22nd Jan 2015 14:44
LONDON (Alliance News) - Picton Property Income Ltd Thursday said it has raised GBP7 million after issuing 10.3 million new shares to an investor priced at 68 pence each.
The closed-ended investment company said it will use the proceeds to finance property investment opportunities which it is currently considering.
"We were aware of interest from one significant institutional shareholder throughout our December 2014 capital raise. Following further due diligence by them we are pleased that this further placing allows this investor to participate in Picton's exciting investment story and provides further funds
for investment," said Chairman Nick Thompson in a statement.
The placing was led by Oriel Securities and JP Morgan Cazenove.
Picton Property shares were trading 0.4% higher Thursday afternoon at 68.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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