Impax Environmental Markets PLC (LON:IEM) is to ask shareholders for permission to issue more shares after consistent demand from investors.
The sustainable-focused investment trust said that it uses the issue or buyback of shares to ensure the shares trade close to their underlying net asset value per share.
IEM added it has already issued just over half of 2021’s permitted allotment of 23mln shares (10%) even though it was only given permission at the AGM in May.
To avoid a situation where the share price gets too far above the underlying asset value, IEM wants approval to issue a further 12.2mln share or 5% of the total currently in issue.
More shares in issue will also allow it to consolidate its position in the FTSE250 index, added the trust.
Impax Environmental is managed by Impax Asset Managers PLC (LON:IPX)