12th Jul 2021 07:34
Twentyfour Income Fund Ltd - closed-ended fund which targets less-liquid, higher-yielding asset-backed securities - Net asset value per share 112.75 pence on March 31, up 20% from 94.19p a year prior. Year-end total net assets at GBP573.4 million, up 21% from GBP475.4 million. Total dividend 6.41p per share for the year, marginally up from 6.40p the previous year.
Chair Trevor Ash says: "There is clearly a material negative impact on the global economy, and despite the significant amount of central bank and government support this will lead to an increase in arrears and loan defaults generally in both consumer and corporate lending markets, as well as an increase in credit ratings downgrades in future, which may yet have an impact on the investments held by the company. However, following conversations with the portfolio managers, I remain comfortable that neither income, nor capital is at risk of the expected normalisation of the global economy and the unwind of consumer and corporate support mechanisms."
Hires John de Garis and John Le Poidevin as non-executive directors, effective from last Friday. Garis is director and chief investment officer of Rocq Capital following the management buyout of Edmond de Rothschild (CI) Ltd, where he has worked since 2008. Le Poidevin is an accountant who was an audit partner at BDO LLP. Also notes Le Poidevin is a non-executive director of International Public Partnerships Ltd and BH Macro Ltd.
Current stock price: 110.50p on Friday
Year-to-date change: up 4.3%
By Scarlett Butler; [email protected]
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