PSource Structured Debt Limited, a new fund investing in senior secured debt and equity warrants predominantly issued by US-based small-cap companies, began trading on Friday on the Main M
PSource Structured Debt Limited, a new fund investing in senior secured debt and equity warrants predominantly issued by US-based small-cap companies, began trading on Friday on the Main Market of the London Stock Exchange under the EPIC code PSD. The company has outsourced its investment management to Laurus Capital Management, LLC and has been promoted by PSource Capital Group, a subsidiary of Punter Southall Group Limited.
In total 30 million PSource sterling shares were placed by Winterflood Securities and Fox-Pitt, Kelton with institutional investors at a price of 100p per share raising GBP30 million before expenses. The company’s investment objective is to provide a total return of 10-15% per annum, including an initial gross dividend of 5p per annum payable quarterly, over a rolling three year period with annual standard deviation of less than 5%.
The net proceeds of the Placing will initially be invested in the acquisition of a portfolio of assets from the Laurus Master Fund, Ltd, a Cayman Islands fund which is also managed by Laurus. The Company is a new Guernsey incorporated and registered closed-ended investment company, managed by PSource Capital Guernsey Limited.
‘We are delighted to have launched PSource Structured Debt as our first listed fund,’ says Soondra Appavoo, Managing Director of PSource Capital Group. ‘PSource Capital was created to identify the best single manager alternative investment opportunities and make them available to mainstream investors through London-listed closed-ended funds. PSource Structured Debt Limited will give investors access to alternative investment type returns, with the high corporate governance standards required by Chapter 15 of the UK Listing Rules.’
