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WAM Leaders Limited

Fund Manager: Wilson Asset Management
Inception Date: May 30, 2016

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]

When two listed investment companies, the $5.3 billion Argo Investments and the $415 million WAM Leaders, released their latest financial results it provided a stark reminder of why the integrated advice model of the major banks cannot survive. Argo and WAM Leaders stand for the sorts of things banks struggle to offer through their integrated advice models – transparency, accountability, low costs and hands-on control of investments. Under the integrated financial advice model there are layers of different fees including adviser fees, platform fees and investment management fees adding up to 2.5 per cent to 3.5 per cent. [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]

High-profile investor Geoff Wilson believes the next six months will be be difficult for the sharemarket, and is hoping to use the weakness to build the portfolio of his fund's new large cap-oriented listed investment company.  "In terms of the overall market, it's going to be a difficult six months, because we are in a very mature bull market in the US," Mr Wilson told Fairfax Media after the listing of the WAM Leaders Fund on Monday. The fund's investment philosophy is to look for growth-oriented companies that are undervalued. But Mr Wilson agreed growth is harder to find in the present market conditions, and the lack of earnings growth as a driver for the recent rally "makes you nervous". [More]

Wilson Asset Management has finalised a raising of $394 million through its new listed entity WAM Leaders. The deal represents the largest-ever capital raising for an Australian listed investment company. Small-caps heavyweight Geoff Wilson has stepped into the large-caps space with the new fund, which will look to find undervalued growth companies within the benchmark S&P/ASX 200 index. “From day one, we were overwhelmed with strong demand from investors, particularly from existing shareholders in our other LICs: WAM Capital Limited, WAM Research Limited and WAM Active Limited,” Mr Wilson said. WAM Leaders is slated to hit ASX boards at $1.10 a share on Monday after it raised $394.3m through the allotment of 358.4 million shares in its IPO, with the raising drawing 10,000 investors. The group was able to upsize the raising on two occasions, with the initial top target of $330m comfortably surpassed. Director and chief investment officer Chris Stott said the record raising increased the opportunities available for the new fund. [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]

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