(Alliance News) - Liontrust Asset Management PLC on Friday cancelled the launch of an ESG fund, as an initial issue of shares failed to meet a minimum fundraising amount.
Liontrust ESG Trust PLC had announced on May 7 its plan for an initial public offering on the main market of the London Stock Exchange. It had looked to raise GBP150 million in an initial issue, to invest in a portfolio of 25 to 35 sustainable companies around the world.
But the initial issue has been withdrawn and all money will be returned to investors, after subscriptions fell "just short" of the GBP100 million minimum by the June 30 deadline.
However, Liontrust ESG Trust said it was "encouraged by the interest in the company's IPO and the very broad spread of investors who have subscribed to the initial issue."
Shares in Liontrust Asset Management were down 0.3% to 1,851.35 in London on Friday afternoon.
By Ivan Edwards; ivanedwards@alliancenews.com
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