On 6 October 2021, RF1 announced it is conducting a placement to institutional and wholesale investors and an accelerated non-renounceable entitlement offer on a pro rata basis to eligible unitholders. Combined the Fund is seeking to raise up to $212.3m.
The Placement will consist of the issue of up to 17.3m new RF1 units to institutional and wholesale investors at a price of $3.79 per unit. The Placement will fall within the Fund’s available placement capacity under ASX listing rules and therefore does not require unitholder approval.
The Entitlement Offer will be provided on a 1-for-3 basis and includes: (1) the offer of new units under an accelerated time frame to eligible institutional unitholders. The Offer opened on 6 October 2021 and will close 7 October 2021; and (2) the offer of new units to eligible general unitholders. This Offer will open on 13 October 2021 and close on 26 October 2021. Under the General Entitlement Offer, eligible unitholders may apply for additional new units in the Fund in excess of their entitlement under a Top-Up Facility. All units will be issued at $3.79 per unit, equal to the NAV of the Fund at 1 October 2021. The Offer price represents a discount of 15.2% to the RF1 close price on 5 October 2021.
Capital raised under the Offer will be allocated to existing strategies in line with the Fund’s investment objective with the aim of further diversifying RF1’s portfolio across both private and public alternative investments. The Manager will be covering all fees and expenses associated with the Offer.