Pengana Capital plan an IPO into $1b trust

Asset manager Pengana Capital (ASX:PCG) has proposed to establish a new unit trust in Australia to be named the Pengana Private Equity Trust (Fund), the responsible entity of which is to be Pengana Investment Management.

They intend to conduct an initial public offering of ordinary fully paid units of the Fund (Units) to raise up to an indicative $1 billion.

The share issue will effectively give investors in the fund a 5 per cent reward to participate in the offer, but a large fund raising should in turn boost the sharemarket value of the management company.

Shares in Pengana Capital (ASX:PCG) closed 1.4 per cent lower at $2.17 on Dec 31st 2018

Source link Finance News Australia

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