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By Bradley Gerrard | Published Jul 16, 2012

Mam Funds income trust fundraising falls short

Mam Funds’ smaller company investing star Gervais Williams has raised £30m in a C-share issue on his Diverse Income Trust - £20m below target.

The former head of smaller companies at Gartmore had hoped to virtually double the size of the £48.3m trust with a £50m share issue, but while the issue has completed successfully it only raised £30m.

Michael Wrobel, chairman of the trust, said the board was “wholly focused on maximising risk-adjusted returns for shareholders”.

“Following this successful C-share issue, it is pleasing to note that both the existing and the new shareholders can look forward to a reduction in the total expense ratio (TER) and the added market liquidity of the enlarged trust,” he said.

The expected net asset value (NAV) per C-share at admission will be 48.8 pence. The conversion of the C-shares to ordinary shares will be announced later.

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