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Miton UK Microcap to raise £30 million through share issue

Small company investment trust run by Gervais Williams and Martin Turner plans £30 million share issue.

Miton UK Microcap to raise £30 million through share issue

The Miton UK Microcap (MINI ) investment trust is to return to the market to raise a further £30 million through a share issue following the £50 million it raised at launch in April last year.

The small companies fund, run by Citywire AA-rated Gervais Williams (pictured) and Martin Turner, had already raised an additional £5 million in second-round funding between August and September last year.

The new capital will enter the market at 50p a share, a small discount to the current 52.8p share price.

‘With world growth stalling there is a renewed interest in assets that can generate ongoing growth with the prospect of attractive dividends in the coming three to five years,’ said Williams.

‘The smallest quoted stocks often have the greatest vibrancy and despite the unsettled markets our investment strategy continues to identify new holdings with attractive risk-reward ratios. 

‘Investors seeking a different investment proposition in a group of assets that are less correlated with markets are indicating they have an interest in supporting the C share issue.’

Since launch, Williams and Turner have grown the net asset value (NAV) by around 5.4%, compared to a 3.8% drop in the Numis Smaller Companies index.

The shares are up 5.6% from their 50p issue price, trading on a small 0.5% premium, according to Numis. The premium had reached as high as 9.1% towards the end of last year.

The trust is also proposing that it be given the ability to issue a further £95 million-worth of shares over the next 12 months. It said this facility would 'enable the company to issue new shares tactically so as to better manage the premium to NAV at which the shares may trade'.

1 comment so far. Why not have your say?

Keith Cobby

Feb 02, 2016 at 17:29

Why doesn't it propose a merger(s) with other trusts instead?

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Daniel Godfrey: help me launch The People’s Trust!

by Gavin Lumsden on Oct 23, 2016 at 00:01

Sorry, this link is not
quite ready yet