PM Capital initiates $100m capital raise
PM Capital has initiated a $100 million capital raising aimed at providing liquidity and growing assets within the PM Capital Global Opportunities Fund Limited.
In doing so, PM Capital provided forward dividend guidance within which it reaffirmed its intention to deliver a minimum 10 cents per share fully franked in respect of Financial Year 2024 and an intention to deliver a minimum of 10 cents per share fully franked in Financial Year 2025.
It said it had been able to provide the guidance because the investment manager had delivered a portfolio return of 24.5% for Financial Year 2024.
The company’s capital raising is aiming at raising approximately $100 million via the issue of around 45.7 million shares with the offer targeting wholesale and sophisticated investors.
It said the offer price of $2.19 per new share represents a 6.4% discount to the last traded price of $2.34.
The company says the aim of the fund is to create long-term wealth through a concentrated portfolio of 25 to 45 global companies that are trading at prices different to what the manager believes is their intrinsic value.
PM Capital was acquired by Regal Partners in November, last year.
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