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PE1, Pengana Private Equity Trust
mullokintyre
post Posted: Feb 11 2020, 12:23 PM
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In Reply To: nipper's post @ Feb 11 2020, 11:19 AM

Sold mine out today when it got above a buck.
Purchased the old next door, so proceeds will go to that.
Mick



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sent from my Olivetti Typewriter.
 
nipper
post Posted: Feb 11 2020, 11:19 AM
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QUOTE
Structure

• Entitlement Offer - open to existing PE1 Unitholders, who will have the right to subscribe for 2 new Units for every 1 Unit held on the record date (which is expected to be in mid-February 2020).

• Shortfall Offer - any new Units not applied for under the Entitlement Offer will form part of the Shortfall Offer. The Shortfall Offer is open to Existing Unitholders who have subscribed for their full entitlement under the Entitlement Offer.

• Discretionary Offer – open to other select investors. All new Units that are not applied for under the Shortfall Offer will form part of the Discretionary Offer.

Ambitious.

Jan NAV was $1.37

..... and then there's the sweetener
QUOTE
Benefits to existing investors

• Ability to increase their investment in PE1, without having to buy on-market;
• Increased size of PE1 which could result in increased liquidity for their holdings;
• Increased breadth of the investor base which could result in increased demand for Units; and
• A Loyalty Benefit Program entirely paid for by Pengana.

Proposed Loyalty Benefit Program
• A unique innovation prioritising existing investors who retain their PE1 investment for four months after the closing date of the offer
• An additional allocation of 1% Loyalty Units in the Trust for every $100 million raised under the Secondary Offer
• Eligible Investors will benefit proportionate to their current holding




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Dec 3 2019, 11:37 AM
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Secondary offer likely in late Feb, new shares at approx NAV at the time, with a 'loyalty bonus' for shareholders, dependant on amount raised.

They seem to be pulling out all stops to make sure trading doesn't see a dump after issuing new shares.
QUOTE
Pengana is firmly focussed on aiming to have a continuing positive experience for our Unitholders. It is therefore our intention that all Units available under both the Placement as well as the Shortfall Offer will be allocated only to investors who are more likely to invest in PE1 over the long term, comprising mostly of clients of high-quality financial advisors as well as to existing investors and shareholders across the Pengana business.

We have no intention to offer the new Units to the general market i.e. there will be no general public offer.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 23 2019, 09:31 AM
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In Reply To: mullokintyre's post @ Oct 23 2019, 09:07 AM

b



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
mullokintyre
post Posted: Oct 23 2019, 09:07 AM
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In Reply To: nipper's post @ Oct 23 2019, 08:54 AM

geez nipp, I had written and spell checked a similar article after reading the announcement, luckily I went out and hung the washing before I posted a double up.
Can't wait to see the loyalty program, will they give me for QANTAS FF points, or just a free set of steak knives??
Mick




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sent from my Olivetti Typewriter.
 
nipper
post Posted: Oct 23 2019, 08:54 AM
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Pengana Private Equity Trust (ASX: PE1) intention to offer additional units
QUOTE
• PE1 to offer additional units via an entitlement offer to existing unitholders as well as a placement
• Since listing on 24 April 2019, PE1 has generated significant upside for Unitholders
• Offer should provide additional liquidity and attract new investors and advisor groups
• Existing unitholders to receive Loyalty Units, funded by PCG – a unique innovation to provide a benefit to existing investors




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 

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nipper
post Posted: Jun 14 2019, 10:47 AM
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first monthly statement out:
QUOTE
On 23 April 2019, over 164 million fully paid ordinary units of PE1 were allotted to investors at an issue price of $1.25 per unit. PE1 was then granted convertible preference shares in Pengana Capital Group Limited (Alignment Shares), which provided an immediate uplift in NAV per unit of 5% on the allotment date.
Over the remainder of April, subscription proceeds were converted into USD, and a substantial majority of the capital was deployed into two short duration credit funds with underlying assets that have high credit quality characteristics. These funds are held to seek an improved return on cash held by PE1 prior to being used to satisfy capital calls from PE1’s underlying private equity investments.

In May, PE1 gained immediate private equity exposure to seven co-investment opportunities, having made a US$37 million commitment to the GCM Co-Investment Opportunities Fund II, approximately 18% of which was called in the same month. We also submitted subscription documents to gain exposure to the GCM Grosvenor Multi-Asset Class Fund II, PE1’s first opportunistic investment

QUOTE
Although the fund is only just over a month old, we have already made significant progress in accessing several co-investments, as well as identifying primary, secondary, and opportunistic investments that we intend to take advantage of over the coming months.
PRIMARY FUND INVESTMENTS
We expect to make our first private equity primary fund commitment before the end of the financial year.

SECONDARY FUND INVESTMENTS
We are currently conducting due diligence on a number of private equity secondary investment opportunities.

CO-INVESTMENTS
In May, PE1 made its first private equity co-investment allocation, committing US$37 million to the GCM CoInvestment Opportunities Fund II, which invests in middle market buyout and structured equity coinvestments, generally targeting companies with up to US$1.5 billion in total enterprise value. GCF II provides immediate private equity exposure to PE1, as the fund has already committed to seven portfolio companies alongside six different sponsors and across a number of different industries, including healthcare, IT, consumer staples, industrials and materials.

- claim a $1.32 NAV, now trading around $1.28 (but I wonder where any 4% yield will come from)




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Apr 30 2019, 06:51 PM
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In Reply To: nipper's post @ Apr 30 2019, 02:46 PM

With PE1 aiming to have a 4% yield, I'd have thought the LIT structure would be seen as attractive for SMSFs. Indeed, of the top 20, nearly half appear to be held by family trustees, rather than the 'big end'
QUOTE
Instead of paying out dividends from after-tax profits in the same way as a company does, ... trusts typically distribute most of their gross earnings directly to unitholders. The tax liability is then passed through to the unitholder level, which is a key advantage for those in a zero tax paying environment such as many self-funded retirees.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Apr 30 2019, 02:46 PM
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PE1 is out of the gates - but not racing; perhaps grazing, sniffing the wind?

Only 162 million shares issued => so the MC is around $200 mill. Probably Pengana not that happy as it makes it hard to run an efficient LIT with high fixed costs. As the IPO was without Bonus Options, they'll probably have Capital Raisings by way of DRP and Rights Issue/ SPP down the track (but not for a good 18 months, I was told)

Opened at $1.25 issue price but drifting down a cent or so, on day 1.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Apr 20 2019, 08:54 AM
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In Reply To: nipper's post @ Apr 20 2019, 08:36 AM

QUOTE
Pengana Capital Group in April closed a $100 million to $600 million initial public offering (IPO) for a listed investment trust (LIT) that invests in global and Australian private equity funds.

The Pengana Private Equity Trust will be the first of its kind on the ASX and among the few vehicles that take a fund-of-funds approach to private equity and is open to small investors....

https://www.afr.com/personal-finance/budget...20190412-p51dgy

- starts trading at end of the month. The amount raised not yet announced; it got the $100mill but might have struggled to make the top limit.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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