FINANCE: Picton plans to raise £25m through the placing of 39.2m ordinary shares priced at 63.8p each.
Around 90% of the proceeds of the share placing will be put towards further acquisitions, while the rest will be invested in the company’s existing portfolio.
The placing follows on from a £35m equity raise in May, which is now invested in two assets valued at a combined £31m with a yield of 7.3%. Picton also spent £4m of the equity on its existing portfolio.
The company’s net assets are valued at £273.7m as of the end of September, a 31% increase on March’s figure.
