4th Aug 2015 07:57
LONDON (Alliance News) - Miton UK MicroCap Trust PLC on Tuesday said it wants to issue up to 9.99 million shares, as the trust expects to have invested all the proceeds of its initial public offering shortly.
In a statement, the investment trust said that some shareholders have suggested they have the desire to top up their holdings.
The company will sell the shares, representing 9.99% of its existing total, in a process known as a tap issuance under permission already given by shareholders.
"In the past some of the best market returns have often been made within the smallest quoted stock universe, given that they often have greater growth potential than the largest stocks. With many of these currently standing on sub-normal market valuations, we are continuing to identify a great range of attractive investment opportunities," Miton Group PLC's Gervais Williams said in a statement.
Williams manages the trust's investments. The trust floated in April, when it raised GBP50 million, 80% of which it already has invested, it said.
Shares in the trust were down 0.9% at 53.52 pence on Tuesday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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