(Alliance News) - Manchester & London Investment Trust PLC on Wednesday said a company controlled by investment manager Mark Sheppard has subscribed for over GBP900,000 worth of shares in the company.
M&M Investment Co PLC subscribed for 157,250 new shares at 580.5 pence, Manchester & London's last reported net asset value, GBP912,836 in total.
Shares in the company were 4.2% lower at 542.10p each in London on Thursday morning.
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."
Following the subscription, Sheppard, through M&M Investment Co, will hold 19.0 million shares in Manchester & London, a 58% stake.
By Eric Cunha; ericcunha@alliancenews.com
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Manchester&lon. (MNL)