Buffettology Smaller Cos Cancels London IPO Plans On Muted Demand

(Alliance News) - Buffettology Smaller Companies Investment Trust PLC on Monday abandoned its ...

Alliance News 26 October, 2020 | 9:40AM
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(Alliance News) - Buffettology Smaller Companies Investment Trust PLC on Monday abandoned its plans to float on the Main Market of the London Stock Exchange, blaming lower demand for its shares.

The company, which planned to followed billionaire US investor Warren Buffett's investment style of "Business Perspective Investing", said it has decided not to proceed with the initial issue at the "current time" as overall demand for its shares has not been sufficient to meet the minimum proceeds set out in the company's IPO prospectus.

The investment trust plans to return all funds committed by investors pursuant to the IPO.

Buffett's Business Perspective Investing is the philosophy of investing in businesses at a fair price.

In September, Buffettology Smaller Companies had announced its intention to list on the LSE and raise a minimum of GBP100 million.

Sanford DeLand was slated to serve as the company's investment manager, led by Sanford Deland's Chief Investment Officer Keith Ashworth-Lord. Sanford DeLand currently manages GBP1.4 billion across two open-ended funds, the CFP SDL UK Buffettology Fund and the Free Spirit Fund.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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