Sign up Australia
Proactive Investors - Run By Investors For Investors

Henry Morgan to sell unlisted assets for $79 million

One of Bell Potters's key pics in the small-medium LIC space is Acorn Capital (ASX:ACQ).
trading concept
WAM Global Limited (ASX:WGB) is in the process of an IPO raising up to $330 million

Henry Morgan Ltd (ASX:HML) has entered a binding term sheet to sell two stakes in unlisted assets for $79.16 million.

Both of the company’s stakes in JB Financial Group Pty and Bartholomew Roberts Pty Ltd will be sold to JB Financial.

The sales are conditional to the negotiation and execution of transaction documents and required shareholder approvals.

Cash and convertible note to be received

The consideration for the acquisition is $67.16 million in cash which if not paid within 28 days will attract a 3.72% per annum interest payable annually.

This value will be secured against JB Financial’s assets.

Henry Morgan will also receive a convertible note with a face value of $12 million.

A committee has been established comprising three independent directors to consider the new offer.

Shares last traded in June 2017

Shares in the listed investment company (LIC) Henry Morgan last traded in June 2017.

Shares were suspended after the company was issued an interim stop order by the Australian Securities and Investments Commission (ASIC).

The stop order related to the issue of bonus options.

READ: L1 Long Short Fund set to make ASX debut after raising $1.3 billion

The listed invest company (LIC) sector of the ASX is busy after L1 Long Short Fund (ASX:LSF) recently completed a $1.33 billion initial public offering (IPO).

The original prospectus for the IPO outlined a minimum of 50 million shares ($100 million raise) and maximum of 300 million shares ($600 million raise).

After overwhelming demand, the listed investment company (LIC) issued a supplementary prospectus to allow it to increase the maximum to 675 million shares or $1.35 billion.

WAM Global Limited (ASX:WGB) is in the process of raising up to $330 million at $2.20 per share as part of an IPO.

View full . profile View Profile

Proactive Investors Australia Timeline

Related Articles

Clint Eastwood
May 25 2018
The group’s first piece of original content, a documentary called Pandas, premiered on 24 March this year, to positive reviews.
Throne of Glass
April 30 2018
Rowling, Rowling, Rowling ... keep those titles rolling. Mind you, it's not all about Ms Rowling; Sarah J Maas title revenues grew 47% in the first half of the financial year and dieters are gorging on Tom Kerridge's books
Apollo 11
February 22 2018
Immersive VR, a technology company focused on the education space, was the first company Sure backed

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use