The Company has advised that it has exceeded the $220 million maximum in confirmed demand and it is now accepting oversubscriptions. The IPO will close on, or before, Friday 21 April.
Plato Income Maximiser Limited (ASX: PL8) will be a Listed Investment Company established to provide its shareholders the opportunity to benefit from an investment in an actively managed, well-diversified portfolio. PL8’s Investment Strategy is to invest (directly or indirectly) in a portfolio predominately comprised of ASX listed entities, as well as listed SPI futures and cash. The Investment Strategy seeks to provide capital growth and income.
PL8 is looking to raise $75 million to $330 million. They are also offering 1 option for every share subscribed. Each option is exercisable into one fully paid ordinary share at $1.10 per option at any time until 5.00pm (Sydney time) on 29 April 2019.
PL8 aims to generate an annual income (including franking credits) in excess of the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax Exempt) (Benchmark) and outperform (after fees) the Benchmark in total return terms including franking credits over each full investment cycle (which the Manager considers to be a period of typically 3 to 5 years).
PL8 will be managed by Plato Investment Management Limited (Manager), through an investment in the Plato Australian Shares Income Fund (Plato Fund) which has delivered a gross yield of 9.0% p.a. and an accumulated total return including franking of 14.0% p.a. since inception on 9 September 2011*.
The Manager has a specialisation in managing high income equity portfolios, including the Plato Fund and was founded by Don Hamson in 2006 and presently manages approximately $3.5 billion of funds for investors as at 31 January 2017. Don Hamson oversees a team of seven investment specialists with collective investment experience of over 130 years.
The Manager’s philosophy is centred on the belief that markets are complex and less than perfectly efficient. These market inefficiencies are derived from informational, behavioural and structural sources. The Manager believes a disciplined investment process can take advantage of these market inefficiencies to outperform over a market cycle. Some of these sources of return are exploited on a longer term time horizon and others are extracted on a shorter term basis.
As set out in Section 6 of the prospectus, Plato Income Maximiser Limited is subject to a range of risks, including but not limited to, investment strategy and manager reliability, market stability, equity risk, legislation and counterparty risk.
* Income and total return are after fees and costs, grossed up for franking credits. Performance data is to 31 December 2016. Past performance is not a reliable indicator of future performance.
Section 734(6) disclosure: The issuer of the securities is Plato Income Maximiser Limited ACN 616 746 215. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).
The company reserves the right to close the offer early.
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