Issue of Equity

RNS Number : 3765C

River & Mercantile UK Micro Cap Inv

15 October 2015

 



15 October 2015

River and Mercantile UK Micro Cap Investment Company Limited

Proposed Issue of Equity

River and Mercantile UK Micro Cap Investment Company Limited (the "Company") was launched in November 2014 and the Company achieved full investment within six months of IPO.  The Company has delivered strong NAV returns since launch with the net asset value ("NAV") up 17.6 per cent. to 115.20p and the Company's shares have traded at an average premium of 2.02 per cent to NAV over this period.  The portfolio manager is continuing to see a number of attractive opportunities in the Micro Cap sector and the Board believes that, subject to market demand, it would be appropriate for the Company to issue new ordinary shares to provide additional capital for investment.

Accordingly the board announces that it is seeking to undertake a placing of new ordinary shares of no par value in the Company (the "New Shares") (the "Placing") pursuant to the placing programme that commenced on 4 November 2014.  The issue price per New Share will be a 1.25 per cent. premium to the Company's net asset value per share as at close of business on 27 October 2015.

The Placing is expected to close at 2.00 p.m. (London time) on 28 October 2015, but may close earlier or later at the absolute discretion of the Company.

Application will be made for the New Shares to be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in the New Shares will commence at 8.00 a.m. on 3 November 2015.

The New Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares.

For further information please contact:

River and Mercantile Asset Management LLP James Barham Mark Thomas	[phone]
Winterflood Securities Limited	[phone]
Joe Winkley Neil Morgan

 

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