Miton raises additional £28m for UK micro cap trust

Second round of fundraising

Miton has raised an additional £28m for its UK MicroCap investment trust following the latest round of fundraising.

The firm said it had received applications for 56m C shares priced at 50p per share and the net proceeds of the issue would be £27.4m. The process began at the start of February with the firm targeting £30m to make further investments in micro-cap stocks within the portfolio and improve the vehicle's liquidity. The trust was launched in April 2015 and raised £50m. A further 10% of share capital was issued during August and September 2015. Manager Gervais Williams (pictured) said: "We believe we are at a multi-decade turning point where the advantages of the vibrancy of the smallest...