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WAM Active

Fund Manager: Wilson Asset Management
Inception Date: Jan 01, 2008

It was only a matter of time until it happened. Poster boy of the Australian LIC landscape, Geoff Wilson and his team at Wilson Asset Management (WAM) are joining the increasing popular Global Listed Investment Company (LIC) space with their latest IPO, WAM Global Limited (WGB). The IPO is expected to open on 1 May 2018 and close on 8 June 2018, raising up to a total of $550m. This will be WAM’s 7th LIC, making them the manager with the most LICs on the ASX. With their LICs approac ... [More]

Wilson Asset Management have certainly been busy in recent times. After raising a record $400m with WAM Leaders Fund (WLE) last year, and in more recent times successfully taking over management of Century Australia (CYA) and working on a $75m capital raising within that fund, the team is now launching yet another LIC to add to their stable, this time with a focus on Microcaps. The fund is raising up to $154m, with the offer expected to be open until 14 June. What are microcaps? Wilso ... [More]

WAM lodges microcap LIC prospectus

Investor Daily - May 10, 2017

Wilson Asset Management is looking to raise more than $150 million in an initial public offering for a new microcap-focused listed investment company after lodging a prospectus for the IPO. The new company, WAM Microcap Limited, will focus on small and microcap stocks and, according to Wilson Asset Management chair Geoff Wilson, will give investors “undervalued microcap growth companies with a market capitalisation of less than $300 million at the time of acquisition”. The initial public offering seeks to raise $154 million through the issue of up to 140 million shares at $1.10 each, with the offer slated to open on 15 May 2017, Mr Wilson said. Almost 80 per cent of the capital raising, $121 million, will be offered to existing Wilson Asset Management entity shareholders through a priority allocation offer expected to end on 5 June 2017. [More]

Investors in the Wilson Asset Management stable of LICs (WAM, WAA, WAX, WLE) will probably be aware that Wilson has quietly taken over control of Century Australia (CYA). Wilson are now raising $75m to add to the $80m already held in CYA to give it a total market capitalisation of around $150m. Why takeover CYA? For quite a while over 2015 and early 2016 Wilson built a large position in CYA, due to its steep discount to NTA at the time and a large amount of tax losses sitting on the balanc ... [More]

Mergers, Acquisitions and wind-ups in the LI ...

Steve Green from stevegreeny.com - Nov 28, 2016

This is a guest post from Steve Green. Steve is a full-time investor with a focus on LICs, event-driven and activist investing. You can follow some of his ideas at his investment blog here at www.stevegreeny.com One of the frustrations I have with many fund managers in the Australian equities market is their unwillingness to examine investing in LICs run by rival fund managers. I suspect many feel they do not need to outsource some of the job they do to a different fund manager. There may be ... [More]

Portfolio managers at Wilson Asset Management have told investors why they've fallen back in love with the big banks, what they're doing to monitor a turnaround in fortunes for Ardent Leisure and what they learnt from Donald Trump on the golf course. At a gathering of unitholders of several WAM-run funds, portfolio manager Matthew Haupt said his once-bearish view on the banks had changed "quite remarkably" over the past month. Comments two weeks ago from Australian Prudential Regulation chair Wayne Byres that the banks are likely to require less capital than initially forecast in order to meet new standards, and be given more time to raise it, was a turning point, he said.   [More]

Following the best investors & small market ...

Steve Green from stevegreeny.com - Nov 06, 2016

This is a guest post from Steve Green. Steve is a full-time investor with a focus on LICs, event-driven and activist investing. You can follow some of his ideas at his investment blog at www.stevegreeny.com If you were at a barbeque with some investors who were amongst those who had some of the best performance figures, you would be tempted to ask what they have been buying and listen very carefully to their answer right? Yet at times in the LIC space we have access to such resource ... [More]

Wilson Asset Management and a Perth boutique advisory firm have quietly increased their stake in Templeton Global Growth Fund in an effort to enforce a shake-up of the board and improve the listed investment company's performance. Coming hot on the heels of a vote last week to wind up the $434 million AMP China Growth Fund, the share purchase is a sign that investors are becoming increasingly prepared to agitate for change at underperforming investment companies. Templeton Global Growth Fund has a market value of $280 million but the shares trade at a 9.7 per cent discount to net assets. Between April and July, Wilson Asset Management and Alder & Partners gradually increased their stake in the Templeton vehicle to 6.9 per cent from 5.7 per cent. When the two investors initially publicised their holding in mid-April, they warned the purpose was to "seek to influence the composition of the board" of the fund.   Wilson Asset Management also commands 12.5 per cent holding in Hunter Hall Global Value, another listed investment company. Capitalised at $330 million, Hunter Hall Global trades at a 7.7 per cent discount to net tangible assets before tax, according to the latest ASX data. [More]

In case raising $370 million-odd for a new listed investment company wasn't enough, Geoff Wilson's Wilson Asset Management has turned its attention to Nicholas Bolton's former listed investment company Keybridge Capital.  Wilson Asset Management is set to begin one month's due diligence on the alternative asset manager, after lodging a proposal which could end up a change of investment manager or even a takeover offer.  Keybridge has a bunch of investments including stakes in energy companies Metgasco and Cooper Strike, as well as listed money managers NAOS Absolute Opportunities Company and HHY Fund.  Wilson Asset Management's pitch is about closing the gap between Keybridge's net asset value and its share price. Keybridge reported net assets worth 21.8¢ a share as at December 31, while the shares have been trading at around 15¢.    [More]

Update: 18/4/2016: Due to better than expected demand, the maximum IPO capital raising has been increased from the $330m detailed in the below post to $374m. The biggest LIC IPO so far this year is with us. The first inkling investors had of this was when Wilson Asset Management unsuccessfully attempted a takeover of Century Australia Investments (CYA), back in January. Unsurprisingly, Wilson have decided to go it themselves, with an IPO of at least $165m for the WAM Leaders Limited ... [More]

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