River & Mercantile UK Micro Intends GBP12 Million Share Buyback

LONDON (Alliance News) - River & Mercantile UK Micro Cap Investment Co Ltd on Wednesday said it ...

Alliance News 11 July, 2018 | 6:08PM
Email Form

LONDON (Alliance News) - River & Mercantile UK Micro Cap Investment Co Ltd on Wednesday said it will return GBP12 million to shareholders through a compulsory redemption.

The closed-ended investment company will pay 216.59 pence per share and roughly 10.6% of its issued shares will be cancelled. This is equal to the company's net asset value price of 216.60p minus expenses.

The investor said it uses these redemptions to return its net asset value to GBP100 million from GBP112 million.

"At this level of NAV the company is able to exploit fully the underlying investment opportunity in micro cap companies," River & Mercantile UK Micro said in a statement.

Shares in River & Mercantile UK Micro closed up 0.1% at 197.60p on Wednesday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
River and Mercantile UK Micro Cap Ord 208.28 GBX 0.13
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.