office hallway
Source: Pixabay
  • Entered trading halt yesterday morning.
  • Announced $55M placement to support growth.
  • Approximately 43 million securities.
  • AUM growth of 8.9% to over $4.9B.
  • Recently launched and expanded funds, PPIF and PAF.

Yesterday morning, Perth based property fund manager Primewest (PWG) went into a trading halt.

The company then launched an equity raise, announcing:

“… a fully underwritten institutional placement to raise $55.0 million through the issue of approximately 43 million new securities.”

This comes off the back of strong growth for the Primewest, the company announcing assets under management increased to $4.9B as of the end of December last year up 8.9%, with $134M more under contract.

Primewest also made moves to expand the Primewest Agricultural Trust (PAF) and recently launched Primewest Property Income Fund (PPIF).

Managing director David Schwartz said in a statement:

“We have been exploring the launch of an open ended investment fund for some time. The launch of Primewest Property Income Fund will provide our investors with the benefits of the Primewest investment process whilst having access to liquidity over time.”

This morning Primewest announced to the ASX a successful equity raise, oversubscribed by $5M making the total raise approximately $60M.

“Following receipt of strong demand from new and existing institutional investors, the Board determined to accept oversubscriptions of $5M”

To be settled 2 February, the securities were offered at an issue price of $1.27 per security.

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