APC Spatium Royalties Limited (ASX:ROY)
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Investment Strategy
APC Spatium Royalties is a listed investment company (LIC) operating a diversified portfolio of public and private royalty-related investments precious, base, industrial and critical materials and resources.
At its core, the Company seeks to deliver a highly diversified portfolio in public and private royalty investments that offer investors differentiated exposure and uncorrelated returns within their broader investment portfolios.
Through its LIC structure, the company is uniquely positioned to partner with unlisted investment opportunities over extended time horizons, while maintaining liquidity and supporting regular dividend distributions from the listed portion of the portfolio.
APC Spatium Royalties targets annualised returns of between 10% and 12%, with the intention of paying shareholders a quarterly distribution.
Board of Directors
Kim Prior
BA, B Bus. (Acc), MAICD, MAusIMM, Member of CPA Australia
Chair & Non-Executive Director
Kim Prior has 30 years of experience doing business in Latin America and 30+ years work in engineering, mineral processing, and project delivery across Australia and the Pacific.
Kim maintains direct government relations at a high level in Australia and with multiple governments throughout Latin America. Kim is a proven executive and director who has successfully brokered and negotiated financial facilities with Australian and European-based financial and insurance institutions to fund and secure multi-million dollar projects in Latin America.
Kim’s experience in identifying, negotiating and bringing mining projects to fruition in Latin America and Australia are coupled with strong governance and compliance expertise.
Kim is an Independent Director of the Mining & Automotive Skills Alliance (AUSMASA), a Jobs & Skills Council (funded by the Australian Department for Employment and Workplace), the CEO of the Australia-Latin America Business Council and a Director of Prior Industries Australia Pty Ltd/OC Cemequip. Kim was previously the Chair of the Australia-Cuba Business Council, a Director of the Australian Institute of Export (now Export Council of Australia) and the President of Cajabana IEA.
Marcio Fonseca
MSc (MBA - Mineral Project Appraisal), Dip Economic Engineering, BA Geology
Non-Executive Director
Marcio Fonseca is a seasoned mining and financial executive with more than 30 years experience in the resources and financial sector.
Marcio has previously held roles as Founder, President, and CEO of GR Silver Inc., Managing Director of 3rd Peak Capital, Vice President of Corporate Development at SilverCrest Mines Ltd, Division Director (New York and Vancouver) at Macquarie Bank, and as a Resource Geologist at Vale S.A.
Marcio brings strong entrepreneurial skills and extensive experience in capital markets, corporate strategy, mining finance, and project development to the Board. Marcio has a successful track record of identifying undervalued mining investment opportunities with extensive experience in all stages of mining projects development.
Marcio also has extensive experience related to adding value to resource assets from exploration to advancing towards development stage and successful mining transaction, with previous direct involvement in world-class resource discoveries.
Marcio is the current CEO & President of GR Silver Mining Ltd (GRSL:CVE), and Independent Director for both American Copper Development Corporation (ACDX:CSE) and StrategX Elements Corp (STGX:CSE). Marcio previously served as an Independent Director for Atacama Pacific Gold Corporation (ATM:CVE) before it was delisted in 2018.
Paul Durrant
BA, MA (Law)
Non-Executive Director
Paul Durrant is a career investment banking and financial services professional with over 40 years experience in corporate finance, mergers & acquisitions, debt and equity capital markets, syndication, foreign exchange, structured products, commodities, financial risk management, trading, sales and senior management.
Paul previously held roles with Merrill Lynch in London, Drexel Burnham Lambert and Bear Stearns & Co in New York and Tokyo, Bear Stearns in Hong Kong and with BNP and Dresdner/Commerzbank in Singapore. Paul is the current Co-Founder and CEO of the Conduit Group, a wealth, securities and asset management Firm in Singapore operating under dual CMS Licences from the Monetary Authority of Singapore.
Paul has had extensive experience in raising US Billions of capital for sovereign and corporate borrowers across a wide range of capital market instruments in Europe, the Americas, MENA, Asia, Australasia and Japan.
Anthony Latimer
LLB
Non-Executive Director
Anthony Latimer is a corporate and commercial lawyer with 40 years of experience in mergers and acquisitions and corporate advisory, with a focus on the energy, mining, agriculture and transport sectors.
Anthony has spent 20 years of his career at leading global legal firms including Corrs, Norton Rose, Bird & Bird and currently as a partner at Kardos Scanlan. Anthony brings a deep technical knowledge of corporate and commercial matters across corporate law and governance, foreign ownership, shareholder arrangements, joint ventures, commercial contracts, and corporate structuring.
Anthony is the Non-Executive Chair for Kingsland Minerals Limited (KNG:ASX). Anthony continues to advise clients from both private and government enterprises with a particular focus on Australia, China and Papua New Guinea.
Wayne Kernaghan
BBus, ACA, FAICD, ACIS
Non-Executive Director
Wayne Kernaghan is a chartered accountant and chartered secretary with over 35 years in the mining industry for ASX listed companies as a Finance Director and Company Secretary.
Wayne has strong experience in corporate and financial management, with a background in preparing and controlling critical legal and financial documents for publicly listed companies. Wayne brings skills in managing complex corporate actions such as IPO’s, rights issues and capital raisings through prospectuses.
Wayne continues to be a key liaison with regulatory bodies and financial institutions such as ASIC and the ASX.
Wayne is a Director & Company Secretary for Cassius Mining Limited (CMD:ASX), Director and Company Secretary for Cullen Resources Limited (CUL:ASX), Company Secretary for American Rare Earths Limited (ARR:ASX), RPM Automotive Group Limited (RPM:ASX) and Freedom Care Group Holdings Limited (FCG:ASX). Formerly Wayne was Company Secretary for Advance Metals Limited (AVM:ASX) and International Ferro Metals Limited (IFL:LSE), as a Non-Executive Director for South American Ferro Metals Limited (SFZ:ASX) and was a Non-Executive Director and Company Secretary for Vantage Goldfields Limited (VGO:ASX).
Corporate Governanace
Please click on the links below to access the following Corporate Governance related documents.
Prospectus
Frequently Asked Questions
What is the investment strategy? The Company manages a long-only portfolio, investing in listed and unlisted royalty-exposed investments. The listed royalty-exposed segment of the portfolio is liquid, and has been constructed via application of a set of well-developed royalty- specific investment criteria. The unlisted royalty-exposed investments sought by the Company provide the portfolio with a mix of medium-term and longer-term mining royalty-related income derived from a diverse spread of commodities and resources. This income is ultimately sourced from the deployment of capital into private companies that have invested in producing or near-producing mines located in multiple geographic regions, in exchange for commission from the operations of these mines, paid on a regular basis. The Company seeks exposure to unlisted royalty-exposed assets that are underpinned by a spread of precious, base, industrial and critical materials.
What are the investment objectives? The company’s investment objectives are to generate 10% to 12% annualised returns with the goal of paying shareholders a quarterly distribution.
What investments are permitted? The Company invests in two core segments: listed royalty-exposed and unlisted royalty-exposed investments. The Company may explore investments into listed royalties within the entertainment, pharmaceutical and technology sectors. For the unlisted segment, the Company will focus on royalties in the precious, base, industrial and critical materials and resources sectors.
Will the company pay a dividend? The Company intends to pay dividends from available profits, as well as realised gains from the sale of investments to the extent permitted by law and within prudent business practice. The Company may not be successful in meeting this objective.
Investing in APC Spatium royalties How do I invest? Shares in APC Spatium Royalties are bought through a stockbroker or on the Australian Securities Exchange (ASX) in the same way as buying shares in other ASX-listed companies. How do I divest? Shares in APC Spatium Royalties are sold through a stockbroker or on the Australian Securities Exchange (ASX) in the same way as selling shares in other ASX-listed companies. Can I reinvest my dividends? APC Spatium Royalties has established a Dividend Reinvestment Plan (DRP) where eligible shareholders can acquire additional shares in the company by reinvesting part or all of their periodic dividends. How do I notify a change of address? Investors owning shares that are CHESS Sponsored (Holder Identification Number (HIN) starting with ‘X’) will need to advise their broker who will arrange for the change to be noted on the company’s share register. Investors with shares that are Issuer Sponsored (Shareholder Reference Number (SRN) starting with ‘I’) will need to contact the company’s share registry, Automic Group.
Fee structure What is the fee structure of the manager? The Investment Manager is entitled to be paid a management fee, calculated on the last business day of each month in accordance with the following formula, exclusive of GST: Management Fee = GAM x 0.015 ÷ 12 Where GAM means the gross assets under management in the investment portfolio. The Investment Manager does not take a performance fee.