Bermuda Stock Exchange-listed Utilico Emerging Markets Ltd. is considering offering a further issue of equity securities to raise up to £100 million ($200 million) and for a listing on the Channel Islands Stock Exchange.

The CISX listing will result in the existing ordinary shares qualifying for PEPs and ISAs.

The exempted, closed-end Bermuda incorporated investment company took the decision due to existing shareholder and new investor demand, particularly from private client fund managers who have expressed interest in investing in the company through PEPs and ISAs, and it is proposed to conduct a placing and offer of C shares at a price of 100p per C share, a statement from the company said.

It is intended that the net proceeds will be accounted for and managed as a separate pool of assets until conversion of the C shares into ordinary shares and conversion of the subscription shares into S shares of the company and will be applied in making investments in accordance with the company's existing investment objective.

Utilico proposes to apply for the existing ordinary shares, existing warrants, C shares and subscription shares to be admitted to the daily official list of the CISX.

This will allow individual investors to hold investments in the company, other than the existing warrants, through a PEP or the stocks and shares component of an ISA and thereby enable the company to broaden the depth of its shareholder base.

Utilico invests predominantly in infrastructure, utility and related companies in emerging markets. It was launched in July, 2005.

As at 31 October 2007, the company had an unaudited basic net asset value of £322.7 million and a reported unaudited diluted net asset value per ordinary share of 178.63p, having originally listed at 100p per share.

Charles Jillings, executive director, said: "This fund raising will enable UEM to build on its unique, specialised and established position in the infrastructure and utility sectors within the emerging markets, and will provide resources for the company to build more influential shareholding positions where appropriate".