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MICROEQUITIES ASSET MANAGEMENT GROUP LIMITED — Capital/Financing Update 2021
May 3, 2021
65292_rns_2021-05-03_aaac3d7e-6183-43aa-b410-c43c80977fb2.pdf
Capital/Financing Update
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ASX Announcement
Market Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000
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4 May 2021
MARKET UPDATE – STRONG INVESMENT PEFORMANCE, SURGE IN OPERATING PROFIT
Microequities Asset Management Group Limited (Microequities or the Company) (ASX: MAM ) wishes to provide the following financial update.
A frenzy of takeover activity and several bidding wars within our open-ended investment funds have led to strong investment performance and ergo large performance fees. We are pleased to report that all our open-ended investment funds achieved record highs as of 30[th] of April 2021. The strong investment performance drove our April unaudited, unreviewed operating profit* before tax from investment management to approximately $5.5m and the FY21 year to date operating profit* before tax from investment management to approximately $14.8m (based on unaudited management accounts), compared to full year FY20 operating profit before tax of $4.8m (the twelve month period to 30 June 2020). These figures include a dominant component of income generated from performance fees which are volatile, unpredictable, and non-recurring in nature.
We are also pleased to report that we have seen some early successes in our reshaped marketing and sales approach with inflow patterns continuing to improve. Importantly the investment management team sees a large opportunity set of undervalued growth businesses within our funds and sizeable scope to increase investment in these excellent investment opportunities.
The Company enjoys a strong capital position and has further growth initiatives planned for FY22. Full year FY21 results will be released in 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]