- Stock picker Buffettology Smaller Companies Investment Trust pulled a £100 million initial public offering, blaming inadequate demand for its shares.

The company was planning to emulate famed billionaire Warren Buffett's investment style.

It said it had received 'a broad level of support from a significant number of investors', but not enough demand to meet the minimum £100 million set out in its prospectus.

The IPO would therefore not proceed 'at the current time' and all funds already committed by investors would be returned.

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