Modest entrance for Three Pillars
VanEyk Research’slisted investment company (LIC) van Eyk Three Pillars made a modest debut on the Australian Stock Exchange (ASX) last week, with markets slightly weaker.
The newly listed vehicle, which raised $50 million, moved within a 10 cent band of $1.05 and $0.95 after a listing price of $1 on Wednesday.
The vehicle changed its name just prior to listing — dropping the ‘Granite’ moniker — in a bid to avoid confusion with any other offerings in the marketplace and also more closely reflect the management of the investments by van Eyk, the research group says.
Van Eyk’s offering will compete with others in the market which have either recently launched or are close to doing so — funds such as the Wilson Leaders, Clime Capital, Brickworks Investment Company and MMC Contrarian.
Investor appetite for LICs remains strong and new vehicles continue to sprout on a weekly basis, with recent research indicating there are now 109 LICs listed on the ASX.
The lead brokers to the van Eyk issue were Macquarie Equities and Bell Potter Securities, with new distribution group Aurora Funds Management co-ordinating the distribution of the issue to financial planners.
The LIC was created following van Eyk forming an alliance with White Funds Management, which will run the executive function and administration on the new offering.
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