New venture for Waislitz
Listed investment company Wentworth Holdings struck a recapitalisation deal with Mr Waislitz's Thorney Investment Group.
Thorney emerged from the deal with up to 35 per cent of Wentworth's stock and control of the company's investment management.
In a statement to the ASX, Wentworth, to be rebranded as Thorney Opportunities, said it would target sophisticated and professional investors in capital-raising worth $40 million.
Thorney has already committed to that offer, which will deliver it 30 to 35 per cent of the new entity's stock. A subsequent capital-raising offer worth about $10 million would be aimed at retail investors. Mr Waislitz, who is married to Heloise, daughter of late cardboard king Richard Pratt, will be the company's non-executive chairman, subject to his being appointed a director.
It is estimated he manages about $1 billion of Pratt and his own family money. Mr Waislitz has been traditionally an activist investor, taking stakes in companies to gain board representation and force restructuring.
His big investments include engineering group Monadelphous and kitchen and homewares group McPherson's.
In the ASX statement, Wentworth said it would undertake a one-for-two pro rata bonus option issue to existing shareholders, about four months after the first round of capital-raising.
The new entity is subject to shareholder approval at the annual meeting in November.
Frequently Asked Questions about this Article…
Wentworth Holdings struck a recapitalisation deal with Alex Waislitz’s Thorney Investment Group under which Thorney emerged with up to 35% of Wentworth’s stock and control of the company’s investment management. Wentworth is to be rebranded as Thorney Opportunities following the deal.
Alex Waislitz is a billionaire investor who manages an estimated $1 billion of Pratt family and his own family money. He has acted as an activist investor in the past and, subject to being appointed a director, will be the non‑executive chairman of the rebranded Thorney Opportunities.
The new entity plans a capital raising targeting sophisticated and professional investors worth $40 million. Thorney has already committed to that first offer, which will deliver it a significant stake in the business.
Yes. After the initial $40 million offer aimed at sophisticated and professional investors, a subsequent capital raising of about $10 million is planned and would be aimed at retail investors.
Thorney has committed to the capital raising that will deliver it roughly 30% to 35% of the new entity’s stock. The deal initially saw Thorney emerge with up to 35% of Wentworth’s stock.
Yes. Wentworth said it would undertake a one‑for‑two pro rata bonus option issue to existing shareholders, scheduled for about four months after the first round of capital raising.
The creation of the new entity and related changes are subject to shareholder approval at Wentworth’s annual meeting in November.
Mr Waislitz has been described as an activist investor who takes stakes to gain board representation and push restructuring. His notable investments include engineering group Monadelphous and kitchen and homewares group McPherson’s.
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