The WAM Leaders Limited (ASX: WLE) Board of Directors has authorised the allotment of 358.4 million shares and options raised through the Company’s $394.3 million initial public offering (IPO).

The largest-ever capital raising for an Australian listed investment company (LIC), the IPO attracted almost 10,000 shareholders.

Chairman Geoff Wilson said the Board was delighted with the IPO result and welcomed WAM Leaders shareholders to the register.

“From day one, we were overwhelmed with strong demand from investors, particularly from existing shareholders in our other LICs: WAM Capital Limited, WAM Research Limited and WAM Active Limited,” Wilson said.

Director and Chief Investment Officer Chris Stott said the Company was poised to commence operations in a strong position.

“Large funds under management ensure the relevance of the Company in the market, which can increase investment opportunities. It also has the benefit of lower fixed administration costs as a percentage of assets and greater liquidity for investors,” he said.

WAM Leaders will provide shareholders with a rare opportunity to gain exposure to the S&P/ASX 200 Index with an active, index unaware fund manager with expertise in LICs.

WAM Leaders issued shares at $1.10, each with an attaching bonus option to acquire one additional share, exercisable at $1.10 per option on or before Friday, 17 November 2017.

Shares and options in the Company are expected to trade on the Australia Securities Exchange (ASX) from Monday, 30 May 2016.

Wilson Asset Management’s largest LIC, WAM Capital, has achieved on average 17.9% performance each year since its inception in 1999, outperforming the S&P/ASX All Ordinaries Accumulation Index by 10.1% per annum. – BusinessNewsAsia.com

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