City of London Investment Trust Sells Shares from Treasury
Why we think this is good
The equity raise by the City of London Investment Trust is a positive development, as it is a small, non-dilutive transaction conducted at the current share price with no discount. This suggests strong investor demand for the company's shares and does not raise any significant concerns.
Key Points
- Sale of 350,000 ordinary shares from treasury
- Shares sold at current market price of 524.0p per share
- No discount to the previous closing price
- Represents approximately 0.07% of issued share capital
Summary
The City of London Investment Trust has announced the sale of 350,000 ordinary shares from its treasury, representing approximately 0.07% of its issued share capital. The shares were sold at the current market price of 524.0p per share, with no discount. This is a positive development as it suggests strong investor demand for the company's shares and does not represent a dilutive capital raise. The purpose of the transaction is to sell treasury shares, rather than raise new capital, which is a neutral event.