the prospectus is out.
offer opens May 1st , expected close June 8th.
looking to raise maximum $550M ( strict maximum )
According to the prospectus, the company will invest in line with four broad principles:
Focus on listed global securities – specifically undervalued growth companies.
Preference for undervalued companies – where the shares are trading below Wilson Asset Management’s valuation.
Portfolio based and index unaware investing – diversification across difference global markets and sectors, with investments selected on a case by case basis.
Capital preservation – the company will hold cash ( with no limitation ) unless it can identify appropriate investment opportunities
Additionally, WGB plans to hold a reasonably large portfolio of between 40-80 companies, with most positions of between 1-5% of the total portfolio. The portfolio will predominately be comprised of companies listed in developed markets.
Whilst short selling and the use of derivatives are permitted, they are not expected to account for material components of the portfolio.
WAM will be funding all listing costs and no ‘bonus options’ will apply.
WGB will have an issue price of $2.20. Management costs of 1.25% pa apply, with performance fees of 20% of outperformance beyond the MSCI World Index Net (AUD) benchmark applying.
Priority Allocation
• A $150 million priority allocation to shareholders of one or more of WAM Capital Limited (WAM Capital), WAM Leaders Limited (WAM Leaders), WAM Microcap Limited (WAM Microcap), WAM Research Limited (WAM Research), WAM Active Limited (WAM Active) and Century Australia Investments Limited (Century Australia) and their associated entities with registered addresses in Australia or New Zealand;
• A $15 million priority allocation to past shareholders of the companies listed above, shareholders’ family and friends, subscribers to Wilson Asset Management updates and their associated entities with a registered address in Australia or New Zealand.
considering the large size of some recent LIC IPOs ( Magellan Global, VGI partners, L1 capital long short )
I wouldn't be at all surprised if this one is oversubscribed.
