Wednesday 16th February 2005
|Text too small?|
The "Fat Fund" will issue 40 million stapled securities at A$1 each, representing one share (A$1) and one option, exercisable at A$1 within three years.
Fat Prophets New Zealand-born co-founder Angus Geddes says the fund is being created in direct response to strong demand by more than 7,000 Fat Prophets' subscribers.
"Many of our subscribers include New Zealanders, so this provides ready access to a listed Australasian vehicle that expertly invests in diversified value-based, liquid stocks."
He says the fund is a separate entity to the publishing business and it has an independent board of directors, risk and investment committee.
The fund has the ability to pick shares regardless of the Fat Prophets' reports.
The fund expects its investment portfolio will contain between 25 and 80 stocks. The company will seek out value and can hold 30% of its portfolio to be held outside its benchmark - the S&P/ASX 300 Accumulation Index.
The Fat Fund's chief executive is David Shearwood, "a well-known value investor" who has 18 years of analytical experience in funds management, investment banking and stock broking in Australia. Steve O'Hanna is senior fund manager and he joins the business from Advance Asset Management.
No comments yet
NZ dollar sags after avalanche of data and central bank action
Fonterra board starts planning chair succession
Fulton Hogan keeps Australian civil construction unit
Time for congestion pricing has come - NZIER
Colliers defends KiwiBuild as 'far from a colossal failure'
Pushpay shares rise as cost-cutting upgrades earnings guidance
20th September 2019 Morning Report
NZ dollar weaker against British pound on EC president's Brexit optimism
Todd plans Kapuni drilling campaign
MARKET CLOSE: NZ shares gain; appetite for KFC helps Restaurant Brands hit record