Chairman Geoff Wilson announced the news on Tuesday, confirming that the LICs have entered a scheme implantation agreement, which proposes that WAM Global acquires 100 per cent of TGG shares that it does not currently own through the scheme.
Under the proposed transaction, TGG shareholders will have the option to receive either a scrip consideration, which allows them to receive WAM Global shares and options based on the relative NTAs before deferred tax, or a cash consideration, which sees TGG offer to buy back shares based on the NTA per share.
The proposed transaction will create a single LIC, to be managed by WAM, which it says will “equitably and efficiently grow the company’s net assets of up to approximately $945 million and more than 17,600 shareholders” and “deliver shareholders access to greater on-market liquidity”.
It is believed that the move will make WAM Global one of the largest global listed investment companies on the ASX.
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
