19th Jun 2019 15:46
(Alliance News) - Manchester & London Investment Trust PLC on Wednesday said it has raised GBP5.3 million via a subscription agreement for 994,575 new ordinary shares at 532.9 pence per share.
"We are very 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," said Manchester & London Investment Trust Director Brett Miller.
Following the subscription, Sheppard will be interested in a total of 16.7 million ordinary shares, representing 56.86% of the company's issued share capital.
Shares in the investment trust were subscribed by M&M Investment Co PLC, a company controlled by Mark Sheppard, the owner of M&L Capital Management Ltd, the company's manager and a controlling shareholder.
Manchester & London Investment Trust shares were trading 1.4% lower at 506.00 pence each on Wednesday afternoon.
Related Shares:
Manchester&lon.