Bolton's Fidelity China looks to raise £162m

Fidelity is looking to raise £162.1m in a new share issuance on its China Special Situations trust, run by Anthony Bolton.

Less than a year after the investment trust was launched, Fidelity is issuing the 166,250,000 C shares to satisfy demand for the product, subject to shareholder approval. In a stock exchange announcement released this afternoon, the board says: "The company was launched on 19 April, 2010 with the board having the authority to issue shares equal to 10% of the current share capital without pre-emption. "Since initial listing, the ordinary shares have traded on average at a premium of over 6% to the NAV per ordinary share. In order to meet demand notably from regular investors, the compa...