PAF - PM Capital Asian Opportunities Fund

[System]

The investment objective of PM Capital Asian Opportunities Fund Limited (PAF) is to provide long-term capital growth over a seven-year plus investment horizon through investment in a concentrated portfolio of Asian equities and other investment securities, with a focus on the Asian Region (ex-Japan), which the Manager considers to be mispriced.

http://www.pmcapital.com.au

 

[Panaman]

Added to the SMSF this week, well down from its float price of $1 a few months ago and sitting mainly in cash as it slowly builds a portfolio, next to no exposure to the Aussie Dollar, surely that’s done well?

They recommend a 5 to 7 year investment timeframe that suits me

 

[Dona Ferentes]

They recommend a 5 to 7 year investment timeframe that suits me

Times up !!

Announced 16 Sept: Merger Between: PM Capital Global Opportunities Fund Limited (ASX: PGF); and PM Capital Asian Opportunities Fund Limited (ASX: PAF)

Key Highlights:
• PGF and PAF have entered into a Scheme Implementation Deed to merge the entities. • PAF shareholders will be offered PGF Shares as consideration.
• The Number of PGF shares proposed to be exchanged for each PAF share will based on PAF’s NTA per share divided by PGF’s NTA per share on the date the merger becomes effective.
• Implied offer value based on most recently published NTAs as at 10 September 2021 represents a:
o 23.8% premium to PAF’s closing price immediately prior to this announcement; and
o 24.3% premium to PAF’s 3 month VWAP.

And today: WAM Capital, one of the largest listed investment companies on the ASX, has bid for PM Capital’s Asian Opportunities LIC in a move that threatens to break up a proposed merger with a separate PM Capital portfolio.

WAM Capital, which has $2 billion in assets, has offered a sweetened bid for the Asia-focused PM Capital LIC, which had $54.9 million in assets at the start of the month.

 

[Dona Ferentes]

and likely to disappear (PM outflanked by GW):

WAM has made an improved bid for PAF late on Tuesday, offering shareholders One WAM Capital share for each 1.95 PAF shares they owned. The previous offer was for 1-for-1.99 PAF shares.

Based on the improved offer, PAF’s largest shareholder, the separate PM Capital Global Opportunities Fund (PGF), intends to accept the deal, as does PM Capital, its founder Paul Moore, and any associated entities.

....... PGF and PAF announced their intention to merge in mid-September, with PGF set to takeover PAF, which it already had a 19.9 per cent stake in.

 

[System]

On March 28th, 2022, PM Capital Asian Opportunities Fund Limited (PAF) was removed from the ASX's Official List in accordance with Listing Rule 17.14, following compulsory acquisition of its remaining securities by WAM Capital Limited (WAM).