LEF to raise £15m through share placement

Ludgate Environmental Fund (LEF), a Jersey-based investment company, has announced that it proposes to raise up to £15m through a conditional placing of shares and take authority from shareholders to issue up to 25 million shares on a non-pre-emptive basis. 

The placing shares will be issued at 97.2 pence per share, which is equal to the company’s unaudited NAV per share as at 30 June 2010 of 98.8 pence, less the interim dividend of 1.7 pence per share declared.