Ruffer Investment Company has launched its first equity raise since 2010 to take advantage of investor demand while the company’s shares trade consistently above NAV.
Confirming plans announced in its annual review in July, the £686m Guernsey-based investment company said it would issue up to around £166.6m in new shares in response to this heightened demand. The issue is slated to benefit both new and existing shareholders who will be able to buy new shares "free of stamp duty" at 296.5p, slightly above their NAV of 290.3p on 9 November. The issuance is conditional, and still needs to be approved at Ruffer's general meeting in December. If the issue does not go ahead, any monies received by Ruffer will be returned without interest. Ruffer In...
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