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LONDON (Alliance News) - Manchester & London Investment Trust PLC on Wednesday said that a company controlled by Mark Sheppard subscribed for GBP3.8 million worth of shares in the trust.
The company controlled by Sheppard, who is the owner of the firm's manager and controlling shareholder, M&L Capital Management Ltd, took up 726,363 shares at 499.9 pence each, being the price equal to the latest reported net asset value.
Manchester & London Director Brett Miller said: "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."
Following the subscription, Sheppard, via his controlled company, will be interested in a total of 16.2 million shares or 57.09% of Manchester & London's issued share capital.
The new shares are expected to start trading on February 12. Following admission, the firm will have 28.4 million shares in issue.
Manchester & London shares were trading up 2.4% at 468.00p each.