A Quick Look at MCP Income Opportunities Trust

  • Mar 25, 2019 AEDT
  • Team Kalkine
A Quick Look at MCP Income Opportunities Trust

MCP Income Opportunities Trust (Proposed ASX code: MOT) is a newly established trust registered with ASIC (Australian Securities and Investments Commission) and proposed to be listed on the Australian Securities Exchange (ASX).

As per the Product Disclosure Statement which was lodged with ASIC on 25 February 2019, the trust is making an offer to raise Minimum gross proceeds of $200 million and maximum gross proceeds $300 million. The minimum number of units available under the Offer is 100,000,000 and maximum number of units available under the Offer is 150,000,000. The Subscription Price per Unit is set at $2.00.

The Four components of the offer are Cornerstone Offer, Priority Offer, Broker Firm Offer and General Offer. The Cornerstone Offer is available to Institutional Investors that have been identified by the Manager and invited to participate by the Responsible Entity. The Cornerstone Offer will be capped at $200 million.

The Priority Offer is open to existing unitholders of the MCP Master Income Trust who hold units in the MCP Master Income Trust as at the Record Date and will be capped at $25 million. The Broker Firm Offer is open to persons who have received a firm allocation from their Broker and who have a registered address in Australia or New Zealand. The General Offer is open to investors that have a registered address in Australia or New Zealand.

Cornerstone Offer and Broker Firm Offer will close on 5 April 2019 (5:00pm Sydney Time) and Priority Offer and General Offer close will close on 12 April 2019 (5:00pm Sydney Time).

The Investment Objective of the Trust is to provide quarterly cash income, preserve investor capital and manage investment risks which will be achieved via gaining exposure to the Wholesale Funds managed by Metrics.

Metrics is an asset management firm, based in Australia, specialized in direct lending to Australian companies and it has high calibre Investment Team who have on average over 30 years of market experience.

Under the Investment Management Agreement, the Manager will be responsible for managing the Trust in accordance with the Investment Objective, Investment Strategy, guidelines and permitted investments set out in this PDS (Product Disclosure Statement).

The Trust is newly established and has not undertaken any business to date. The Trust has been formed specifically for the purposes of the Offer. The Trust is an Australian registered managed investment scheme under Chapter 5C of the Corporations Act. Once the offer is completed, it is proposed that the Trust will be listed on the Australian Securities Exchange (ASX).

The Trust is going to invest in units in the MCP Wholesale Income Opportunities Trust which in turn will invest in four Wholesale Funds currently managed by Metrics, cash at bank and other assets in accordance with the Investment Strategy.

The Trust will provide investors with exposure to mostly Loans, Notes and Bonds, however, may also provide investors the potential to participate in upside gains beyond the income generated from interest and fees through exposure to Warrants, Options, Preference Shares and Equity, as considered appropriate by Metrics according to how it believes the Investment Objective can be best achieved.


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