Odyssean Investment (LON: OIT) Announces Fundraising Through Placing and Retail Offer

3 min read | July 12, 2024 12:56 AM PDT | By Team Kalkine Media

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Odyssean Investment Trust plc (LON: OIT) has unveiled plans for a significant fundraising initiative, aimed at bolstering its capital base to meet growing investor demand and strategic investment opportunities.

The Fundraising Initiative

The board of Odyssean Investment Trust plc has greenlit a dual-pronged approach to raise capital through a Placing and Retail Offer. This strategic move comes in response to heightened investor interest and market demand for OIT shares.

Placing Details

Under the Placing, Odyssean Investment Trust plc will issue new shares at a price set at a 1.0% premium to the last published cum-income Net Asset Value (NAV) per Share before the Placing closes. Winterflood Securities Limited will act as the placing agent, facilitating the transaction without underwriting.

Retail Offer via WRAP

Simultaneously, the company will undertake a Retail Offer through the Winterflood Retail Access Platform (WRAP). This initiative aims to allow existing retail shareholders to participate in the fundraising effort, leveraging an exemption from the Financial Services and Markets Act 2000 that bypasses the need for an approved prospectus.

Timeline and Pricing

The Issue Price for the Placing will be finalized and announced on 17 July 2024. This pricing strategy is designed to optimize shareholder value and attract new investors while exempting the new shares from stamp duty.

Utilization of Proceeds

The net proceeds from this fundraising endeavor will be deployed in alignment with Odyssean Investment Trust plc's established investment policy, focusing on enhancing the company's portfolio and maximizing returns for shareholders.

Regulatory and Shareholder Considerations

All shares issued as part of this fundraising initiative will be authorized by shareholders through a mandate granted at the company's annual general meeting in September 2023. These new shares will enjoy equal rights with existing shares, including the entitlement to dividends and other distributions.

Admission and Listing

Applications for the admission of these new shares to the premium listing segment of the Official List and trading on the London Stock Exchange's main market for listed securities will be submitted to the Financial Conduct Authority and the London Stock Exchange, respectively.

In Summary, OIT's decision to pursue this dual fundraising strategy reflects its commitment to capitalizing on market opportunities and meeting investor demand. With Winterflood Securities facilitating the Placing and WRAP Retail Offer, the company aims to strengthen its financial position and deliver enhanced value to shareholders amidst a dynamic market environment.

This comprehensive approach underscores Odyssean Investment Trust plc's proactive stance in navigating the financial landscape while positioning itself for sustained growth and value creation in the investment market.

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