PIML has formally opened its initial offer for the eInvest Income Generator Fund.
Perennial Investment Management Ltd (PIML) has formally opened its initial offer for the eInvest Income Generator Fund (Managed Fund), ASX code EIGA, an exchange traded managed fund (ETMF).
PIML is seeking to raise funds under an initial offer to seed the fund prior to the units being admitted to trading status on the ASX, at an Issue Price of $4.00 per Unit .
The closing date of the offer is at 5.00pm on 27th April 2018.
The objective of the fund is to provide investors with an attractive level of tax effective income, paid via monthly distributions. The fund aims to provide a gross income yield, adjusted for franking credits, above that provided by the overall market. The fund is targeting a 7.0% annual gross distribution yield (comprising a 5% cash dividend yield, paid in monthly instalments, plus 2% franking credits).
The fund will aim to achieve this by investing in a diversified portfolio of quality Australian shares which the management team – headed by lead portfolio manager Stephen Bruce – believes has the ability to pay an attractive level of dividend income and to grow in value over the long-term. The portfolio will typically hold in the range of 30-40 quality Australian companies.