WAM Microcap Limited has exceeded the $16.5 million minimum investment* in its $154 million capital raising, which opened at 10am today, 15 May 2017.

WAM Microcap will provide shareholders with risk-adjusted returns derived from a portfolio of undervalued growth companies listed on the ASX with a market capitalisation of less than $300 million.

Wilson Asset Management Chairman Geoff Wilson said WAM Microcap shareholders would benefit from the investment team’s proven ability to successfully invest in micro-cap companies.

“We have a strong record of identifying micro-cap companies, delivered over almost 20 years. It is extremely important that the investment team continues to identify undervalued micro-cap companies that demonstrate significant growth potential,” he said.

“WAM Microcap will provide the investment team with the optimal structure to continue this rigorous and disciplined process,” Mr Wilson said.

$121m priority allocation for Wilson Asset Management entity shareholders

WAM Microcap is issuing up to 140 million new shares at an application price of $1.10 per share. The capacity restraints on a product focused on micro-cap companies requires the capital raising to be limited in size. As a result, the capital raising will not include options. To ensure the capital raising meets demand from WAM Capital, WAM Leaders, WAM Research and WAM Active shareholders, the priority allocation is $121 million, representing almost 80% of the capital raising.

Important dates

  • WAM priority allocation expected to close – 5 June 2017
  • Broker firm offer expected to close – 9 June 2017
  • General offer expected to close – 14 June 2017

Participating in the offer

To participate in the offer, investors are required to complete the priority or general application form attached to the prospectus. The prospectus and online application form are available at www.wilsonassetmanagement.com.au. To request a mailed prospectus, investors can call (02) 9247 6755. Alternatively, investors can contact their financial planner, stock broker or the Joint Lead Managers Hamish Nairn, Director, Taylor Collison on (08) 8217 3908 or Philip Lee, Executive Director – Corporate Finance, Morgans Financial on (07) 3334 4888.

*Secured from corner bids from professional and wholesale investors.