Volume in the LIC hit 5.58 million – a whopping 1,516.6 per cent gain – while the stock was up 0.56 per cent. Sources said New York activist fund Saba Capital, which inched up to 8.05 per cent of the register on March 13, wasn’t the party buying on Tuesday.
While the identity of buyers and sellers remains unknown, it is understood Regal would consider merging the $550 million LIC with the $847 million PM Capital Global Opportunities Fund. Both LICs’ original issuers – Paul Moore’s PM Capital and Rob Luciano’s VGI Partners – have been acquired by Regal. It is understood while a merger between the two LICs is not under active consideration, Regal is paying attention to questions around if the two pools should be put together. Sources suggested King may be behind Tuesday’s feverish trade.
VG1 was trading at a 13.1 per cent discount to its underlying asset value at February 29, while PGF ended the month at a 4.5 per cent premium.has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.
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