Nedlands-based investment company Oceanic Uranium Fund Ltd will raise $50 million in its initial public offer, raising funds to pursue investments in the uranium and broader energy sectors, the company has announced.
Nedlands-based investment company Oceanic Uranium Fund Ltd will raise $50 million in its initial public offer, raising funds to pursue investments in the uranium and broader energy sectors, the company has announced.
The company, which will issue 50 million shares at $1 each to raise the money, will be managed by Oceanic Asset Management Pty Ltd, and seeks to offer investors a chance to join an actively managed portfolio of listed and unlisted investments in the energy sector.
The company is chaired by Warren Davies, who is joined on the board by Stuart Bell, Tony Walsh and Ian Burton. David McArthur will serve as company secretary.
BDO Kendalls will act as investigating accountant and independent taxation adviser, while Fairweather & Lemonis will provide legal advice.
The offer, which will open today, is expected to close on December 17.
The full text of a company announcement is pasted below
The Directors of Oceanic Asset Management Pty Ltd (Manager) are pleased to announce that a prospectus has been lodged for a new listed investment company (LIC) - Oceanic Uranium Fund Limited.
Oceanic Uranium Fund Limited will seek to raise up to $50 million at $1.00 per share. The Prospectus was registered with ASIC and ASX on Friday 9 November 2007. Indicative timetable listed below.
Oceanic Uranium Fund Limited seeks to offer investors an opportunity to participate in an actively managed portfolio of listed and unlisted investments in the energy sector with a particular focus on uranium investments both in Australia and overseas.
The Fund will be managed by Oceanic Asset Management Pty Ltd, a Perth-based fund manager with a proven track record in managing natural resources focused investment portfolios including energy and uranium investments. The Manager's executive management is led by Mr Stuart Bell and Mr Elliott Rowton, highly experienced investment advisers. The Manager has also engaged Mr Peter Robinson to provide uranium technical consultancy services.
The following board members bring to the Fund a wealth of experience and knowledge in this sector specific investment vehicle.
Mr Warren Davies, Chairman
Mr Stuart Bell, Director
Mr Ian Burton, Director
Mr Tony Walsh, Director
In other news, Oceanic Asset Management's flagship fund "CF Australian Natural Resources OEIC", is pleased to announce it has reached in excess of $225m of funds under management.
The recent strong performance of holdings in the resources sector coupled with ongoing investor support, has increased the size of the Fund by over 40% over the last 6 months.
David Jones, Chairman of Oceanic said: "The strong performance produced by CF Australian Natural Resources OEIC during the last six months has enabled us to attract new investors, both retail and institutional, despite turbulent market conditions. We are delighted to have increased the Fund size by over 40%, which puts us well on the way to achieving our target size of $350m."
The CF Australian Natural Resources OEIC shares were offered at a price of £1.00 at launch on 26 July 2005 and this has grown to a current price of £2.09 in less than 2 years.
Co-fund managers of the CF Australian Natural Resources Fund, Stuart Bell and Elliott Rowton share an invaluable mix of portfolio management experience and independence.
"Stuart and Elliott ensure the fund achieves capital appreciation by active investment opportunities consisting of smaller to medium-sized companies, involved in the world-wide extraction and processing of natural resources and associated operations," Mr Jones said.
