Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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”.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>