Guinness Asset Management has revealed plans to launch an IPO for its Oil & Gas Exploration trust in mid February, with an initial fund raising target of £50m-£100m.
The group's first investment trust will be managed by Sachin Oza and Stephen Williams (pictured), who joined last year from M&G, and will target junior oil companies expected to become M&A targets for oil majors. Its offer period is currently scheduled to end on the 17 February, with further fund raisings planned in the future until the vehicle's maximum capacity of £300m has been reached. The managers initially plan to run a portfolio of around 15 stocks, eventually targeting up to 30 once further money has been raised, before returning capital to investors and winding down the trust...
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