Normal
PCX has performed, as expected. Mainly trading just above $2.00, there's a secondary market but low volume. Now $2.04and today, a soph adding to the coffers:Received binding commitments for 5,886,782 new fully paid ordinary units in the Trust by way of a wholesale client placement, at a price of A$2.0227 per New Unit, raising approximately $11,907,194. The Placement price is equal to the unaudited net asset value per unit of the Trust on 31 August 2024 of $2.0002, adjusted to offset any estimated dilutive effect of the Placement on existing Unitholders. The Placement price represents a premium to the $2.01 ASX closing price of PCX on 12 September 2024.The Responsible Entity confirms that, pursuant to ASX Listing Rule 7.1, New Units to be issued under the Placement fall within the Trust’s 15% placement capacity and accordingly do not require unitholder approval. The proceeds from the Placement will be invested .. in existing global private credit strategies in accordance with the investment mandate and objectives of PCX and consistent with the disclosures made by the Responsible Entity to the ASX in relation to PCX. New funds raised are not expected to impact the Trust’s investment objectives, including its target distribution which remains unchanged. CEO Nehemiah Richardson said: "The Placement was targeted at a very small group of investors who were unable to participate in the IPO. This continued demand, and the recent on-market trading performance of PCX highlights the ongoing investor demand for a high-quality global private credit closed-ended product that delivers monthly income and attractive risk-adjusted returns, capital preservation and portfolio diversification...".The Placement was not underwritten and was arranged by Taylor Collison Limited as sole broker and bookrunner pursuant to a placement agreement entered into between the Lead Arranger, the Manager and the Responsible Entity. Under the Placement Agreement, the Manager has agreed to pay certain fees to the Lead Arranger for acting as the broker and bookrunner to the Placement. Such fees will be borne by the Manager and will not be an additional cost to unitholders of the Trust.
PCX has performed, as expected. Mainly trading just above $2.00, there's a secondary market but low volume. Now $2.04
and today, a soph adding to the coffers:
Received binding commitments for 5,886,782 new fully paid ordinary units in the Trust by way of a wholesale client placement, at a price of A$2.0227 per New Unit, raising approximately $11,907,194. The Placement price is equal to the unaudited net asset value per unit of the Trust on 31 August 2024 of $2.0002, adjusted to offset any estimated dilutive effect of the Placement on existing Unitholders. The Placement price represents a premium to the $2.01 ASX closing price of PCX on 12 September 2024.
The Responsible Entity confirms that, pursuant to ASX Listing Rule 7.1, New Units to be issued under the Placement fall within the Trust’s 15% placement capacity and accordingly do not require unitholder approval. The proceeds from the Placement will be invested .. in existing global private credit strategies in accordance with the investment mandate and objectives of PCX and consistent with the disclosures made by the Responsible Entity to the ASX in relation to PCX. New funds raised are not expected to impact the Trust’s investment objectives, including its target distribution which remains unchanged.
CEO Nehemiah Richardson said: "The Placement was targeted at a very small group of investors who were unable to participate in the IPO. This continued demand, and the recent on-market trading performance of PCX highlights the ongoing investor demand for a high-quality global private credit closed-ended product that delivers monthly income and attractive risk-adjusted returns, capital preservation and portfolio diversification...".
The Placement was not underwritten and was arranged by Taylor Collison Limited as sole broker and bookrunner pursuant to a placement agreement entered into between the Lead Arranger, the Manager and the Responsible Entity.
Under the Placement Agreement, the Manager has agreed to pay certain fees to the Lead Arranger for acting as the broker and bookrunner to the Placement. Such fees will be borne by the Manager and will not be an additional cost to unitholders of the Trust.
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