CLF - Concentrated Leaders Fund

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Aberdeen Leaders Limited (ALR), formerly MaxiLink Ltd (MAX), is an investment company that invests in Australian companies within the S&P/ASX200 Index. The manager of the company is Aberdeen Asset Management Limited.

http://www.aberdeenasset.com.au/aam.nsf/Australia/ListedInvestmentCompaniesListedFunds

 

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On April 12th, 2018, Aberdeen Leaders Limited (ALR) changed its name and ASX code to Concentrated Leaders Fund Limited (CLF).

 

[Dona Ferentes]

see the fund manager squirm

WAM Capital is seeking to buy rival listed investment company Concentrated Leaders Fund (CLF), in a move that could kick off a round of consolidation in the sector.
WAM Capital has offered two of its own shares for every 3.7 CLF shares, which was a 15.7 per cent premium to CLF's closing price on September 2 and a 7.6 per cent premium to its reported pre-tax net tangible assets at July 31. WAM Capital made its bid via a conditional off-market takeover offer on Thursday night.

WAM Capital said its bid came after the smaller listed equities company's shares had traded at substantial discount to NTA over the past 12 months.

CLF had assets worth $104.8 million as at June 30 and a $30 million loan. Its investment portfolio included stakes in A2 Milk, Altium, Amcor, APA Group, Appen, ANZ Banking Group, Coles Group, CBA, Goodman Group, Macquarie Group as at June 30. About 85 per cent of its portfolio was in equities at June 30, while the rest was cash. CLF also had franking credits worth $10.1 million at June 30.

CLF is run by David Sokulsky, of Sydney-based Carrara Investment Management, who formerly worked at Crestone Wealth Management, UBS and Macquarie.

WAM Capital is the biggest LIC in Wilson Asset Management's stable. WAM Capital had $1.56 billion gross assets at June 30, including a $7.6 million investment in CLF.

 

[Dona Ferentes]

WAM Capital Limited refers to the unconditional off-market takeover bid for Concentrated Leaders Fund Limited (ASX: CLF) on the terms set out in its bidder’s statement dated 3 September 2020, supplemented on 07 October 2020 and varied on 12 October 2020, 19 October 2020, 09 November 2020 and 09 December 2020.

Under the Offer, accepting CLF Shareholders were eligible for 2 WAM Shares for every 3.7 CLF Shares. WAM advises that the Offer consideration has now been increased to 2 WAM Shares for every 3.5 CLF Shares. The Offer has also been extended until 7.00pm (Sydney time) on 26 February 2021

- 7th time lucky?

 

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On April 20th, 2021, Concentrated Leaders Fund Limited (CLF) was removed from the ASX's Official List in accordance with Listing Rule 17.14, in connection with all the issued capital in CLF being acquired by WAM Capital Limited as part of an off-market takeover bid.