“We are pleased to see some of the country’s biggest family investors have shown strong support for the LIC and its goals. Given Hearts and Minds Investments will not accept oversubscriptions, we hope this momentum will continue,” Mr Cuffe said.
It is proposed that the LIC will be listed on the Australian Securities Exchange (ASX) on 21 November under the code “HM1”.
The list of designated charities include The Victor Chang Cardiac Research Institute; Black Dog Institute; The Brain and Mind Centre; Sydney University; The Charlie Teo Foundation; The Children's Hospital at Westmead - Paediatric Intensive Care Unit, Research; The Florey Institute of Neuroscience & Mental Health; The Centre of Human Psychopharmacology, Swinburne University; Multiple Sclerosis Research Australia; Orygen and Royal Prince Alfred Hospital. These charities have been nominated by the Core Fund Managers and the LIC’s Board.
Details of the Offer
Hearts and Minds Investments Limited is offering a maximum of 200,000,000 shares at $2.50 per share, to raise up to $500 million. $225 million has already been committed by cornerstone family investors, the directors, investment committee, the CEO and the Core Fund Managers. The LIC will not accept oversubscriptions.
Seed Partnerships is Hearts and Minds Investments Limited’s corporate adviser in relation to the offer and Kardos Scanlan provided legal advice.
To participate in the Offer
The Offer is being made under a prospectus that was lodged with ASIC on 28 September 2018 (Prospectus) and is available on the LIC’s website.
Applications under the general Offer can be made by completing the application form attached to the Prospectus or online through the application form accompanying the electronic Prospectus. Applicants under the broker firm Offer should contact their broker for application details.
The Lead Arrangers for the Offer are CommSec, NAB and Crestone. Brokers include Bell Potter, Evans Dixon, JB Were, On-Market Book Builds, Ord Minnett, Paterson, Shaw and Partners, Taylor Collison and Wilsons.