Boutique fund manager Plato Investment Management has launched a listed investment company based off its Australian Shares Income Fund.
The listed investment company (LIC), Plato Income Maximiser, is seeking to raise $220 million in its initial public offering, with capacity to take $110 million in oversubscriptions, at an initial price of $1.10 per share, Plato said.
“Plato Income Maximiser is the first Australian LIC targeting to pay monthly, fully-franked dividends, which will appeal to investors who require a dependable income stream from their investment portfolio, but want to avoid eating into their capital as they manage longevity risk,” said Plato managing director Don Hamson.
Plato said the LIC’s portfolio aimed to “generate annual income, including franking credits, in excess of the S&P/ASX200 Franking Credit Adjusted Daily Total Return Index, and outperform, after fees, the benchmark in total return terms including franking credits over typically three-five years”.
Plato Income Maximiser is expected to commence trading on the ASX on 5 May 2017, Plato said.
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