London Stock Exchange today welcomes Miton UK MicroCap Trust plc
London Stock Exchange today welcomes Miton UK MicroCap Trust plc following its successful IPO and the commencement of dealings in the Company’s shares on 30 April 2015
The Company intends to invest primarily in the smallest companies, measured by their market capitalisation, quoted or traded on an exchange in the United Kingdom at the time of investment. It is likely that the majority of the MicroCap Companies held in the Company’s portfolio will be quoted on AIM and will typically have a market capitalisation of less than £150 million at the time of investment
The Company has issued 100 million ordinary shares at a price of 50p per share, raising gross proceeds of £50 million. The shares have been admitted to trading on the Main Market and to the premium segment of the Official List of the UKLA
Miton fund manager, Gervais Williams, said:
"Many microcap companies sustain growth in their turnover and cash generation even when world growth is subdued. Therefore, now is a great time to set up a microcap fund that can take advantage of this environment where many AIM stocks are delivering strong earnings growth. There is an unusually large opportunity set of sub-£150m stocks, which in the main are overlooked by professional fund managers. The new Miton UK MicroCap Trust will be taking a genuinely active approach to a universe of stocks that has not only delivered some of the best long term performance, but which also has greater scope for active stock picking."
Peel Hunt acted as sole sponsor, broker, placing agent and intermediaries offer adviser to the Company. The legal advisers to the Company were Stephenson Harwood and to the sponsor were Wragge Lawrence Graham. E&Y acted as accountants and the financial PR was managed by Broadgate Mainland. Capita Company Secretarial Services are Company Secretary