(Alliance News) - Manchester & London Investment Trust PLC said Wednesday that M&M Investment Co, controlled by investment manager and controlling shareholder Mark Sheppard, has subscribed for 1.3 million shares in the company.
The company said M&M Investment subscribed for 1.3 million shares at 609.5 pence, being the price equal to Manchester & London's latest reported net asset value, GBP7.6 million in total.
Brett Miller, director of the company, said: "We are very 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 proceeds of the subscription will provide further investment funds to enable the company to
grow, increase liquidity in its shares and spread the fixed costs of the company," Miller said.
Following the subscription, Mark Sheppard, via M&M Investment Co, will be interested in a total of 19.7 million shares of 25 pence each, representing 58.3% of the company's issued share capital, as enlarged by the subscription.
Manchester & London Investment Trust shares were trading 0.2% higher in London at 594.04 pence each on Wednesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Manchester&lon. (MNL)