PL8 IPO closes oversubscribed at over $320m

Sydney, 26 April 2017: Plato Investment Management Limited (Plato) today announced the official closing of the initial public offering (IPO) of Plato Income Maximiser Limited (ASX: PL8), raising over $320 million.

The successful raising represents the third largest listed investment company (LIC) IPO raising in Australia.

PL8, Plato’s first LIC, addresses the investor demand for ASX-listed income generating securities.

PL8 gives investors access to an actively managed, diversified portfolio of Australian shares with an income focus and will be the first Australian LIC aiming to provide monthly fully franked dividends.

Based on the investment strategy of the Plato Australian Shares Income Fund (the Fund) PL8 is designed specifically with SMSF and pension-phase investors in mind. The Fund has delivered 9.0% p.a. income and a 14.0% p.a. total return since inception to 31 December 2016*.

Plato Managing Director and PL8 Director Dr Don Hamson said: “The LIC’s strategy clearly resonated with investors. Many of them rely on a dependable income stream from their investment portfolio, and want to avoid eating into their capital as they manage longevity risk.

“We recognised an investor need for an income option that is listed on the ASX aiming to pay regular, monthly, fully franked income.

“PL8’s strategy can also supplement traditional income assets, such as cash, fixed income and property, which are under pressure from the sustained low interest environment,” Dr Hamson added.

PL8 will commence trading on the Australian Securities Exchange on 5 May 2017. Investors will be issued one option for every one share issued under the offer, which will also trade on the ASX (PL8O).

Seed Partnerships is the corporate advisor to the listed investment company.

The IPO’s Joint Lead Managers were Commonwealth Bank of Australia, Ord Minnett and Taylor Collison. Co-Managers included Finclear and Wilsons.

Plato is supported by leading multi-affiliate investment management firm, Pinnacle Investment Management Limited (Pinnacle) which owns a minority stake in the business. Pinnacle currently has a stable of seven specialist investment managers that collectively manage over $25 billion.

*Income and total return are after fees and costs, grossed up for franking credits. Performance data is to 31 December 2016 and inception date is 9 September 2011. Past performance is not a reliable indicator of future performance.

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