The WAM Global Limited (ASX:WGB) Board of Directors have announced a one-for-one bonus issue of options to all shareholders at nil consideration. The $2.54 strike American options will be quoted and trade on ASX under the code “WGBO” from 15 March 2021, having an 18 month tenure until expiring on 12 September 2022 (if not duly exercised). WGB has 212.7m ordinary fully paid shares on issues, with a market capitalisation of $553.1m based on the last closing price of $2.60 per share. Assuming that the 212.7m options issued in accordance with the prospectus are subsequently exercised, the size of the company will effectively double to a market capitalisation of $1.1bn, raising $540.3m in additional equity capital (Continued in report).
Bell Potter’s Indicative NTA tracks the ‘indicative’ movement of a LIC’s underlying NTA each month by monitoring the percentage movements of the disclosed holdings and using an index to track the movement of the remaining positions. The Indicative NTA works best with LICs that have a high percentage of investments concentrated in its Top 20, regular disclosure of its Top 20, lower turnover of investments, regular disclosure of its cash position and the absence of a performance fee. We have also included an adjusted indicative NTA and adjusted discount that removes the LIC distribution from the ex-dividend date until the receipt of the new NTA post the payment date. This report is published each Monday prior to the market open and is available on a daily basis. Intraday indicative NTAs will be available on request through your adviser.
Hayden Nicholson is an ETF/LIC Specialist at Bell Potter Securities. Hayden 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.