Perpetual raises over $100m for portfolio expansion

By Eliot Hastie

— 1 minute read

11 October 2018

Perpetual Equity Investment Company has raised over $100 million in capital raising with approximately 2,000 new shareholders registering.

Perpetual announced it raised the full offer amount of $101.24 million after receiving commitments for $44.81 million via the Entitlement Offer and Top Up Facility and $56.43 million via the General offer and Short Fall Offer.

Perpetual chairperson Nancy Fox said the demand for the capital raise was in excess of the total number of new shares, so the general and shortfall offer were scaled back.

“We are pleased with the level of investor support for the capital raising, both from existing and new shareholders. The strong commitment we have received shows there is ongoing investor demand for quality investment expertise,” she said.

The company offers an investment in a concentrated and actively managed portfolio of between 20 to 40 securities diversified across industries and off shore investments.

The proceeds of the capital raise will support Perpetual’s growth as it expands its investment portfolio and increases its ability to take advantage of market opportunities.

Ms Fox said Perpetual’s investors appreciated the access to long-term growth and regular fully franked income that the company provided.

“We look forward to the next phase of the company’s growth and welcome our new shareholders to the register,” she said.