Issue of Equity

RNS Number : 9360R

TwentyFour Income Fund Limited

01 November 2013

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

1 NOVEMBER 2013

TWENTYFOUR INCOME FUND LIMITED

(a non-cellular company limited by shares incorporated in the Island of Guernsey under the Companies (Guernsey) Law 2008, as amended, with registered number 56128 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission)

Issue of equity

Further to the announcement of 18 October 2013, the Board of Directors (the "Board") of TwentyFour Income Fund Limited (the "Company") is pleased to announce that the placing has closed, raising GBP 55 million before costs and expenses through the issue of 50,091,075 new ordinary redeemable shares of 1p each in the capital of the Company (the "New Shares") under the Placing Programme (as described in the Company's Prospectus published on 19 February 2013).

The placing was significantly oversubscribed and the Board has decided that it is in Shareholders' interests to modestly increase the size of the Issue beyond the GBP 30-50 million targeted. The Board does not currently intend to approve any material further issues of new shares under the Placing Programme. It may approve further issues for the purposes of premium management, but any new shares issued would be priced at a premium to NAV consistent with the Company's dividend target.

The New Shares were issued at 109.8 pence per share, a 2% premium to the manager's estimate of the current NAV and a 2.25% premium to the NAV as at 25 October 2013.

Applications will be made for the new Ordinary Shares to be admitted to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange. Admission is expected to become effective, and dealings in the Ordinary Shares to commence, at 8 a.m. on 6 November 2013.

For further information, please contact:

Numis Securities Limited

Nathan Brown

[phone]

TwentyFour Asset Management LLP

John Magrath / Alistair Wilson

[phone]

 

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