The People’s Investment Trust PLC has pulled its planned launch at this time as, despite a significant level of interest from retail investors, the company said it has “not raised sufficient capital to reach a level considered by the Directors to be viable”.
In a statement, Daniel Godfrey, chief executive of The People’s Trust, said: “There was every indication that had we achieved critical mass, The People’s Trust would have gone on to thrive. Disappointingly, this was not to be."
Godfrey added: “Unfortunately, retail investor interest alone, whilst substantial, was not enough in the absence of sufficient additional support from institutional investors and discretionary wealth managers.”
He said that all investors who subscribed for shares will receive a full refund.
The People’s Investment Trust CEO concluded: ““It’s always hard to break the mould. While we have not succeeded on this occasion, the case we have made for a fundamental change in the investment chain has definitely left some cracks.”