DLA Piper advises on the launch of listed investment company Whitefield Income Limited

DLA Piper has advised Whitefield Capital Management on the structuring and initial public offer of Whitefield Income Limited (ASX: WHI) (Fund), a tax effective equity income strategy targeting the S&P/ASX300 universe, raising AUD200 million in capital from retail and wholesale investors. The Fund commenced trading on the ASX on 11 December 2024 and is the second listed investment company (LIC) managed by Whitefield Capital Management, the other being the very successful Whitefield Industrials Limited (ASX:WHF, market capitalisation of AUD674 million as of 31 January 2025), one of the largest and oldest LICs on the ASX with over 100 years of continuous operation.

The Fund's capital will be invested in a diversified portfolio of ASX listed equity securities that is actively managed with the aim of generating regular distributable income inclusive of franking credits. The Fund seeks to benefit three key strategies:

• The systematic mispricing of ASX listed equity securities over their income recognition and dividend payment periods.
• An orientation of the portfolio towards profitable, cash flow generative and dividend paying companies.
• The potential for growth in the underlying earnings and value of Australian shares across each year.

The Fund will distribute some or all of its available net profit to shareholders as monthly franked dividends.

The DLA Piper team, led by Martin Jamieson, assisted Whitefield on all aspects of the Fund's formation, including the incorporation of the Fund vehicle, drafting of the Prospectus, Management Agreement and on other ancillary aspects of the Fund's infrastructure.

Martin Jamieson, who has assisted with two of the three LIT/LIC IPOs done in the market during 2024, was principally assisted by Edwin Kwok (Senior Associate). Eddie Ahn (Partner, Tax) and Tom Barnes (Partner, New Zealand funds) also advised on the transaction.

If you have any queries in respect of the Fund and its structuring, please contact Martin Jamieson.