Achieves 100% of the proceeds expected by the exercise of all options issued as part of its IPO-
The PM Capital Global Opportunities Fund Limited (ASX: PGF) (the “Company”) has made an announcement to the ASX regarding the results of Option Exercise as part of the initial public offering (“IPO”) launched in December 2013. The Company issued 173,672,200 options (being one option for every share issued in the IPO).
Prior to their expiry, each option gave the holder the right to acquire a fully paid ordinary share in the Company at $1.00. These options traded on the ASX under the ticker PGFO.
Ben Skilbeck, chief executive officer of PM CAPITAL and Director of PM CAPITAL Global Opportunities Fund said that PM CAPITAL was also very pleased with the support that PGF received from its investors as demonstrated by 92.3% of the PGFO options being exercised in the normal course.
“The underwriting of the remaining options, being only 7.7% (or 13,312,478) of the options issued, was also very well supported.”
“In total, the Company achieved 100% of the proceeds expected by the exercise of all options issued as part of its IPO (being $173,672,200).”
“The high option exercise rate can be attributable largely to our shareholders’ recognition of the strong Net Tangible Asset (“NTA”) growth since the IPO of the Company in December 2013. The availability of new capital associated with the exercise of options has come at an opportune time, with the current global market volatility presenting a number of opportunities particularly in Europe.”
“PM CAPITAL is the Investment Manager of PGF and remains focused on allocating capital to investment anomalies where it believes transitory issues are incorrectly viewed as long-term issues by the broader market.”
“This approach has formed the fabric of our investment approach over the last 17 years and remains its focus as we look to build on the strong performance of the PGF’s NTA growth,” said Skilbeck.
“The expansion in the Company’s capital and shareholder base as a result of the option exercise acts to: lower PGF’s fixed costs per share; assist in improving liquidity of the Company’s shares; provide the investment manager further capital for new long term investment opportunities; and increase the relevance of the Company in the market and raise its profile to assist in closing the share price discount to NTA.”
“The Directors of PM Capital Global Opportunities Fund Limited wish to thank the security holders of PGF for their ongoing support,” he added.
About PM CAPITAL
PM CAPITAL is an Australian based specialist global equity and income fund manager. The firm provides an opportunity for clients to invest alongside the investment team, where they invest in businesses that they believe are currently trading below their long-term intrinsic value, but will return to full value over time. It is focused on achieving long term absolute capital growth for their equity investors.
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