360 Capital announced this week that it will undertake a buy back of securities in the digital fund which continues to trade at a 13.1% discount to its underlying NTA per unit.
The Fund will buyback up to 5.825 million units, (being 10% of the Fund’s units), funded from the Fund’s current cash balance of $54m. 360 Capital Group currently owns 37.4% of the Fund’s units and will NOT be participating in the buyback.
Following the Fund's decision to rollout the FibreconX operating business, 360 Capital has elected to staple a new operating trust to the existing listed Fund. The new structure will allow the Fund to acquire assets in the optimal structure and to diversify its investments across all parts of the digital infrastructure market in the most effective manner.
The stapling proposal will be effected by a capital distribution out of the Fund which will be applied to the acquisition of units in the new trust. As such, Unitholders will not be required to invest any additional monies in connection with the stapling proposal.