Metrics Master Income Trust (ASX:MXT) - Managing Partner, Andrew Lockhart
Managing Partner, Andrew Lockhart
Source: Metrics Master Income Trust
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  • Metrics Master Income Trust’s (MXT) responsible entity, the Trust Company, has launched a placement
  • Roughly 117.8 million new units will be issued to wholesale investors at $2 each and will not require unitholder approval
  • Manager of the Trust, Metrics Credit Partners, will use the funds to implement strategies designed to balance the delivery of the Trust’s target return, while also preserving investor capital in the Trust
  • MXT shares last traded at $2.03 on May 26

The Trust Company, who’s the responsible entity for the Metrics Master Income Trust (MXT), has launched a placement to wholesale investors.

MXT entered a trading halt today after flagging its intention to raise fresh capital.

Under the placement, roughly 117.8 million new ordinary fully paid units in the Trust will be issued at a price of $2 each.

The new units to be issued under the placement represents about 15 per cent of the Trust’s issued capital and will therefore not require unitholder approval.

The funds from the placement will be invested by Metrics Credit Partners (as manager of the Trust) as part of an investment mandate and target return of MXT.

It’s also consistent with a product disclosure statement of the Trust as part of a $638 million entitlement offer which was withdrawn in early 2020 due to market volatility.

Based in Australia, Metrics is an alternative asset management firm specialising in direct lending to Australian companies. Its assets under management total over $11 billion, including MXT and the Metrics Income Opportunities Trust (MOT), as well as other wholesale and retail funds.

Through its investment, Metrics plans to implement strategies designed to balance the delivery of the Trust’s target return, while also preserving investor capital in the Trust.

The placement is expected to settle on June 8.

MXT last traded at $2.03 on May 26.

MXT by the numbers
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