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Ashurst has advised joint lead arrangers on a proposed IPO by Hearts and Minds Investments Limited for capital raising and listing on the ASX.
Firm: Ashurst (joint lead arrangers: Commonwealth Securities Limited, National Australia Bank Limited, Crestone Wealth Management Limited)
Value: up to $500 million
Area: Corporate
Key players: Ashurst’s team was led by partner Sarah Dulhunty, with assistance from senior associate Scott Lai and lawyers Diana Oh and Ben Lyttle.
Deal significance: Hearts and Minds Investment Limited is a new listed investment company that was established to provide exposure to a concentrated securities portfolio of the highest conviction ideas from leading fund managers. It also has the objective of supporting Australian medical research institutes.
It intends to create a portfolio of “long positions in approximately 25 Australian and internationally listed securities based on annual recommendations from fund managers who present at the Sohn Hearts and Minds Investment Leaders Conference and on quarterly recommendations from other selected leading fund managers”, which include Caledonia, Cooper Investors, Magellan Asset Management, Regal Funds Management and Paradice Investment Management, according to a statement from Ashurst.
Hearts and Minds is agreeing to forego investment fees, instead making donations based on an NTA percentages every six months to charities including The Victor Chang Institute, The Brain and Mind Centre, the Charlie Teo Foundation and the Florey Institute of Neuroscience & Mental Health.
Fund managers have also agreed to waive fees they would normally charge when providing services to the company, as have directors and other service providers.
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Grace Ormsby
