Update: Smithson Trust board more than doubles fundraise target to £600m

Could be the biggest trust launch since Woodford trust

The board of Terry Smith's Smithson Trust has increased its fundraising target from £250m to £600m following strong investor demand.

According to a supplementary prospectus released this week, the company has decided to offer a further 35 million ordinary shares at at £10, meaning the maximum that can be issued now stands at 60 million. A placing programme allowing the trust to issue shares during the year following the launch has been expanded from 10 million to 15 million shares. The announcement comes following a "positive response from potential investors with indications of interest and orders already in excess of the company's expectations," according to the prospectus. It added: "The board has assessed th...