PM Capital Global Opportunities Fund raises $221 million

PM Capital Global Opportunities Fund (ASX:PGF) has completed an upsized capital placement, raising approximately $221 million. The placement involved issuing roughly 72.1 million new ordinary shares at $3.07 per share. While the price represented a 10.8% discount to the recent ASX closing price, it was equal to the estimated pre-tax Net Tangible Asset (NTA) per share, meaning the move is not expected to be dilutive to existing shareholders on a pre-tax NTA basis.

Following the placement, the company will offer a non-underwritten Share Purchase Plan (SPP) targeting up to $20 million for eligible Australian and New Zealand shareholders. Chair Chris Knoblanche noted the placement is intended to increase the company’s scale, broaden its shareholder base, and enhance liquidity.

Fund manager Paul Moore has identified gold equities as a key area for potential upside. Moore suggests that gold stock valuations do not yet fully reflect recent gains in gold prices. He cites several macroeconomic drivers for this outlook, including global inflationary environments, geopolitical tensions involving Russia, Ukraine, and Iran, and high levels of government fiscal spending. The fund has highlighted companies such as Newmont (ASX:NEM) as part of its investment considerations.