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TwentyFour Income plans share issue

TFIF : TwentyFour Income plans share issue

TwentyFour Income Fund plans to issue c9.99% of its issued share capital (26.69m shares). The managers say that as a consequence of the recent announcement by the ECB concerning the launch of the ABS Purchase Programme, they believe spreads in European ABS will compress further, increasing the prospect of further capital gains. The issue is only open to qualified investors and the shares will be issued at a 5% premium to NAV (adjusted for the upcoming dividend for the year ended 30 September which the new shareholders won’t get), enhancing the asset value for existing shareholders.

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