Overview of WAM Microcap's recent announcement

WAM Microcap Limited (ASX: $WMI) has successfully closed its Share Purchase Plan (SPP) and Placement, raising $90 million. The SPP, which closed on April 22, 2024, received overwhelming support from shareholders, resulting in a significant oversubscription. All shareholders who applied for new WAM Microcap shares under the SPP will receive their full allocation of shares, with no scale back. Additionally, existing sophisticated and professional investors participated in a Placement at the same price and under the same terms as the SPP, raising $42 million.

Insight from WAM Microcap's Lead Portfolio Manager

The investment team is pleased to receive such overwhelming support from WAM Microcap shareholders. The additional capital raised will be invested in accordance with WAM Microcap's disciplined and proven investment process, and we are seeing a number of compelling micro-cap companies across various sectors that are currently trading at depressed valuations. We have a positive outlook for corporate activity and believe that the number of deals such as initial public offerings and capital raisings will gain momentum throughout 2024 into 2025.

Summary of WAM Microcap's recent activities and outlook

WAM Microcap (ASX: $WMI) successfully concluded its oversubscribed Share Purchase Plan and Placement, raising $90 million. The company expressed gratitude for the overwhelming support from shareholders and highlighted its positive outlook for corporate activity, expecting an increase in deals such as initial public offerings and capital raisings throughout 2024 into 2025. WAM Microcap aims to invest the additional capital in accordance with its disciplined investment process and is optimistic about compelling micro-cap opportunities across various sectors. The company's recent performance has outperformed the S&P/ASX Small Ordinaries Accumulation Index, and it continues to focus on undervalued micro-cap growth companies with a catalyst, aiming to deliver fully franked dividends, provide capital growth over the medium-to-long term, and preserve capital.