PM Capital Global Opportunities Fund (ASX: PGF) and its subsidiary PM Capital GO 2025 yesterday announced a new listed investment company.
PTrackERS, is a specially-developed converting security.
In seven years' time, PTrackERS security holders will have the choice to convert the security into either shares of the PM Capital Global Opportunities Fund (PGF) or to redeem it based on NTA.
The issue price is $1.40 per PTrackERS, to raise a minimum of $105 million and a maximum of $491 million.
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PGF and PM Capital GO 2025 chairman Andrew McGill said: "GO 2025 is unique in the Australian market, combining the skills of an exceptional global equities investment manager, PM Capital, with a highly innovative offer structure that gives investors more control, choice and flexibility."
"PTrackERS provide access to the management experience of PM Capital, along with a significant benefit - the choice for sellers to redeem in the future based on NTA, thereby providing a redemption safety net if the securities are trading on market at a discount to NTA.
"This is a first of its kind benefit for investors in listed investment companies."
PM Capital chief investment officer Paul Moore said: "PM Capital GO 2025 provides an efficient and flexible way to take advantage of what we see as the best global opportunities to build wealth - with a long-term perspective."
"We believe our benchmark-unaware philosophy and process suits GO 2025's aims and structure, allowing us to seek market anomalies that can provide attractive long-term returns," he said.
GO 2025's investment strategy, and that of its parent PGF, is consistent with that of PM Capital's unlisted managed investment scheme, the PM Capital Global Companies Fund and other associated global mandates.
PTrackERS stands for portfolio tracking exchangeable redeemable securities.
It will trade on the ASX with the code P25PA.