First public share offer for LIC
Listed investment company Hyperion Flagship Investments has announced its first ever public share offer, seeking to raise capital of up to $30 million.
Capital raised from the proposed general offer, the first since Hyperion listed on the ASX in 2000, would predominantly be used to grow its investment portfolio.
Its portfolio is managed by Hyperion Asset Management, a high conviction growth manager specialising in investing in quality Australian equities for high-net-worth individuals and wholesale funds.
Managing director Manny Pohl said the offer would enable the Hyperion to “make further investments and obtain greater scale for shareholders”.
“It provides a rare opportunity for investors to access a company with a proven long-term out-performance track record.”
Hyperion Flagship Investments’ portfolio has returned 360 per cent (pre-fees and tax) since April 1998, he said.
“Our investment portfolio consistently outperformed the All Ordinaries Index over the past three years.”
A general meeting will be held on August 9, 2007, to approve the proposed capital raising
An on market share buy back program, announced on May 17, 2007, is to be suspended until after the offer is finalised and the new shares issued.
Existing shareholders as at the day before the prospectus is lodged will have priority for up to one-third of the total offer.
The maximum price for each of the shares to be offered will be the volume weighted average market price for Hyperion’s ordinary shares for the five days on which share sales are recorded on the ASX before the date of the prospectus.
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