OnMarket Bidding Closed PM Capital GO 2025 Ltd* ASX: P25PA

Introduction to PM Capital and PM Capital GO 2025 Ltd

Fixed Priced IPOType of Offer
13 Jul 18Offer Open
10 Aug 18Pay By
$105-491 millionSize of Offer
$2,100 Minimum Investment
Morgans FinancialLead Manager


PM Capital GO 2025 Limited (ASX: P25PA), a subsidiary of ASX listed PM Capital Global Opportunities Fund Limited (PGF) is a new type of listed investment company, issuing securities known as Portfolio Tracking Exchangeable Redeemable Securities (Converting Securities) (PTrackERS). PTrackERS are designed to give investors more control by giving investors a choice to redeem their PTrackERS based on the underlying NTA at 30 June 2025, rather than the prevailing market price on ASX.  These converting securities will closely mirror the successful PGF portfolio which primarily invests in global equities.

PGF is a listed investment company (LIC) that is managed by PM Capital Limited (PM Capital). PGF invests in a concentrated portfolio of global securities diversified across global equity markets (including Australia) with the objective of providing long-term capital growth over a 7-year plus investment period.

PM Capital is an award winning investment manager known for having generated industry leading long term returns among its peer group. PM Capital has won numerous awards for its investment performance and management, most recently being awarded the prestigious Money Management/Lonsec 2018 Fund Manager of the Year in the equities long/short category


Source: Morningstar Direct (see page 39 of the prospectus for detail). © 2018 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution.

Past performance is not a reliable indicator of future performance. These are not indications of actual, nor forecasts of future, performance of either PGF or PTrackERS.

The Offer aims to provide investors with:

  • a new type of LIC security in the form of PTrackERS;
  • an alternative means to gain access to an investment manager, PM Capital with deep global equities expertise, being in its 20th year of operation.
  • access to a portfolio that will invest in concentrated high conviction set of global companies that PM Capital considers to be undervalued;
  • a segregated pool of assets; and
  • segregated pool of franking credits.

Offer Overview

PM Capital GO 2025 Limited and PGF are looking to raise between $105 million and up to approximately $491 million with the issue of PTrackERS. The proceeds from the Offer will be used to implement the same investment strategy for the Company as currently is being implemented for PGF and to pay future operating expenses and for working capital purposes.

The Investment Manager

The portfolio will be managed PM Capital.  Their goal is to build long-term wealth by investing in global markets with patience and conviction, and through finding, and exploiting, investment anomalies that others miss.  As a global investment specialist, PM Capital provides an opportunity for its clients to invest alongside PM Capital’s own capital, and that of its investment team. In fact, most of the products managed by PM Capital began as ways to invest the firm’s own capital. This ensures an alignment of interest with investors.

The unique process used by PM Capital is based on scanning the world for these mispriced companies (hence the radar used by PM Capital in its logo), discovering the associated valuation anomalies and extracting value from them. The focus is to buy good businesses at a good price; businesses that are being valued by the market differently to their long term intrinsic value, but will return to their correct value over time.

As at 31 December 2017, the 5, 7, 8 and 9 years investment performance of these other strategies, as managed by PM Capital, ranked among the highest in their Morningstar global equities peer group. 

PM Capital will be paying 100% of the costs of the Offer on behalf of the Company. Accordingly, on day one every dollar invested will be generating investment returns ie. The Net Tangible Asset (NTA) at the listing date will be equal to the Issue Price.

Why PTrackERS?

Since listing in 2013, PGF has observed that:

  • even strongly performing LICs, including PGF, can trade away from their underlying NTA value, creating uncertainty for investors as to whether they can obtain the underlying value of their securities;
  • growth in a LIC’s capital is often associated with economic dilution of NTA per share for existing holders and also adds complexity for investors wishing to track the underlying performance of the Investment Manager; and
  • while some LIC investors focus purely on long term capital growth, others also seek certainty of distribution policy.

To address these issues, the Offer is being made as a new form of LIC securities known as a PTrackERS which are redeemable exchangeable Securities. Whilst these PTrackERS are similar to traditional LIC securities (having attributable NTA determined by the investment performance of the Portfolio), they also:

  • provide holders with a known time at which they can gain exposure to the NTA performance underlying each PTrackERS through an option to redeem by reference to underlying net tangible value in June 2025;
  • if not redeemed, be automatically exchanged for fully-paid Ordinary Shares of PGF in a manner which is non-dilutionary to NTA Before Tax Plus Franking Credits for both PGF shareholders and PTrackERS holders; and
  • have a target yield of between 3% and 4% per annum (plus franking).

Please refer to the prospectus for more information on how the Redemption and Exchange both work.


You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk.  As set out in Section 7 of the Prospectus, PM Capital Global Opportunities Fund Limited and PM Capital GO 2025 Limited is subject to a range of risks, including but not limited to asset and strategy, counterparties, liquidity, and performance of the manager.


*Section 734(6) disclosure: The Prospectus (dated 2 July 2018) is jointly issued by PM Capital Global Opportunities Fund Limited (ACN 166 064 875, ‘PGF’), and PM Capital GO 2025 Limited (ACN 623 887 285, ‘GO2025’) and is an invitation to Australian and New Zealand resident investors to acquire up to 350,909,977 PTrackERS each having an Issue Price of $1.40 to raise up to $491,273,967.80 (Offer).

PTrackERS will be exchanged for fully-paid ordinary shares of PGF at 30 June 2025, unless a redemption election at the option of the Securityholder has been made on terms described in the Prospectus. PTrackERS are not bank deposits. Capital and income of an investment in PTrackERS may go down as well as up due to various market forces. Accordingly, there is risk that investors may lose all or a substantial portion of their investment.

Anyone who wants to acquire the securities will need to complete the Application Form that will be in or will accompany the Prospectus (which can be done via the electronic Application Form which will become available by clicking the bid button above).

OnMarket has a limited allocation. The Offer may close early and the 'Pay By' dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.


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