TwentyFour credit fund raises £1.3 million in fresh share issue
What's the deal? TwentyFour Select Monthly Income Fund (SMIF)Dealroom has a profile for this one. Try Dealroom →, a Guernsey-registered closed-ended investment company, issued 1,500,000 new ordinary shares at 84.63p each, raising gross proceeds of £1,269,450 before costs. The shares were placed under SMIF's existing Block Listing facility to meet investor demand and fund new investments.
Why now? The Block Listing structure lets SMIF issue shares incrementally without a fresh prospectus each time, a common approach for closed-ended funds trading near net asset value. Following the issue, its total issued share capital stands at 378,556,026 ordinary shares.
What's the endgame? SMIF invests in a diversified portfolio of credit securities across the debt spectrum, targeting premium returns from less liquid instruments. Its London Stock ExchangeDealroom has a profile for this one. Try Dealroom → listing gives investors exchange-traded access to a portfolio that would otherwise be difficult to reach directly.
The fund operates as a non-cellular company limited by shares under the Companies (Guernsey) Law 2008 and 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, while Northern Trust International Fund Administration Services (Guernsey)Dealroom has a profile for this one. Try Dealroom → handles fund administration.
The signal: Repeated incremental issuance is a sign of steady demand for credit-focused income vehicles. The pace and pricing of future share issues will indicate how much appetite investors have for SMIF's strategy.
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