Waislitz in deal with Wentworth

Billionaire Alex Waislitz is opening his money managing style to outside investors for the first time.

Billionaire Alex Waislitz is opening his money managing style to outside investors for the first time.

Listed investment company Wentworth Holdings has struck a recapitalisation deal with Mr Waislitz's Thorney Investment Group giving Thorney up to 35 per cent of Wentworth's stock and control of its investment management.

In a statement to the Australian Securities Exchange, Wentworth, which will be rebranded as Thorney Opportunities, said it would target sophisticated and professional investors in capital raising worth $40 million.

Thorney has 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, the daughter of the late cardboard king Richard Pratt - will be the non-executive chairman of the company, subject to him being appointed a director.

It is estimated he manages about $1 billion of the Pratt and his own family's money. Mr Waislitz has taken large stakes in companies to gain board representation and force restructuring.

Wentworth said it would undertake a one for two pro rata bonus option issue to its existing shareholders. The new entity is subject to shareholder approval at the company's AGM scheduled for mid-November.

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