Miton raises £50m for Williams' UK MicroCap trust

Miton's new UK MicroCap trust has raised almost £50m during its IPO period, the company has announced.

The trust issued 7.5 million shares under the offer for subscription and a further 16.9 million under the intermediaries offer, raising £49m in total. It will list on AIM on 30 April. On publication of its prospectus earlier this month, the trust's board had said it was targeting as much as £100m. The trust will invest in a range of UK equities, with invested companies normally having a market cap of £150m or less at the point of investment. When it announced its intention to launch the portfolio, Miton said it will typically hold 120 positions or more when fully invested, in an ef...