Voyager Global Group (ASX:VGR), formerly Sprint Energy, has offered investors additional time to acquire up to $7 million worth of shares in the company priced at $0.20 each.
In October, the company invited applications for up to 35 million shares under a public offering. This has now being extended to 21 January 2015.
Voyager is acquiring Voyager Global Choice Pty Ltd (VGC), which seeks to facilitate the investment by Australian retail investors into a range of individual funds managed by offshore-based fund managers.This is a move away from its previous focus on oil and gas exploration.
The acquisition is still subject to all VGC Shareholders entering into share sale agreements to enable the Company to acquire 100% of VGC.
Voyager is offering 62,283,457 on a pro-rate basis to acquire VGC.
Voyager Global Choice
Voyager Global Choice intends to have various Australian Funds established which will invest directly into an Offshore Fund specific to that Australian Fund.
Each of these Australian Funds will have a responsible entity, custodian and fund administrator all of which are external and unrelated to the Company or VGC.
Investors will invest funds into the Australian Fund which correlates with their chosen Offshore Fund.
Those funds will be pooled within the Australian Fund and then the Australian Fund will invest the investors’ funds into the corresponding Offshore Fund.
Retail investors will use the mFund platform in the same way that shares are bought or sold on the ASX.
The proposed offshore-based fund managers will all be highly credible groups with large industry profiles and offer funds with an official investment-grade (or similar) rating from industry ratings group Morningstar or other similar groups.
VGC will receive administration fees from the offshore fund managers based on assets under management.
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