Fund manager Paul Moore is urging PM Capital Asian Opportunities Fund shareholders to back a merger offer from within the PM stable, rather than accept a rival bid by Geoff Wilson’s WAM Capital, which the PM chairman said would leave investors worse-off.

The battle for ownership of the listed investment company known as PAF has been raging since mid-September when the separate PM Capital Global Opportunities Fund (known as PGF, and also a LIC) first made a bid.