LICs Raise Capital Through SPP's and Anton Tagliaferro Retiring From Investors Mutual
The IIR LMI Monthly Report provides key LMI market news for the month of September as well as IIR research updates and key data points as at 31 August 2022.
Key news items include:
- Anton Tagliaferro Retiring from Investors Mutual: During the month QVE Limited (ASX: QVE), which is managed by Investors Mutual Limited, announced that Anton Tagliaferro will be retiring from Investors Mutual in March 2023 and as such is stepping down as the Co-Portfolio Manager of the QVE portfolio. Anton will be handing over his portfolio management responsibilities to Simon Conn, an existing Co-Portfolio Manager, and Marc Whittaker, who will take Anton’s place as Co-Portfolio Manager. Simon has managed the QVE portfolio since its inception in August 2014. Marc has worked with Investors Mutual since 2016 and is the Co-Portfolio Manager for Investor Mutual’s Future Leaders and Private Portfolio Funds.
- AUI & DUI Raise Capital Through SPP: Australia United Investment Company Limited (ASX: AUI) completed a Share Purchase Plan (SPP) during the month, raising $6.9m. 736,738 new shares were issue under the SPP at a price of $9.41 per share. Diversified United Investments (ASX: DUI) raised $11.8m through the Share Purchase Plan (SPP) completed in September. 2.5m new shares were issued at $4.66 per share.
- ALI Announces SPP: On 27 September 2022, ALI announced a Share Purchase Plan (SPP) offered to eligible shareholders who held shares on 26 September 2022.The Offer opened on 30 September 2022 and will close on 14 October 2022. Eligible shareholders will be able to acquire up to $30,000 of new share with shares issued at the lower of $2.35 per share, which represents a 5.2% discount to the closing price of ALI shares on the 26 September 2022 or the VWAP of ALI shares over the last five trading days of the Offer.
- FPC Completes Third Offer of Equal Access Buy-Back: During September, Fat Prophets Global Contrarian Fund Limited (ASX: FPC) completed the third offer of its buy-back of shares in accordance with the Buy-Back Booklet issued on 28 September 2021 and approved by shareholders at the AGM held on 1 November 2021.
- RF1 Adds New Strategy: Regal Investment Fund (ASX: RF1) announced in September that it was adding the Resources Royalties Strategy to the portfolio, conditional on the completion of a transaction involving a Liquidity Proposal to be put to unitholders in the Gresham Resources Royalties Fund (GRRF). GRRF has approximately 77m units on issue, 20m of which are currently held by investment funds managed by Regal including RF1.
- LRT Raises $1.2m Through Entitlement Issue: Lowell Resources Fund (ASX: LRT) completed a 1-for-3 Entitlement Issue in September, raising $1.2m through the issue of 913,274 units. Units were issued at $1.35 per unit and had a free attaching option for every new unit issued with an exercise price of $1.65, expiring on 4 March 2024.
- Shareholders Vote in Favour of WLE Merger with AEG: Absolute Equity Performance Fund Limited (ASX: AEG) shareholders voted in favour of the merger with WAM Leaders Limited (ASX: WLE) at the Scheme Meeting in September. The exchange ratio has been confirmed with AEG shareholders to receive 0.68768 new WLE shares for every AEG share under the Scheme. AEG was suspended from trading on 26 September 2022.
- GCI Analysis Still Expects No Payment Shock: During the month Gryphon Capital Income Trust (ASX: GCI) published an updated analysis regarding the impact of increased interest rates on borrowers capacity to continue to service their mortgage payments. GCI previously published the results of the analysis of a 2% increase in mortgage rates. The most recent analysis looked at the capacity of borrowers to service their mortgages in the event mortgage rates increased by 3.5%.
The full report is attached.
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