LONDON (Alliance News) - TOC Property Backed Lending Trust PLC said Monday it will raise GBP1.5 million by issuing 1.5 million shares at a price of 100 pence per share through an accelerated bookbuild.
The issue price of 100p per share represents a 3.3% discount to the trust's average closing mid-price over the last 30 days and a 2% premium to its NAV per share as at February 28.
"Proceeds are expected to be used to further diversify the company's portfolio," trust said. The placing will be conducted by finnCap Ltd.
Shares in TOC Property Backed Lending Trust were down 3.2% at 100.20p on Monday.