Fundsmith's £222m Emerging Equity trust (FEET), run by veteran manager Terry Smith (pictured), has implemented a placing programme for up to 10 million new ordinary shares to increase the trust's assets under management.
In a prospectus published alongside the placing, the company said the programme has been been implemented to "satisfy market demand and enable the company to raise additional capital". The placing programme will be implemented over a period from 31 August 2016 to 30 August 2017, should the board decide that market conditions are appropriate. The company aims to be flexible and will have a number of closing dates to allow the trust to issue and allot ordinary shares over a period of time. Smith invests just 15% of Fundsmith EM trust in first five weeks In a statement, the board l...
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