Odyssean Capital LLP announces the Initial Public Offering of Odyssean Investment Trust PLC
Odyssean Capital LLP, a boutique investment manager, today announces that the initial public offering of Odyssean Investment Trust PLC (the "Company"), a new investment trust to which it has been appointed as Portfolio Manager, is officially open.
The Company aims to deliver long term capital growth by investing in high quality quoted companies which have the fundamental ability to achieve meaningful capital growth. The managers' differentiated approach combines public and private equity investment expertise to create highly focused, unconstrained, long only portfolios of quoted UK smaller companies.
The Company's portfolio will typically consist of up to 25 holdings, with the top 10 holding accounting for the majority of the Company's aggregate net asset value, across a range of industries.
Shares will be made available by way of a Placing and Offer for Subscription for up to 100 million Ordinary Shares at 100 pence per Ordinary Share (with an additional Intermediaries Offer). The Intermediaries will give private individuals the opportunity to invest via several leading platform providers. The Offer for Subscription, including the Intermediaries Offer, will close at 1.00pm on 24 April.
Jane Tufnell has been appointed as Chairman of the Board of Directors, with Arabella Cecil, Peter Hewitt and Richard King joining her as independent non-executive Directors.
Stuart Widdowson, Managing Partner of Odyssean Capital LLP says:
"Our proven track record of investing in public and private UK small and mid-sized corporates makes this a highly attractive proposition for investors. We believe that premium returns are delivered through expertise, rigorous analysis and an engaged, long-term view. We believe that MiFID II will create a real opportunity for our strategy in the form of increased mispricing of smaller quoted companies which enables us to apply our expertise to add real value for our clients."
"Ian Armitage, non-executive Chairman of Odyssean Capital, and Harwood Capital LLP, our joint venture partner, have indicated that they intend to invest up to £20m in the Issue. Additionally, my immediate family and I have committed to apply for at least £1.2m in the issue."
Jane Tufnell, Chairman, Odyssean Investment Trust PLC says:
"I am delighted to be chairing the Board of the Company and wholly endorse the adoption of a closed-ended vehicle to generate superior long term returns in this part of the market. The interests of the Board and the Portfolio Manager are fully aligned with those of shareholders whihc will ensure excellent corporate governance."
"Alongside the Manager, the Board will invest no less than £500k at IPO and each non-Executive has committed to invest all Directors drawings net of tax in the company's shares on an ongoing basis. We have also committed to offer all shareholders an exit facility at new asset value less cost every seventh year post IPO".
This document constitutes a financial promotion and is being issued by and has been approved by Odyssean Capital LLP pursuant to Section 21(2) of the Financial Services and Markets Act 2000. Odyssean Capital LLP is authorised and regulated by the Financial Conduct Authority (FRN: 783925).
This document does not constitute a Prospectus, is not and should not be considered as an offer, investment recommendation, or solicitation, to deal in any of the investments mentioned herein, and should not be used as the basis for any investment decision. This document does not constitute investment research and is not investment advice. Investors should read the Prospectus and Key Information Document before taking any decision to invest, and should consider obtaining professional advice before making any investment decision.
There can be no guarantee that the investment objectives of the Company will be achieved. The value of investments and the income from them can go down as well as up. Investors' capital is at risk and investors may get back less than the amount invested. Smaller companies carry a higher degree of risk, may be more volatile and their value can be more sensitive to market movements. Such companies may be more difficult to value, their future prospects may be more difficult to assess, and the price of their securities may be more volatile when compared with larger companies, and investment in such businesses may carry additional liquidity risks. In particular, realisation of investments in such businesses may be difficult or possible only at a lower value than that previously recorded by the Company. The Company intends to hold a relatively concentrated portfolio, which will carry a higher degree of risk than a more diversified portfolio. There may also be a lack of sectoral diversification in the Company's portfolio, and where the Company is significantly exposed to any one sector this may result in greater volatility and/or a material adverse impact on performance when compared with greater sectoral diversification. Investors should read the "Risk Factors" section of the Prospectus for further information on risks associated with an investment in the Company.
Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only predictions and actual events or results may differ materially. Past performance is not a reliable indication of future results. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future.
Odyssean Capital does not warrant or guarantee the accuracy or completeness of the information contained herein and any opinions related to investments or markets may change.
This document is not for release, publication or distribution in or into, the United States, Canada, Australia, the Republic of South Africa, New Zealand or Japan or any other jurisdiction where it would be unlawful.
Odyssean Capital LLP is incorporated as a limited liability partnership in England and Wales under Partnership No. OC417961. Designated Members: S G Widdowson and Harwood Capital Management Limited. Registered office is at 6 Stratton Street, Mayfair, London W1J 8LD.