What You Need To Know About IMF Bentham Limited?

  • Dec 03, 2018 AEDT
  • Team Kalkine
What You Need To Know About IMF Bentham Limited?

On December 3, 2018, IMF Bentham Limited (ASX: IMF) came forward and issued a press release which consists of the information related to the meeting between the bondholders. As per the press release, the company conducted a meeting between the bondholders so that it can get the approval with respect to the changes it wished to bring in the bond’s terms. And finally, it has managed to get the approval from the bondholders. The amendments which the company planned have been agreed by more than 75% of the bondholders thus, meeting the threshold limit needed for the approval of the proposal. The changes which have been approved consist of extension in regard to bonds’ maturity. This extension has been given till December 22, 2022.  As per the amendments, the bonds have a first issuer call around Jan 8, 2022 with higher margin (1% rise) applicable from Jan 01, 2022. However, some other investor protections have also been introduced.

According to the press release, the proposal consisted the immediate redemption right which would be available to the bondholders. The holders having the bonds amounting to $15.4 million (aggregate face value) have used the redemption right.

Not so long ago, IMF Bentham had issued a press release which stated that the company has rolled out a new fund. As per the press release which was issued on November 30, 2018, the company came up with its second US Fund (Fund 4). This new fund which has been rolled out has the maximum initial size amounting to US$500 million. With the help of press release, the company has also made an announcement that the fund has managed to garner binding commitments amounting to US$375 million with respect to the first closing. However, the company stated that they believe that the balance amount, which is US$125 million, might be achieved before 2018 comes to an end. The press release also contains information related to the fees which the company would be able to generate. It would be garnering management fees in the range of 1.68% - 2.15% p.a. This management fees would be generated on the basis of the third-party capital which would be invested. However, the company would also be generating the performance fees which would be up to 30% of the realized profits.

At the time of writing, the stock price of IMF Bentham Limited is trading at $2.990 per share which reflects that the stock has witnessed the rise of $0.060 per share or 2.048%. The market capitalization of IMF Bentham Limited stood at around $599.5 million. The stock price of the company is trading towards the higher range, and the company has an annual dividend yield of 2.39%.


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