Williams' MicroCap trust raises £4m in first share issue

Miton's UK MicroCap trust has announced its first share issue since launch in April, raising an additional £4.3m.

The board of the trust, which is managed by Gervais Williams, said existing investors had indicated they wanted to increase their shareholding in the trust, following its "early progress". Miton said on Tuesday it intended to issue as many as 9.9 million new shares. However, it ultimately issued 8 million new shares at 53.6p each on the day, with dealings beginning on 6 August. The new share issue has increased the trust's market cap to £54m. The trust has invested over 80% of the £50m it raised during its offer period earlier this year and is expected to be fully invested shortly. ...