By Sarah Thompson, Kanika Sood and Emma Rapaport
Set your timers, the prospectus for Wilson Asset Management’s new listed investment company is set to land this week, Street Talk understands.
Broker sources close to the $5.9 billion fund manager told this column the company would seek to invest in a mixture of equity and debt instruments to provide a monthly income to its investors, hence the name “WAM Income Maximiser Limited”.
This includes investing in ASX 300 companies for dividends and growth, making up around 60 per cent to 70 per cent of the portfolio, and bank debt as the $44 billion bank hybrid market is phased out. Private credit won’t feature.
Street Talk revealed last week that Wilson Asset Management had tapped legendary former Westpac executive Curt Zuber to sit on the board alongside founder Geoff Wilson, his CEO Kate Thorley, CFO Jesse Hamilton, and handpicked its broker syndicate for the $400 million bookbuild. This is the firm’s first IPO in nearly four years.
WAM Income Maximiser will compete with the likes of Whitefield Income Ltd, Plato Income Maximiser and Djerriwarrh Investments Limited – all pure equity vehicles – for the title of largest income LIC play. The $955 million Plato LIC is trading at a chunky 11.4 per cent premium.
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