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MICROEQUITIES ASSET MANAGEMENT GROUP LIMITED — Capital/Financing Update 2021
Jul 1, 2021
65292_rns_2021-07-01_e1d8b47a-b126-4fd2-ad8e-a6b1aeeda522.pdf
Capital/Financing Update
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ASX Announcement
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Market Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000 2 July 2021
MARKET UPDATE – STRONG JUNE, RECORD FY21 PROFIT RESULT
Microequities Asset Management Group Limited (Microequities or the Company) (ASX: MAM ) wishes to provide the following financial update.
Continued strong investment performance in our open-ended investment funds has delivered another strong profit result for the month of June. The strong investment performance drove our June operating profit before tax from investment management* to approximately $2.0m and the full FY21 year to approximately $17.2m (based on unaudited management accounts), compared to full year FY20 operating profit before tax of $4.8m. The $17.2m operating profit before tax from investment management represents a record result for the Group. These figures include a dominant component of income generated from performance fees which are volatile, unpredictable and nonrecurring in nature.
Launch of Private Equity Fund, strong early interest
We are pleased to report that after expanding our talented investment management team, Microequities will be launching a private equity strategy early into FY22, the Private to Beyond the IPO Fund will target priority investments in private companies. Initial interest in the fund has been extremely strong and has attracted media coverage.
The Company enjoys a strong capital position and has further growth initiatives planned for FY22. Full year FY21 results are expected to be released on the 20[th] of August 2021.
This announcement has been authorised for release by the Board.
- Operating profit from investment management excludes share based payments and revaluation of investments held on the balance sheet.
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About Microequities (ASX:MAM): Microequities is a boutique value driven Fund manager specialised in exchange listed industrial microcaps and small caps. Established in 2005 as an investment research house, the company expanded into funds management in early 2009 by launching its flagshi p fund - the Deep Value Fund. Today Microequities manages five investment funds. For further information visit www.microequities.com.au
Microequities Asset Management Group Limited | ACN 110 777 056 | Suite 3105 Level 31 Governor Macquarie Tower 1 Farrer Place Sydney NSW 2000 +61 (2) 9009 2900 | [email protected]