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Capital Raising
Placement and Unit Purchase Plan (UPP)
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Placement to wholesale investors at an issue price of $1.10 per unit, equivalent to the net tangible assets (NTA) per unit of the Trust on Friday, 5 July 2024 and which represents a 4.8% discount to the Trust’s closing share price on Monday, 8 July 2024.
*Based on the NTA per unit of $1.10 (rounded to 2 decimal places) on Friday 5 July 2024 and a closing share price of $1.155 on Monday 8 July 2024. - UPP will be open to Eligible Unitholders, being existing unitholders of PCI with a registered address in Australia or New Zealand as at 7.00pm (Sydney, Australia time) on 8 July 2024, to apply for up to $30,000 worth of fully paid ordinary units in the Trust, without incurring brokerage or other transaction costs.
- UPP Units are being offered at the issue price of $1.10 per unit, the same as the issue price of the Placement.
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New units issued under the Placement and UPP will rank equally with existing units, including with respect to entitlements to future distributions with effect from their issue date.
*Where the distribution is declared and paid at the discretion of Perpetual Trust Services Limited, as the responsible entity of the Trust (Responsible Entity). Neither the Responsible Entity or Perpetual Investment Management Limited, as the manager of the Trust, provides any representation or warranty in relation to the payment of any future distributions. - The proceeds of the placement and UPP are intended to be used to pursue additional investments in line with the Trust’s investment strategy and approach.
UPP open until 5:00pm Tuesday 6 August 2024
Eligible Unitholders may apply for UPP Units in parcels valued at $500, $1,000, $1,500, $2,000, $2,500, $5,000, $7,500, $10,000, $12,500, $15,000, $20,000, $25,000 or $30,000.
Apply online at https://events.miraqle.com/pci-offer/spp/ and make a payment directly via BPAY®.
Investor Teleconference
A Teleconference will be held on Tuesday, 23 July 2024 at 12:00pm (Sydney time) to outline the details of the Unit Purchase Plan (UPP) and answer any questions.
Michael Korber, Portfolio Manager of PCI and Michael Murphy, Portfolio Manager of Perpetual Loan Fund, will also provide an update on how the PCI portfolio is being managed and the opportunities they are seeing across credit markets.
Indicative timetable
|
Event |
Date |
|
UPP Record Date |
7:00pm (Sydney time) Monday, 8 July 2024 |
|
Trading Halt |
Tuesday, 9 July 2024 |
|
Announcement of Offers |
Tuesday, 9 July 2024 |
|
Placement bookbuild |
Tuesday, 9 July 2024 - Wednesday, 10 July 2024 |
|
Announcement of placement results |
Thursday, 11 July 2024 |
|
Trading Halt lifted |
Thursday, 11 July 2024 |
|
Settlement of New Units under the Placement |
Tuesday, 16 July 2024 |
|
Allotment and normal trading of New Units under the Placement |
Wednesday, 17 July 2024 |
|
UPP Offer opens |
Wednesday, 17 July 2024 |
|
Record date for July 2024 distribution |
Wednesday, 31 July 2024 |
|
UPP offer closes |
5:00pm (Sydney time) Tuesday, 6 August 2024 |
|
Announce results of UPP |
Friday, 9 August 2024 |
|
New Units issued under the UPP |
Friday, 9 August 2024 |
|
New Units issued under the UPP expected to commence trading on the ASX |
Monday, 12 August 2024 |
|
Record date for August 2024 distribution |
Friday, 30 August 2024 |
This timetable is indicative only and subject to change. The Responsible Entity reserves the right, acting reasonably and in accordance with the duties of a responsible entity, to alter the dates and times set out above at its discretion, subject to the ASX Listing Rules and Corporations Act 2001. All references to times in this timetable are to Sydney time. In particular, the Responsible Entity reserves the right, acting reasonably and in accordance with the duties of a responsible entity, to exercise its discretion as to whether to declare and pay monthly distributions for July and August 2024.
Frequently Asked Questions
- Attractive pipeline – we see an attractive pipeline of corporate loan and securitised asset deals which will complement the relative value opportunities identified in investment grade and high yield credit and fixed income assets1.
- Potential for greater liquidity – additional capital raised from the UPP will increase the Trust’s size which is expected to increase liquidity in the Trust’s units traded on the ASX. This is expected to benefit unitholders and may also generate further interest from new investors, brokers, analysts and financial advisers.
- Scale - greater scale in the Trust should also benefit unitholders by reducing the Trust’s fixed expense base on a per unit basis.
- No brokerage or other transaction costs apply when participating in the placement and UPP
- Distribution - UPP Units will be eligible to receive the August 2024 distribution and future monthly distributions (Where the distribution is declared and paid at the discretion of the Responsible Entity). A DRP is also in operation.
1 An investment grade asset has a higher probability of payment of interest and repayment of principal. High yield assets (unrated or sub-investment grade assets) have a higher risk that the issuer may not be able to meet interest payments or the repayment of principal if difficult conditions arise. Participation in deals and investment in assets by the Manager is subject to external market factors and the Manager's investment process.
The Placement is only available to wholesale investors. The Placement is being conducted via joint lead managers, Commonwealth Securities Limited, Morgans Financial Limited and Ord Minnett Limited between 9 July 2024 and 10 July 2024.
Please contact karen.trau@perpetual.com.au if you want to participate in the placement.
PCI aims to provide monthly income. The record date of each distribution is typically the last business day of the month.
Need help applying in the UPP or checking your holding in PCI?
Please contact Link Market Services.
Office open hours are between 8am and 8pm (Sydney time) Monday to Friday.
Need more information about PCI?
Please contact PCI Investor Relations.
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Europe
This information and the terms of use are subject to change at any time without notice. The contents of this website are intended for residents and citizens of the United Kingdom, and the European Union, and should not be relied on by residents or citizens of other jurisdictions. All investment products and services referenced in this website are managed and offered by either JOHCM or its affiliates within the Perpetual Limited group of companies ("Perpetual Affiliates"). By clicking the “Proceed” button below, you are agreeing to the Terms & Conditions of use.