WAM declares takeover offer free of defeating conditions
The independent directors of Wealth Defender Equities (WDE) have recommended shareholders should accept WAM Capital’s takeover offer, free of defeating conditions.
The offer was expected to close 26 October 2018.
Under the terms of the deal, WAM said it would conduct a review of the strategy, operations, activities, assets and employees of WDE in light of the information which become available.
Further to that, WAM said it would seek to remove WDE from the official list of the Australian Securities Exchange (ASX) and WAM should proceed with a realisation of WDE’s investments and conduct a return of capital.
Therefore, WDE shareholders should remain aware of the fact that WDE may be no longer be a listed investment company on the ASX, the firm said.
However, if WDE shareholders wanted certainty then they should, according to the firm, continue to hold shares in a listed investment company on ASX, they should accept the offer.
“The sooner the remaining Wealth Defender shareholders accept the offer, the faster all wealth Defender shareholders will receive the bid consideration,” the company said in a statement to the ASX.
Investment research house, Zenith Investment Partners, also recommended shareholders accept the offer.
Recommended for you
Platinum Asset Management has put its two closed-end funds under strategic review in a bid to reduce the share price discount to pre-tax NTA and maximise shareholder value.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
