City of London Investment Trust Sells Shares from Treasury
Why we think this is good
The equity raise is a relatively small transaction, representing only 0.04% of the company's issued share capital. Importantly, the shares were sold at a negligible 0.02% discount to the previous closing price, indicating strong investor demand for the company's stock. The purpose of the raise is to sell treasury shares, which is a common practice and does not suggest any funding needs or concerns. Overall, the raise appears to be a positive event for the company, with no significant negative factors identified.
Key Points
- Sale of 100,000 ordinary shares from treasury
- Shares sold at 472.0p per share, a negligible 0.02% discount to previous close
- Raise represents only 0.04% of issued share capital
- Purpose is to sell treasury shares, a routine practice
Summary
The City of London Investment Trust has announced the sale of 100,000 ordinary shares from treasury at a price of 472.0p per share, representing a negligible 0.02% discount to the previous closing price of 471.88p. The raise is a relatively small transaction, amounting to only 0.04% of the company's issued share capital. The purpose of the raise is to sell treasury shares, which is a common practice and does not indicate any funding needs or concerns. Overall, the raise appears to be a positive event for the company, with no significant negative factors identified.