Contango launches new LIC
Specialist fund manager, Contango MicroCap Limited (CTN) has announced this week it intends to launch a new Australian Securities Exchange (ASX) listed investment company, Contango Income Generator Limited (CIE).
It said the new vehicle would focus on providing income and capital growth through investment in a portfolio of shares from outside the 30 largest ASX securities.
The company's announcement said the initial public offering of securities in CIE would seek to raise $100 million but that the vehicle might also accept oversubscriptions of up to a further $20 million under the Offer.
It said Contango would be supporting the offer by making an application for securities in CIE in the amount of $30 million.
The announcement said it was expected that a prospectus for the CIE Offer would be lodged with the Australian Securities and Investments Commission around 29th June.
AUTHOR
Mike Taylor
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