Shares in Darwen Capital, the newly-created investment company backed by Peter Seabrook, former SG Asset Management (SGAM) fund manager, started trading at 22p, representing a significant premium over cash in its balance sheet.

The debut, which put Darwen trading at a premium equivalent to 3p a share, marks a return to fund management for Seabrook, who is a 7% shareholder in Darwen. Although the former UK equity manager is serving as a non-executive director, he will play an active role at Darwen.