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LONDON (Alliance News) - Funding Circle SME Income Fund Ltd and Tlou Energy Ltd both started trading in London on Monday, and both saw their shares edge higher.
Funding Circle SME Income Fund edged higher as it debuted on the London Main Market, with shares up 1.0% to 101.00 pence from the 100.00p price at which they were floated.
The fund will focus on small business lending in the UK and US, it said, and will target a total return on net asset value of 8% to 9% per year, and a dividend yield of 6% to 7% per year.
Funding Circle said, when announcing the float last week, that it is in discussions with the European Investment Bank in relation to a project to provide financing to UK small and medium enterprises via the UK marketplace.
Meanwhile, Tlou Energy said it has raised GBP1.2 million though its float on AIM, issuing 18.5 million shares at 6.5 pence per share. Its market capitalisation upon admission was GBP13.4 million. Tlou shares were up to 6.70 pence on Monday morning.
The proceeds from the float will be used by Tlou, which already has a listing in Australia, for its gas licences in Botswana. The funding will back gas production testing and field operating costs for the licences, particularly the Lesedi coal bed methane site, its most advanced project.
"We are delighted to be joining the AIM market and would like to thank all investors for supporting this funding round and admission. The fundraising proceeds will help us to realise our long term aim of building a mid-tier energy provider in Southern Africa," said Anthony Gilby, Tlou's managing director.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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