Baker McKenzie is acting for PM Capital Asian Opportunities Fund Limited (PAF) in its entering into a Scheme Implementation Deed (SID) to merge with PM Capital Global Opportunities Fund Limited (PGF), which signed and announced today. Under the SID, PGF will acquire all of PAF’s shares which it does not already own by way of a recommended Scheme of Arrangement.
The merged entity will have a portfolio pre-tax net asset value of AUD712 million.
Baker McKenzie's lead partner, Richard Lustig stated: "The merger is expected to provide both PAF and PGF shareholders a number of significant benefits including: the reduction of fixed costs relative to investment returns, increasing return per share for any given return generated by the investment manager; no increase in aggregate investment management costs arising as a result of the merger; increased trading liquidity on the ASX making it easier for shareholders to buy and sell on market; and increased market awareness and following by brokers, researchers, financial planners and prospective investors."
Richard was assisted by a Baker McKenzie team comprising: Bill Fuggle, Caroline Tait, Helen Joyce and Sophie Snow.
It is anticipated that PAF shareholders will receive detailed information relating to the merger in a Scheme Booklet to be sent to shareholders during November 2021 and will be given the opportunity to vote on the merger in December 2021.
PGF has appointed Johnson Winter & Slattery as legal advisers in relation to the merger.