The portfolio manager behind the ASX-listed Tribeca Global Natural Resources says a $50 million raising at a steep discount to the fund’s asset value is in the best interests of shareholders, and will capitalise on a favourable backdrop for metals prices.
Investors in the $138 million listed investment company (LIC) could see their holding diluted as the manager announced that new shares would be offered at $2.10 each by way of a placement to wholesale investors, raising $19.4 million.
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Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
