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WAM Global lodges prospectus with ASIC

WAM Global is another step closer to listing on the ASX. Today, Wilson Asset Management announced that it has lodged the prospectus with ASIC.

I have written about WAM Global several times before, the main thing to know about its strategy will be that it uses the same process of investing in undervalued growth companies like WAM Capital Limited (ASX: WAM) does – but it will be doing this on a global scale. Typically, the listed investment company (LIC) will look for shares with market capitalisations between $1 billion and $5 billion.

We now know the important dates for WAM Global. The offer is expected to open on 1 May 2018 and then close on 8 June 2018. If you’re a WAM shareholder of any of the LICs, or a family or friend of a shareholder, or you get WAM update emails you should be able to take part in the offer.

According to the prospectus an investor will need to invest a minimum of $2,200 at $2.20 per share to take part in the initial offer.

The shares are expected to start trading on the ASX on 22 June 2018 with the ticker code WGB.

The minimum proceeds from the offer will be $16.5 million whilst the maximum will be $550 million. Considering the excitement surrounding global LICs at the moment, I wouldn’t be surprised to see the $550 million easily reached.

The new lead portfolio manager of WAM Global, Catriona Burns, said this is an incredibly exciting time for investing offshore. She also emphasised that WAM Global has no limit on the portfolio’s cash weighting, ensuring capital preservation in the absence of market opportunities.

Mr Geoff Wilson is very optimistic about WAM Global, which is why he said he would invest $5.5 million into the offer, if it isn’t oversubscribed.

Foolish takeaway

I am very interested in the WAM Global LIC and it will likely become my favourite LIC once I own some shares. I plan to take part in the offer, but I will buy more in time assuming it doesn’t start trading at a large premium like some of the LICs such as WAM Research Limited (ASX: WAX).

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Motley Fool contributor Tristan Harrison owns shares of WAM MICRO FPO and WAM Research Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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