28th Jan 2015 10:39
LONDON (Alliance News) - Ground Rents Income Fund PLC on Wednesday said it has raised GBP9 million in a share placing to back its investment plans.
The fund said it has issued 8.5 million shares, about 10% of its previous total, at 107 pence per share. Shares in the fund were up 0.4% to 108.083 pence on Wednesday.
It said the proceeds from the placing will be used to complete a pipeline of investments arranged by Brooks Macdonald Funds Ltd.
"We are delighted with the strong level of support shown for this oversubscribed capital raise. It reflects the continued backing of the company's strategy, which is to provide secure long-term performance through investment in long-dated UK ground rents," said Chairman Malcolm Naish.
By Sam Unsted; [email protected]; @SamUAtAlliance
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