Mam Funds income trust fundraising falls short
Group raises £30m for Gervais Williams trust, short of target of £50m of new investments.
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.