PM Capital has launched a new kind of listed investment company, called the Portfolio Tracking Exchangeable Redeemable Securities (Converting Security), or PTrackERS.
'PTrackERS' are being issued jointly by PM Capital Global Opportunities Fund (ASX: PGF) and its subsidiary, PM Capital GO 2025 Limited (GO 2025), and will use the same investment strategy as the PM Capital Global Opportunities Fund.
The difference between PTrackERS and other LICs, according to PM Capital, is that they will be redeemable based on Net Tangible Assets (NTA) at the Maturity Date of June 30, 2025. If not redeemed, or sold on market, they will convert to PGF shares on the Maturity Date.
"We continue to see a better breadth of opportunities in offshore markets relative to Australia. PTrackERS are a real step forward for LICs in Australia, providing a fairer structure for shareholders looking to create wealth over the long term," chief investment officer and founder of PM Capital, Paul Moore, said.
PM Capital is seeking to raise up to $491 million.