general and broker firm offer, with the issue price being $1.40 per PTrackERS in order to raise a minimum of $105 million and a maximum of $491 million.
It would aim to provide access to the management experience of PM Capital, the choice for sellers to redeem in the future based on NTA (net tangible assets) which would provide a redemption safety net if the securities were trading on market at a discount to NTA.
The firm also said that GO 2025’s investment strategy, and that of its parent PGF, was consistent with PM Capital’s unlisted managed investment scheme, the PM Capital Global Companies Fund and other associated global mandates.
PGF and GO 2025’s chairman, Andrew McGill noted: “Given our outward focus and desire to experience the best of the world can offer, it still surprises me that Australians keep such a large proportion of their assets in Australian equities rather than global equities.”
“We believe our benchmark-unaware philosophy and process suits GO 2025’s aims and structure, allowing us to seek market anomalies that can provide attractive long-term returns.”
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