Property Acquisition Management (PAM) is to be the first split capital closed-end fund launched in t...
Property Acquisition Management (PAM) is to be the first split capital closed-end fund launched in the UK. The fund, domiciled in Guernsey, is in the process of acquiring the UK-based property company CNC Properties with the intention of completing in the middle of June. CNC Property will make up the majority of PAM's portfolio. To buy the company, PAM has raised £78m worth of equity. Some £58m of geared ordinary shares have been placed yielding 9.5%. The balance is made up of £10m of convertibles yielding 8.5% and £10m zero dividend preference shares with a gross redemption yield of 9%. ...
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