The board of directors of the Buffettology Smaller Companies investment trust has decided not to proceed with the initial public offering, citing insufficient overall demand.
In a statement, Sanford DeLand Asset Management (SDL) said: "The company has received a broad level of support from a significant number of investors and has been encouraged with the response to the investment proposition, however, overall demand has not been sufficient to meet the minimum gross proceeds set out in the prospectus published by the company on 30 September 2020." It added that all funds committed by investors for the initial issue will be returned. SDL had previously said it was seeking to raise a minimum £100m at an issue price of 100p and that its new trust would list ...
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