The directors have elected Mike Bennetts as Chair of Punakaiki Fund. Mike brings considerable governance and executive expertise to the boardroom, and, along with the other directors, is an investor in the fund.
The board also determined that the Net Asset Value of the fund at the end of September was $12.3 million, or $14.60 per share, up from $14.14 at the June fundraising.
The Net Asset Value generally changes only when there are investor transactions within portfolio companies, and with some of our larger investments it has been a while between funding events, so Chris and I see considerable value beyond this.
The board has provisionally approved that LWCM make an offer to qualified investors before the end of 2015, most likely at a price of $16.50 per share.