WAM Capital Limited, which is managed by Wilson Asset Management (WAM), has acquired all the issued capital of an unlisted investment company with net assets of approximately $25.5 million.
The firm said the transaction would benefit existing WAM Capital shareholders and would help increase the size of the investment portfolio in a cost-effective manner.
Also, the company’s board said it was looking forward to engaging in similar transactions in the future.
Under the terms of the deal, consideration for the acquisition would be 13,246,376 new WAM Capital shares, with the number of WAM Capital shares calculated by reference to the relative net tangible asset backing of each company.
