4th Dec 2019 14:17
(Alliance News) - Manchester & London Investment Trust PLC on Wednesday said controlling shareholder M&M Investment Co PLC has subscribed for GBP4.3 million worth of shares.
The investment firm said M&M acquired 781,985 shares at a price of 547.1 pence each, being the price equal to the latest reported net asset value.
The stock was trading 1.0% lower in London on Wednesday afternoon at 518.59p a share.
"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," said Director Brett Miller.
"The larger the fund gets the more liquid the trading in its shares become. Liquidity is good," added Miller.
Following the subscription, Mark Sheppard, the owner of M&M, will be interested in a total of 17.5 million shares, representing a 57% stake.
By Evelina Grecenko; [email protected]
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