WAM Leaders raises US$202.5M, pushing assets past US$1.42B
What's the deal? Australian listed fund WAM LeadersDealroom has a profile for this one. Try Dealroom → raised US$202.5M through a share placement and a share purchase plan, taking its assets under management past US$1.42B, according to a Thursday exchange filing.
Breaking it down: Of the total, WAM Leaders pulled in US$56.9M from more than 4,700 existing shareholders through its share purchase plan. Those shares were priced at US$0.84 each — a 2.5% discount to the five-day volume-weighted average price (VWAP).
Why now? The manager expects the new shares to be issued Friday and start trading September 7. That should expand the fund's investable cash and shareholder base quickly.
What's the endgame? WAM Leaders said the larger scale should lower its fixed expense ratio, spreading costs across a bigger asset base.
The signal: The raise shows continued investor appetite for listed investment companies, even when new shares are offered at a discount to market price.
Image credit: Generated with Gemini
