17th Dec 2019 15:43
(Alliance News) - Manchester & London Investment Trust PLC said on Tuesday a company controlled by its majority shareholder has subscribed for 1.5 million new shares.
M&M Investment Company PLC, controlled by Mark Sheppard, the owner of M&L Capital Management Ltd - which is Manchester & London's Manager - and a controlling shareholder in the company, has subscribed for the shares at 550.10 pence each.
This is equal to the firm's latest reported net asset value, and totals GBP8.3 million. Shares in Manchester & London were down 1.2% at 523.49p in London on Tuesday.
Manchester & London Director Brett Miller said: "We are pleased to have the support of our major shareholder in providing funding at the latest reported NAV, which is higher than the current market price. The larger the fund gets the more liquid the trading in its shares become. Liquidity is good."
Following the subscription, Sheppard, via MMIC, will have a 58.5% interest in Manchester & London.
By Lucy Heming; [email protected]
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