LONDON (Alliance News) - Manchester & London Investment Trust PLC on Wednesday said a company controlled by the owner of its manager has subscribed to GBP8.8 million worth of shares.
M&L Investment Co PLC, controlled by M&L Capital Management Ltd owner Mark Sheppard, took 1.8 million shares at 485.8 pence each.
After the deal, Sheppard will hold 58% of Manchester & London.
Director Brett Miller said: "We are very pleased to have the support of our major shareholder in providing funding at the latest reported net asset value, which is higher than the current market price.
"The larger the fund gets the more liquid the trading in its shares become. Liquidity is good."
Shares were 0.3% lower on Wednesday at a price of 431.77p each.
Manchester&lon. (MNL)