Ruffer raises £41m in latest share offer

The company said the offer was launched to give retail investors access to new shares, adding that they represented a large proportion of the buyers in the offer.

Ruffer added that it saw strong demand for its shares, resulting in them trading at a 5.5% premium to its net asset value prior to the share offer.

The company was required to publish a prospectus to continue its regular issuance program, with its board using this opportunity to launch the offer and allow retail investors to participate.  It added that regular tap issuance will continue as long as there is demand from shareholders.

Ruffer announced last month that it would issue £167m in new shares in response to investor demand, in its first equity raise since 2010.

Ruffer to issue £167m in new shares in response to investor demand

Chris Russell, chair of the Ruffer Investment Company, said: “We are pleased to have been able to provide current and new shareholders with a direct route to participate in the company’s growth through this share offer.

“We are particularly happy to have provided retail investors with access to newly issued shares on the same basis as institutional investors and to see retail shareholders participating in the share offer.  

“At a time when factors such as inflation and Covid-19 have left markets unsettled, we remain confident that the company’s investment philosophy of targeting steady, positive annual returns in all conditions will continue to serve our shareholders well”.

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