TwentyFour credit fund raises £3.43M in new share placement
What's the deal? TwentyFour Select Monthly Income Fund (SMIF)Dealroom has a profile for this one. Try Dealroom → has issued 4,000,000 new ordinary shares at 85.76 pence each, raising £3.43 million before expenses. The Guernsey-based, London-listed closed-ended fund used its existing Block Listing facility to complete the placement.
Why now? SMIF said the placement met investor demand and would fund investments aligned with its strategy. Block Listing let it issue shares efficiently without a separate prospectus for each transaction.
What's the endgame? The fund invests in diversified credit securities, targeting premium returns from less liquid instruments across the debt spectrum. The fresh capital supports further deployment into those credit opportunities.
After the issuance, SMIF's total issued share capital rose to 373,856,026 ordinary shares. That figure is the denominator shareholders use to assess notification requirements under the Financial Conduct Authority's Disclosure and Transparency Rules.
SMIF is registered as a Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission. Deutsche NumisDealroom has a profile for this one. Try Dealroom → acts as broker, with Northern Trust International Fund Administration Services (Guernsey)Dealroom has a profile for this one. Try Dealroom → handling administration.
The signal: Incremental equity raises via Block Listing are a routine tool for listed closed-ended funds tapping demand. For SMIF, the placement adds firepower to a strategy built on harder-to-access corners of the credit market.
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