29th Nov 2018 16:01
LONDON (Alliance News) - TwentyFour Income Fund Ltd said Thursday it has raised GBP23.1 million through the placing of 20.0 million shares at a price of 115.3 pence each.
The shares were issued at a premium of 2% to the unaudited net asset value per share as of last Friday, which stood at 113.06p.
Shares in TwentyFour were trading down 0.3% Thursday afternoon at 116.45p each.
An application will be made for the new shares to be admitted to the Main Market next Tuesday.
Following the issue, TwentyFour's issued share capital will be 415.8 million.
When the placing was announced last Monday, the fund said it was raising capital in response to continued investor demand and favourable conditions emerging in the asset-backed securities market.
The fund, which is focused on investing in a diversified portfolio of UK and European asset backed securities, said there is significant opportunity to deploy additional funds with favourable returns given prevailing market conditions.
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Twentyfour Inc