TwentyFour's SMIF raises £830,000 in new share issue
What's the deal? TwentyFour Select Monthly Income Fund (SMIF)Dealroom has a profile for this one. Try Dealroom → has raised £829,900 before costs by issuing 1,000,000 new ordinary shares at 82.99 pence each. The Guernsey-based, London-listed closed-ended fund placed the shares under its existing Block Listing facility.
Why now? SMIF said the issue was designed to meet investor demand and fund new investments in line with its strategy. The Block Listing facility lets the fund issue equity efficiently without a separate prospectus for each transaction.
What's the endgame? SMIF invests across the debt spectrum, holding a diversified portfolio of credit securities. It targets premium returns from less liquid instruments that are harder to access through traditional open-ended funds.
After the placement, SMIF's total issued share capital stands at 379,556,026 ordinary shares — the figure shareholders must use to calculate disclosure thresholds under the Financial Conduct Authority's Transparency Rules.
What could go wrong? The fund's focus on less liquid debt carries risks tied to asset valuation and liquidity.
The signal: Routine top-ups through Block Listing facilities let income-focused credit funds like SMIF scale with demand, raising fresh capital quickly to put to work across the debt market.
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