Thorney Opportunities Ltd is currently classified under ASX Listing Rules as a Listed Investment Company (LIC) and trades under the ticker code of TOP.
LIC’s differ in important ways to standard unitised managed funds which allow for long term investment, low fees and fully franked dividends.
TOP, and many other LICs, are incorporated companies. This structure has a finite number of shares on issue which is determined by the Board and approved by shareholders from time to time.
As a result, TOP does not issue or cancel shares as investors enter and leave the fund. This allows TOP to concentrate on the performance of its investments over the long term without the requirement to manage applications and redemptions of funds.
By not continuously issuing and redeeming units the fund has a lower cost of administration and is not concerned with shadowing indices and can therefore take a much longer term approach to our investment horizon.
Importantly our corporate structure should enable us to pay franked dividends out of after tax realised profits.
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