Smithson investment trust, the new global small- and mid-cap trust run by Terry Smith's Fundsmith, has smashed initial fundraising targets and looks set for the largest ever UK-listed trust launch after Neil Woodford's Patient Capital trust in 2015.
The board of Smithson initially targeted £250m for the new trust, but the figure was then raised to £600m following strong investor demand. However, this level has also now been exceeded and the board decided once again to increase the size of the initial issue. It has now raised a total of £822.5m, with trading in the new trust set to start at 8am on Friday, 19 October. The board of the trust said applications have been received under the initial issue for 82,250,956 ordinary shares, which will be issued at a price of £10 per share. The Smithson launch will be by far the biggest i...
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