Downing Strategic Micro-Cap Investment Trust Plc IPO

 

Downing Strategic Micro-Cap Trust Plc has announced its intention to float 

 

Public market deals

Downing Strategic Micro-Cap Investment Trust Plc

Downing Strategic Micro-Cap Investment Trust plc has announced its intention to float on London's Main Market in a £100m IPO, with a price per share of 100p. The announcement was made on Monday 20th March 2017 and the firm will be advised by Stockdale Securities.

The Downing Strategic Micro-Cap Investment Trust (‘Trust’) seeks to provide shareholders with long-term capital growth through a concentrated portfolio of listed UK micro-cap companies. The Trust is targeting a return of 15% p.a. compound over the long term.

Downing intends to use funds raised via the IPO to make 12–18 investments.

 

Highlights

  • Experienced manager: the Trust will be managed by the Downing Public Equity team. This team is headed by Judith MacKenzie, who has a proven track record in micro-cap investing and was named Fund Manager of the Year 2013 and 2015
  • Opportunity for long term structural growth
  • Diversified portfolio: the Trust aims to take equity stakes of 3%–25% across a concentrated portfolio of 12–18 UK micro-cap companies
  • Potential returns: the Trust is targeting a return of 15% p.a. compound over the long term (with a three to seven year investment horizon)
  • The value in smaller companies
  • Fees: 1% based on market capitalisation; no performance fee
  • Robust discount control

 

About Downing

Downing invests in small companies through venture capital, private equity and public equity. Downing was established in 1986 and currently manages over £800m of assets.   

 

Timetable

  • Publication of the Prospectus: 24th March 2017
  • Offer for subscription closes: 27th April 2017
  • Intermediaries Offer closes: 27th April 2017
  • Publication of results of the Issue: 3rd May 2017
  • Admission of and dealings in ordinary shares: 9th May 2017

This information is issued by, and is the sole responsibility of SyndicateRoom and any application to participate in the Offer can and will only be made on the basis of the Prospectus, together with any supplements thereto.

 

Public market deals