Impax Asian Environmental Markets in £131m C share issue

Impax Asian Environmental Markets has raised £131 million ahead of a C share issue.

A total of 131 million shares, priced at 100p each, have been issued by the trust and under the open offer applications have been received for around half of these.

A further 2.55 million C shares were applied for under the offer for subscription.  The balance will be issued pursuant to the placing, with all of the C shares being admitted to the UK Listing Authority next week.

Since the trust’s launch in 2009, it has built up £144 million in assets and trades is the only trust in its environmental and alternative energy sector trading at a premium.

While Impax trades at a premium to net asset value (NAV) of 4%, its peers Jupiter Green Investment Trust and BlackRock New Energy trade at wide discounts of 22% and 17.4%, respectively.

Shares in Impax Asian Environmental Markets are priced 125p, and its NAV per share stands at 122p.