MAM plans £20m capital raising for Diverse Income trust

MAM Funds is planning a share issue for Gervais Williams' Diverse Income trust, through which it hopes to raise £20m of new assets.

The board of the £53m multi-cap income portfolio said it expects to hold the C-share issue in December. “The board is considering scaling up the company's capital base through a C-share issue targeting gross proceeds of £20m. "Any such fundraising would be expected to reduce the total expense ratio, as well as broaden the company's investor base to improve market liquidity for existing shareholders,” the firm said in a statement. “Any fundraising would be structured so as not to be dilutive to existing shareholders' NAV, with any costs being borne by subscribers of the C-share issu...