Watermark fund to restructure as unlisted trust

Watermark/funds-management/

21 December 2018
| By Oksana Patron |
image
image
expand image

The board of Watermark Market Neutral Fund (WMK) has announced its intention, subject to approvals, to restructure it as an unlisted fund. 

 

The proposed transaction would be expected to address the net tangible asset (NTA) discount as WMK shareholders would be issued units with a value reflecting the company’s NTA, after transaction costs. 

 

Secondly, the transaction would provide shareholders better exposure to an unlisted investment vehicle, with lower operating costs and liquidity at NTA, the board said. 

 

Additionally, the new transaction would offer shareholders access to founder units in the new trust, with wholesale pricing. 

 

The company said the total cost of implementation the scheme would stand at approximately at 0.4 cents per share of WMK’s NTA. 

 

Watermark Funds Management also revealed that another of its funds was proposing to implement a similar scheme. 

 

Until the scheme is approved, WFM would continue to manage the company’s portfolio in accordance with its existing investment mandate, the firm said. 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 1 week ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

1 day 8 hours ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

4 weeks ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

6 days 7 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND