Argo Investments Limited
Encyclopedia
Argo Investments Limited is an Australian listed investment company (LIC), which trades its shares on the Australian Stock Exchange
(ASX). Their diversified portfolio of shares are selected for profitability and long-term growth prospects at cost-effective prices. , it is the second largest LIC in Australia.
Argo invests predominantly in shares of other companies listed on the Australian Stock Exchange
, and itself constitutes 0.29% of the All Ordinaries
index.
, South Australia
in 1946 by Alf Adamson, a chartered accountant
who had previously worked on company valuations.
In 1990, Argo acquired investment company Schroder Dual Fund Ltd, and in 1992 it acquired Stoddarts Holdings Ltd. Argo was involved in the establishment of other LICs, including Bounty Investments Ltd and Wakefield Investments Ltd, both of which Argo maintained an investment in. In 2001, Argo merged with both Bounty and Wakefield, after making successful takeover offers for both, on the basis of offering Argo shares in exchange for shares in the companies being acquired. These terms of acquisition allowed Bounty and Wakefield shareholders to be relieved from liability to pay capital gains tax
on the disposal of their shares.
By 30 June 2010, the company's principal investments were a $266.1 million stake in BHP Billiton
, $183.6 million in Westpac Banking Corporation, $159.6 million in Rio Tinto Group
, $132.8 million in Macquarie Group
and $132.1 million in Wesfarmers
.
Australian Stock Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
(ASX). Their diversified portfolio of shares are selected for profitability and long-term growth prospects at cost-effective prices. , it is the second largest LIC in Australia.
Argo invests predominantly in shares of other companies listed on the Australian Stock Exchange
Australian Stock Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
, and itself constitutes 0.29% of the All Ordinaries
All Ordinaries
Established in January 1980, the All Ordinaries is the oldest index of shares in Australia, so called because it contains nearly all ordinary shares listed on the Australian Securities Exchange...
index.
Establishment and history
Argo Investments Limited was established in AdelaideAdelaide
Adelaide is the capital city of South Australia and the fifth-largest city in Australia. Adelaide has an estimated population of more than 1.2 million...
, South Australia
South Australia
South Australia is a state of Australia in the southern central part of the country. It covers some of the most arid parts of the continent; with a total land area of , it is the fourth largest of Australia's six states and two territories.South Australia shares borders with all of the mainland...
in 1946 by Alf Adamson, a chartered accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
who had previously worked on company valuations.
In 1990, Argo acquired investment company Schroder Dual Fund Ltd, and in 1992 it acquired Stoddarts Holdings Ltd. Argo was involved in the establishment of other LICs, including Bounty Investments Ltd and Wakefield Investments Ltd, both of which Argo maintained an investment in. In 2001, Argo merged with both Bounty and Wakefield, after making successful takeover offers for both, on the basis of offering Argo shares in exchange for shares in the companies being acquired. These terms of acquisition allowed Bounty and Wakefield shareholders to be relieved from liability to pay capital gains tax
Capital gains tax
A capital gains tax is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property...
on the disposal of their shares.
By 30 June 2010, the company's principal investments were a $266.1 million stake in BHP Billiton
BHP Billiton
BHP Billiton is a global mining, oil and gas company headquartered in Melbourne, Australia and with a major management office in London, United Kingdom...
, $183.6 million in Westpac Banking Corporation, $159.6 million in Rio Tinto Group
Rio Tinto Group
The Rio Tinto Group is a diversified, British-Australian, multinational mining and resources group with headquarters in London and Melbourne. The company was founded in 1873, when a multinational consortium of investors purchased a mine complex on the Rio Tinto river, in Huelva, Spain from the...
, $132.8 million in Macquarie Group
Macquarie Group
Macquarie Group Limited is a global investment banking and diversified financial services group, providing banking, financial, advisory, investment and funds management services to institutional, corporate and retail clients and counterparties around the world...
and $132.1 million in Wesfarmers
Wesfarmers
Wesfarmers Limited is one of Australia’s largest public companies and one of Australia's largest retailers. Its headquarters are in Perth, Western Australia....
.