WAM Income Maximiser raises $148m in latest share purchase plan
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The news: WAM Income Maximiser said it has raised $148 million in its latest share purchase plan (SPP) and placement, bringing its funds under management o $300 million.
The numbers: WAM gave shareholders the opportunity to purchase up to $30,000 of fully paid ordinary shares in WAM Income Maximiser, without incurring any brokerage fees.
The SPP price was $1.572 per share, a 2.5% discount to the five-day volume weighted average volume price as at 17 November.
Of the 3,887 WAM Income Maximiser shareholders who were eligible for the SPP, 1,740 participated (or 45% of the register). The average application amount for the SPP was $16,100 per shareholder.
The context: In an ASX filing released on Friday evening, WAM said that the expansion will improve the company’s market presence, liquidity and potential for broker coverage, as well as reducing the fixed expense ratio for shareholders.
WAM said its investment team plans to use the additional capital to continue their disciplined investment strategy focused on equities and short-duration debt, with a goal of generating above-market dividend yields.
What they said: WAM Income Maximiser lead portfolio manager Matthew Haupt said: “Through its holistic approach to income investing and the income interest from its debt portfolio, WAM Income Maximiser aims to generate above market dividend yields and capital growth for shareholders.”
The source: ASX
