News and Announcements
Punakaiki Fund: $35 million in Assets, 670 shareholders, IRR 36%
- Published January 10, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Family Zone (FZO) purchasing Linewize
- OneLogin purchasing assets of ThisData
- $7.8 million raised, for total of $23.5 million so far
- Assets valued at $32.3 Million (PDS for December 2017 Offer) December offer raised $3.44 million at $21 per share
- 20 investments, 670 shareholders, Internal IRR of 36% (as at PDS)
Our strategy of investing in high quality, high-growth companies in New Zealand is working well. We were pleased when two of our investments, Linewize and ThisData (which was less material), were sold to trade buyers over the last few months. Each was sold for well over two times the amount that each was previously valued at in our accounts.
The sale of our Linewize shares was a genuine surprise, with the deal moving from initial offer to signed agreement in just a month and a day. We now own 3.81 million shares (including 1.9 million performance shares) in ASX-listed Family Zone. We are happy for the founders and pleased with our return on our $1 million investment, with 60% of that investment placed just one year ago.
We closed a regulated (public) offer to NZ shareholders in December 2017, raising $3.45 million at $21 per share, and based on a share price basis of $21.97 per share, with an investor net asset value of $21.31 per share.
We are contemplating an offer to larger and offshore investors in February/March 2018.
About Punakaiki Fund
Punakaiki Fund is New Zealand’s premier investor in high growth companies, with 18 investments and NZ$18 million of assets.
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