Capital Gearing Trust has announced that, to meet the recent and continuing demand for its shares, its Board of Directors is now seeking an early renewal of its authority to issue further ordinary shares, for cash, on a non pre-emptive basis. Reflecting this, the trust has published a circular convening a general meeting to be held on 11 April 2016 at which a resolution will be put to shareholders to give the Board authority to disapply rights of pre-emption in respect of the allotment of up to 318,356 ordinary shares, which represents approximately 10% of the trust’s current issued share capital.
The trust says that new shares will only be issued at a premium to net asset value, to meet demand from investors and when the Board believes it is in the best interests of the Company and its shareholders to do so. The trust say that it intends to issue a prospectus in due course.
Capital Gearing is seeking authority to issue further ordinary shares: CGT