The WAM Active Limited (ASX: WAA) share price closed up 3.9% today, trading at a 52-week high of $1.195.
What happened
The WAM Active share price was flying today after the company announced strong demand for its share purchase plan (SPP), which, together with its oversubscribed placement, has raised more than $25.2 million.
The SPP announced in late February allowed shareholders to apply for up to $30,000 in shares at a discounted rate. As a bonus, those who participated will receive the company's fully franked 3 cents per share dividend on all newly issued shares.
Participants in the SPP and placement will be entitled to bonus options from this Thursday. Each option provides the holder with the 'option' to purchase one WAM Active share for $1.10 without any brokerage fees.
Management comments
WAM Active chair Geoff Wilson welcomed the news, saying:
We greatly appreciate the trust, loyalty and support we have received from WAM Active shareholders.
More than 840 existing WAM Active shareholders participated in the SPP, which, together with the oversubscribed placement, raised more than $25.2 million.
Performance update
WAM Active also recently announced an investment portfolio update for shareholders, stating its investment portfolio increased by 2% in the period.
At the time of release on 16 March, the company's net tangible assets equated to $1.02 a share. WAM Active revealed its largest holding was Keybridge Capital Limited (ASX: KBC), with a 9.2% weighting.
About the WAM Active share price
WAM Active is a listed investment management company operating under the Wilson Asset Management umbrella. The portfolio provides investors with "exposure to an active trading style with the aim of achieving a sound return with a low correlation to traditional markets".
Over the past 12 months, the WAM Active share price has returned around 32.8% compared to the All Ordinaries Index (ASX: XAO) return of 44% in the same period.
