LONDON (Alliance News) - Merian Chrysalis Investment Co Ltd said Tuesday that some of its directors acquired GBP70,000 worth of shares in the company, as it started trading on the London Stock Exchange.
The investment company admitted GBP100 million worth of shares, raised in its initial public offering, to trading on Tuesday. The company issued 100 million shares at 100 pence each to trading.
Shares in Merian started trading at 103.50 pence on Tuesday, up 3.5% from its issue price of 100p.
Chairman Andrew Haining acquired 30,000 shares at 100.0p each, while director Stephen Coe bought 25,000 shares at the same price and director Simon Holden took up 15,000 at the same price on Tuesday.
In September, Merian said it was targeting to raise GBP200 million via an initial placing, intermediaries offer and an offer for subscription. It also launched a twelve-month placing programme.
The investment company will look to generate long-term capital growth through investing in a portfolio consisting primarily of equity or equity related investments in unquoted companies.
Liberum Capital Ltd acted as global coordinator, bookrunner, sponsor and financial adviser in relation to the issue, working alongside Zeus Capital Ltd as bookrunner.