# WDE - Wealth Defender Equities



## System (25 April 2015)

Wealth Defender Equities Limited (WDE) is an ASX listed investment company investing predominately in ASX listed entities in addition to derivatives and cash. The Company's investment portfolio is managed by Perennial Value Management Limited.

The Company aims to outperform the S&P/ASX 300 Accumulation Index by investing in a diversified portfolio of predominantly Australian shares while using protection strategies including derivatives and cash to dynamically protect the portfolio through market cycles, thereby cushioning the magnitude of negative returns as equity markets fall.

It is anticipated that WDE will list on the ASX during May 2015.

http://www.wealthdefenderequities.com.au


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## greggles (31 August 2018)

WAM Capital has made an off-market takeover bid for Wealth Defender Equities.  The offer consideration is 1 WAM Share for every 2.5 WDE Shares, representing a premium of 15.1% to WDE's 29 August 2018 share price, 15.0% to WDE's one-month volume-weighted average price and a premium to WDE's reported pre-tax net tangible assets.

The board of WDE are currently considering the offer and will make a formal recommendation to shareholders in due course.

WAM Capital were quite critical of WDE's investment manager in their announcement of yesterday:


> WDE's investment manager has underperformed its benchmark since inception and WDE shares have traded at a perennial discount to their reported pre-tax net tangible assets. Following a decision by the WDE Board that was announced to the ASX on 21 May 2018, WDE has adopted a discretionary approach to the use of portfolio protection, which represents a substantive change to the approach disclosed to investors in its Prospectus dated 25 March 2015 and employed since it commenced trading on the ASX. Despite these issues, the WDE Board of Directors has not employed any effective capital management initiatives to provide Shareholders with the opportunity to exit their positions at or above the announced pre-tax NTA.




Unsurprisingly, the WDE share price is up 8.62% to 94.5c so far today.


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## System (13 December 2018)

On December 12th, 2018, Wealth Defender Equities (WDE) was removed from the ASX's Official List in accordance with Listing Rule 17.14, following completion of the acquisition of 100% of WDE's shares by WAM Capital Limited.


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