Due to close on 20 December, Thorney Technologies Limited is aiming to raise up to $125m for a new technology focused LIC, through a backdoor ASX listing. The listing will include a $25m allocation to retail investors with the remainder of the offer open to instutitional investors.
Managed by Thorney Investment Group, manager of the $120m Thorney Opportunities Limited (TOP), Thorney Technologies Limited (TEK) will be a technology focused LIC. Thorney Technologies will take on around $6m worth of 'seed investments' from the manager which inlcudes household names Webjet and iSelect, as well as investments such as investment platform Hub24, biotech Anatara Lifesciences, and unlisted Agricultural tech company Aglive. This list should give a flavour of the types of investments that Thorney Technologies will target. The company does not plan to pay dividends at this point in time.
According to Thorney, the company's investment focus will be:
Management costs within the fund are 1.5% per annum. The fund does not benchmark itself against any indexes, and has listed performance fees of 20% of any growth of assets.
According to the ETF Watch Fund Database, the only other LIC available on the ASX with a tech focus is Bailador Technology Investments Limited (BTI). With two years history on the ASX and a market cap of $120m. With a limited amount of options for technology focused investments available to retail investors, Thorney Technologies may fill a niche in some investors' portfolios.
For those wishing to invest in the Thorney Technologies Company, you can do so from this website. Don't get scared off by the "ARFuels" logo on the website. This is a backdoor listing from a failed bio-diesel company.
This post was prepared with publicly available information available from Thorney Technologies. ETF Watch did not receive any payment from Thorney Technologies for this post.