Williams raises further £28m for Miton UK MicroCap

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Gervais Williams has completed a £28m fundraising for his Miton UK MicroCap Trust at what he calls a “multi-decade turning point” for smaller companies.

He says it is encouraging to receive “such a warm reception” from investors in very difficult market conditions.

A statement to the stock exchange announced that the trust received applications for 59 million C-shares, to be issued at 50 pence each.

Of those, 6,239,200 C-shares were issued under offer for subscription and 3,564,300 fell under the intermediaries offer.

Net proceeds from the issue are expected to be approximately £27.4m.

Williams, who is also managing director at Miton, says: “We believe we are at a multi-decade turning point where the advantages of the vibrancy of the smallest quoted stocks [are] yet to be recognised.

“With world growth stalling there is now increasing interest in a universe of companies that has greater potential to sustain ongoing growth, especially if they come with the prospect of attractive dividends in the coming three to five years.”

The C-shares will trade under the ticker of MINC.

Peel Hunt is acting as sole sponsor, broker, placing agent and intermediaries offer adviser to the company.