Second fund listed in U.S. by Equitilink
NZPA-AAP Sydney Equitilink Australia, Ltd, the investment management group, has listed a new Investment fund on the American Stock Exchange which the company said would pour SNZI.43 billion into the Australian and New Zealand economies. The First Australia Prime Income Fund is a non-diversified, closedend management investment company and offers Americans the opportunity to invest primarily in Australian fixed interest securities.
Equitilink’s chairman and joint management director, Mr Brian Sherman, said the initial public offering of 75 million shares of common stock at SUSIO per share, totalling $NZ13658, makes it the largest public offering of common stock ever listed on the American Stock Exchange. “This will be the largest single portfolio investment
ever brought into Australia and will make a significant contribution towards funding Australia’s balance of payments deficit,” Mr Sherman said. It was expected that at least 65 per cent of the fund’s total assets would be invested in Australian fixed interest securities of Australian issuers. The remaining 35 per cent may be invested in New Zealand fixed interest securities and United States treasury securities.
The fund is the second Equitilink has listed on the American Stock Exchange. In December the company launched the SNZIIO.SM First Australia Fund (FAF), with a net asset value of SUS9.O9. In three months the net asset value of the FAF has risen to $U510.66 — a rise of 17 per cent and the shares of the fund have continued to trade at a premium over asset value and were currently quoted at SUSII.SO.
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Press, 19 April 1986, Page 23
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256Second fund listed in U.S. by Equitilink Press, 19 April 1986, Page 23
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