23rd May 2019 14:25
LONDON (Alliance News) - GCP Asset Backed Income Fund Ltd on Thursday said it intends to raise around GBP66.9 million in new capital by undertaking a placing of up to 63.7 million shares at 105.00 pence each, a 2.3% discount to the closing share price of 107.50p on Wednesday.
Shares in the company were trading down 2.3% at 105.0p on Thursday afternoon.
Net proceeds of the placing will be used by the company to repay the GBP41.5 million drawn under the company's revolving credit facility and continue to take advantage of a pipeline of attractive investment opportunities which have been identified by its investment manager.
Cenkos Securities PLC is acting as the company's sole placing agent in relation to the placing which will open on Friday. Admission is expected to occur on June 27.
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