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(Alliance News) - Manchester & London Investment Trust PLC on Wednesday said the owner of its manager has subscribed for shares worth GBP4.3 million.
M&M Investment Co PLC is controlled by Mark Sheppard, who owns M&L Capital Management Ltd, which manages Manchester & London.
M&M has taken 807,573 new shares in Manchester & London at a price of 535.0 pence each, meaning Sheppard now holds 57% of the company's shares. Shares in Manchester & London closed 1.0% lower on Wednesday in London at 524.77p.
Manchester & London Director Brett Miller said: "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. The larger the fund gets the more liquid the trading in its shares become. Liquidity is good."
By George Collard; georgecollard@alliancenews.com
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