Manchester & London manager invests £5.3m – Manchester & London Investment Trust has announced that M&M Investment Company Plc (“MMIC”), a company controlled by Mark Sheppard, the owner of M&L Capital Management Limited, the company’s manager, and a controlling shareholder in the company, has today subscribed for 994,575 new shares at 532.9p the price equal to the latest reported net asset value. The consideration paid was £5.3m.
Brett Miller, a director, said: “We are very pleased to have the support of our major shareholder in providing funding at the latest reported NAV, which is higher than the current market price. The larger the fund gets the more liquid the trading in its shares become. Liquidity is good.” [a sentiment that we agree with]
Transactions like these were approved by shareholders at the general meeting of the company held on 15
January 2019.
Following the subscription, Mark Sheppard, via MMIC, will be interested in a total of 16,694,909 shares, representing 56.86% of the issued share capital.
MNL : Manchester & London manager invests £5.3m