Sharechat Logo

Fat Funds seeks A$40 million

Wednesday 16th February 2005

Text too small?
Australian-based investment tipsheet Fat Prophets is seeking to raise A$40 million for a listed investment trust, although it has no track record managing money.

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.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Gold price hits $2,000 for first time on Covid
TruScreen strengthens its market presence in central and eastern Europe
Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria
Talisman Quarterly Activities Report to 30 June 2020
General Capital gives notice of Annual Meeting
Scales Corporation - Business Update
Fonterra Co-operative Group Global Dairy Update
Fonterra revises its 2019/20 and 2020/21 forecast Farmgate Milk Price ranges
Briscoe Group Limited Market update: 2nd Quarter Sales to 26 July 2020

IRG See IRG research reports