Investors want more BlueCrest shares

15th Sep 2010 07:40

Strong demand for its shares has prompted investment company BlueCrest AllBlue Fund to increase its shares in issue by just under one-tenth through a share placing."This proposed placing responds to the considerable demand we have witnessed from investors following the company's successful £349m fund raising in June," said chairman Richard Crowder. "BlueCrest AllBlue is performing well and is trading at a premium to net asset value. BlueCrest remains confident that it represents an attractive opportunity in current market conditions," Crowder added.The company intends to issue up to 46.4m new sterling shares, up to 0.98m new euro shares and up to 5.25m new US dollar shares.The precise number of shares to be issued and the price at which they will be placed have yet to be determined. The placing price will be determined by reference to the prevailing net asset value and share price for each class of placing share The company said the book-building for the placing is expected to complete at 3pm on 22 September.The funds from the placing will be invested in shares of AllBlue in accordance with the company's investment objective and policy, with most of the money expected to be invested by the beginning of October.