PAC exercises put option on RARE Infrastructure
Pacific Current Group (PAC) has announced it will exercise its put option on RARE Infrastructure, in which it currently owns a ten per cent stake.
The company also notified Legg Mason of its decision. In October, 2015 Legg Mason bought the majority of PAC’s holding in RARE.
PAC said in its announcement to the Australian Securities Exchange (ASX) that under the terms of the put/call, the final consideration would be determined by an independent valuer and the sale process would be expected to close within three months of the put or call exercise date.
In this instance, this would be by 30 September, it said.
AUTHOR
Oksana Patron
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
