- Metrics Income Opportunities Trust (MOT) entered a short trading halt before revealing it was raising $52.8 million from wholesale investors
- The trust is offering up 26.04 million new ordinary fully paid units in the trust at $2.03 apiece
- On September 6 MOT will open a unit purchase plan to raise up to $105 million
- MOT says proceeds will be invested by trust manager Metrics Credit Partners in accordance with the company’s existing investment and target returns
- Metrics Income Opportunities last traded at $2.07
Metrics Income Opportunities Trust (MOT) entered a short trading halt before revealing it was raising $52.8 million from wholesale investors.
MOT is set to issue up to 26.04 million new ordinary fully paid units in the trust at $2.03 apiece.
On September 6 MOT will open a unit purchase plan to raise up to $105 million.
Metrics said the new units issued under the placement would represent approximately 15 per cent of the Trust’s issued capital and would therefore not require unit holder approval.
Proceeds from the placement are set to be invested by Trust manager Metrics Credit Partners in accordance with the company’s existing investment and target returns.
Both the placement and unit purchase plan will not be underwritten.
Commenting on the placement, Metrics’ Managing Partner Andrew Lockhart said: “given the significant pipeline of transaction opportunities and the solid track record of performance of the Trust we’re offering wholesale investors an opportunity to invest in the Trust by way of this placement.
“We believe that the Trust presents an attractive option for investors seeking alternative income generating investments with potential to participate in upside gains from credit assets invested in by the Trust.
“We thank all investors for their continuing investment in the Trust and will continue to seek to originate transactions that are in line the Trust’s investment strategy”.
MinterEllison will act as legal adviser to the Responsible Entity and the Trust in respect of the placement and the unit purchase plan.
Metrics Income Opportunities Trust last traded at $2.07.