Miton UK MicroCap trust in £30m fundraise

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Miton is seeking £30m of new money for its UK MicroCap Trust, which launched last year.

The board of the investment trust has decided to issue 250 million new shares over the next 12 months, initially targeting a fundraise of £30m.

The UK MicroCap Trust, run by Gervais Williams, has invested all the initial money raised when the trust was launched.

Gervais Williams, fund manager Miton UK Microcap, says: “With world growth stalling there is a renewed interest in assets that can generate ongoing growth with the prospect of attractive dividends in the coming three to five years.

“The smallest quoted stocks often have the greatest vibrancy and despite the unsettled markets our investment strategy continues to identify new holdings with attractive risk-reward ratios.”

Williams says he sees a “strong pipeline” of investment opportunities that are not currently held by the trust.

The trust’s shares have traded at a premium to net asset value, averaging 4.9 per cent since launch. NAV performance has risen by 5.8 per cent since launch.