Rice and Russell raise £50m for Sanditon investment trust

Chris Rice and Tim Russell have annnounced the fundraising for their first offering through new firm Sanditon Asset Management was oversubscribed.

They raised the £50m they had targeted for the Sanditon investment trust, with ordinary shares priced at £1 each. Some 13,494,900 ordinary shares will be issued pursuant to the offer and 36,505,100 will be issued under the placing. The bookbuilding process for the offer for subscription closed on 16 June and the placing closed on 23 June. Russell, co-founder of the firm and manager of the trust, said: "Sanditon Asset Management is delighted to have received such broad support for our first product. This is an exciting time for the group and, as the prospectus outlined, we look for...