LONDON (Alliance News) - CIP Merchant Capital Ltd on Friday said it intends to reinvest the proceeds of initial public offering in the remainder of the year.
The investment company, which was incorporated in September last year, was admitted to AIM in December 2017, raising GBP55 million in its IPO. Since then, the company had invested GBP6.0 million of these proceeds in gas explorer Coro Energy PLC, representing a 12% stake.
CIP Merchant Capital's NAV per share as at the end of June was 92.25 pence per share.
As at Friday last week, the company's share price was 88p per share, representing a discount of 4.7% to the NAV of 92.09p per share on that date.
CPI Merchant shares were untraded on Friday, last quoted at 88.00p each.
Looking ahead, the company said it remains focused on investing the remainder of its cash.
After the half-year end, CIP Merchant invested a further GBP4.2 million in medical devices firm Orthofix Medical Inc and GBP3.9 million in digital marketing services provider Alkemy SpA.
Coro Energy (CORO)