Perennial Investment Management has opened its initial offer for an exchange-traded managed fund.
According to a statement by Perennial, the investment manager is seeking to raise funds for its eInvest Income Generator Fund, which aims to deliver “tax-effective income” to investors through monthly distributions.
“The fund aims to provide a gross income yield, adjusted for franking credits” and “a 7.0% annual gross distribution yield (comprising a 5% cash dividend yield, paid in monthly instalments, plus 2% franking credits),” the statement said.
The fund, headed by portfolio manager Stephen Bruce, will invest in “a diversified portfolio of Australian shares” and hold 30-40 Australian companies.
The IPO closing date is Friday, 27 April at 5pm.
Following admittance to trade on the ASX, the units will trade for $4 per unit.
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