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Kiwis Part Of Successful Fat Fund Float

Kiwis Part Of Successful Fat Fund Float

Fat Prophets Australia Fund Limited Closes IPO And Plans April 21 Listing

Auckland, 20 April - The Fat Prophets Australia Fund Limited (Fat Fund) has closed its successful Initial Public Offering after raising A$32.18 million for the creation of an independent listed investment company.

The Fat Fund plans this Thursday (April 21) to list its 32,185,001 stapled securities at A$1 each, representing one fully-paid ordinary share ($1) and one option to purchase a fully-paid ordinary share for A$1 within three years.

Underpinning the successful capital raising was strong demand from Fat Prophets 7,000 subscribers, while the distribution strength of co-sponsors CommSec and E*Trade also made a strong contribution.The Fat Fund investment portfolio will be managed by Fat Prophets Funds Management Australia Pty Limited.

Chief Executive Officer, David Shearwood, said, “We are delighted that so many Fat Prophets’ subscribers have backed our IPO particularly the interest and uptake from our New Zealand shareholders. We have attracted a broad spread of shareholders in both Australia and New Zealand, despite the market’s negativity towards LIC’s at the moment.

“We believe this is due to our commitment to value, independence and transparency – all of these are hallmarks of the Fat Prophets philosophy.”

“We expect to be fully invested within six months in stocks we identify through our own proprietary research as well ideas generated by the Fat Prophets reports,” says Shearwood.

The Fat Fund expects its investment portfolio will contain between 25 and 80 stocks. The company will seek out value and can hold 30 per cent of the portfolio outside its benchmark - the S&P/ASX 300 Accumulation Index.

Mr Shearwood said, “In keeping with the Fat Prophets’ commitment to transparency, the Fat Fund will release its cash holdings and top 15 investments (once its investment portfolio is established) each month”.


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