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Strategic Equity Capital seeks to place new shares

05 June 2015 12:43

Strategic Equity Capital intends to introduce a placing programme for up to 20m ordinary shares in the company.

Since 2010, the company's issued share capital has been reduced by approximately 17.7m Shares through share buyback programmes and tender offers.

However, the Board has noted that the NAV per share has increased over the last three years from 101.96p as at 30 June 2012 to 218.63p as at 3 June 2015 andduring the course of the last six months, the shares have begun to trade at a premium to their net asset value.

To date this year, the company has issued (or sold from treasury) a total of 5,034,722 Shares, raising £10.787m to pursue the company's investment objectives. It is only able to issue a further 682,878 shares under its existing authorities and the block listing that is in place.

As a result, it is the Board's intention to seek shareholder authority to implement the placing programme.

At 12:43pm: (LON:SEC) Strategic Equity Cap. share price was +0.88p at 236.88p

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