Ofex fund to raise £10m

Scottish Value's Ofex, launching in September, will operate as a quasi open-ended fund, expanding or contracting in line with demand for its shares. The group is hoping to raise £10m through an institutional placing, but Colin McLean said the SVM Ofex fund will be run as a quasi-open ended investment company. In practical terms this means Scottish Value will issue shares when there is demand for them and buy them in when there is a overhang in the market. This should ensure the fund's shares trade close to NAV, according to McLean. Shares in the fund will also be available to investors i...