Odyssean Investment Trust PLC - Result of Issue
26 April 2018
Odyssean Investment Trust PLC (the “Company”) is pleased to announce that it has successfully raised gross proceeds of £87.5 million, with a total of 87,457,210 Ordinary Shares to be issued pursuant to the initial placing, offer for subscription and intermediaries offer (the “Initial Issue”) as described in the prospectus published by the Company on 26 March 2018 (the “Prospectus”). The Initial Issue price is 100 pence per Ordinary Share.
The net proceeds of the Initial Issue will be primarily invested in smaller company equities quoted on markets operated by the London Stock Exchange, where the Portfolio Manager believes the securities are trading below intrinsic value and where this value can be increased through strategic, operational, management and/or financial initiatives.
Applications have been made for the admission of 87,457,211 Ordinary Shares to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange (“Admission”). Admission is expected to occur at 8.00 a.m. on 1 May 2018 and the Ordinary Shares will trade under ticker OIT (ISIN: GB00BFFK7H57).
Stuart Widdowson, Managing Partner, Odyssean Capital LLP commented:
“We are delighted to have raised £87.5m for Odyssean Investment Trust PLC from investors, old and new, who understand our investment strategy and share our belief that the market environment is likely to become increasingly supportive of our distinctive investment approach. This outcome is a testament to the hard work undertaken by all of our advisors over the past few months and we thank everyone who has supported us so far.”
“Successful fundraising in a challenging market demonstrates the level of demand for our limited capacity, conviction based, long term strategy and we are pleased to have attracted such a diverse list of shareholders.”
Jane Tufnell, Chairman, Odyssean Investment Trust PLC commented:
“We would like to thank everyone involved in the successful initial fundraising for Odyssean Investment Trust PLC. The alignment of interests between management and shareholders is reflected in the Company’s strong corporate governance features, which seems to have resonated well with the investment community.”
“This is a difficult market for launching a new closed ended fund and we thank everyone who worked hard to make this a success. This outcome reflects the quality of the proposition and the effort made by all parties.”
This announcement is an advertisement for the purposes of the Prospectus Rules of the UK Financial Conduct Authority ("FCA") and not a prospectus. This announcement does not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer to subscribe for or to acquire, any ordinary shares in the Company in any jurisdiction, including in or into the United States, Australia, Canada, Japan, New Zealand or the Republic of South Africa.
Investors should not subscribe for or purchase any ordinary shares referred to in this announcement except on the basis of information in the prospectus (the "Prospectus") published by Odyssean Investment Trust PLC (the "Company") in connection with the proposed admission of its ordinary shares to the premium listing segment of the Official List of the FCA and to trading on the main market for listed securities of London Stock Exchange plc (the "London Stock Exchange").