Powered by MOMENTUM MEDIA

WAM lodges microcap LIC prospectus

By Reporter
 — 1 minute read

Wilson Asset Management is looking to raise more than $150 million in an initial public offering for a new microcap-focused listed investment company after lodging a prospectus for the IPO.

The new company, WAM Microcap Limited, will focus on small and microcap stocks and, according to Wilson Asset Management chair Geoff Wilson, will give investors “undervalued microcap growth companies with a market capitalisation of less than $300 million at the time of acquisition”.

The initial public offering seeks to raise $154 million through the issue of up to 140 million shares at $1.10 each, with the offer slated to open on 15 May 2017, Mr Wilson said.

Advertisement
Advertisement

Almost 80 per cent of the capital raising, $121 million, will be offered to existing Wilson Asset Management entity shareholders through a priority allocation offer expected to end on 5 June 2017.

“I will personally be investing $1.1 million in the offer and hope that you will join me as a shareholder in WAM Microcap,” Mr Wilson said.

He said the offer will not include the issuance of options as “the capacity restraints on a product focused on microcap companies requires the capital raising to be limited in size”.

Read more:

FSC rails against 'rust belt view' of super

Profit growth slowing for big banks: KPMG

Citi Research dominates ESG awards

Vanguard Australia announces fee cuts

Active managers set to benefit from volatility

 

 

Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now. 

WAM lodges microcap LIC prospectus
investordaily image
ID logo

 

related articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.