Bell Potter: Weekly LIC Update

By William Gormly | More Articles by William Gormly

Barrick Street changes name

Shareholders of Barrick Street Investments Ltd (BST) have approved the change of name and ticker to ECP Emerging Growth Ltd (ECP) via a special resolution. The LIC began trading under the new ticker on 28 November. Then name change better aligns the LIC with its Investment Manager, ECP Asset Management, and the investment mandate that targets a high-conviction portfolio of quality domestic listed small and mid-cap companies.

NAOS refinances via unsecured wholesale note

NAOS Small Cap Opportunities Company Ltd (NSC) has announced that it has completed a $27m bookbuild to refinance the $26.5m of Contango Convertible Notes (NSCG). NAOS intends to redeem NSCG early on 17 December (105 days early). Holders will receive the full half-yearly coupon of $2.75. The new 5 year notes are unsecured, unsubordinated and will not be rated by any rating agency. The 4.95% p.a. coupon is payable half-yearly in arrears. NSC will have a right to redeem early.

Sale of Cordish Private Equity Funds?

On 15 October Cordish Dixon Private Equity Fund I (CD1) and Cordish Dixon Private Equity Fund II (CD2) announced that the Responsible Entity for both LITs, Walsh & Co Investments Ltd, had entered into a sale agreement. Both sales were to an entity controlled by Whitehorse Liquidity Partners, Inc. However, the proposed sale price for each LIT was below the last reported NTA value which promptly led to over 90% of unitholders voting against each proposal

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About William Gormly

William Gormly is an ETF/LIC Specialist at Bell Potter Securities. Will provides comprehensive coverage of the ETF and LIC sectors, producing a range of highly regarded reports covering investment fundamentals, asset class structure and cost, and the role of managed investments in portfolios.

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