22nd Jul 2020 19:09
(Alliance News) - TwentyFour Income Fund Ltd on Wednesday a fall in net assets and edged its dividend slightly lower.
Net asset value per share at its March 31 year-end came in at 94.19 pence, a 17% fall from 115.28p.
Shares in the company closed 0.5% lower at 101.50p each in London on Wednesday.
"The NAV performance of the company has varied during the year. It was broadly positive during the first three months as European asset-backed securities spread performance caught up with corporate credit after a slow start to 2019, before some weakness was felt during August and September 2019, though prices rebounded strongly into the end of the year. However, this has been completely overshadowed by the volatility felt across all financial markets since late February, as a result of the implications of a global shutdown in response to the Covid-19 pandemic," TwentyFour Income said.
Dividends declared during the period totalled 6.40p, down 0.8% from 6.45p.
By Eric Cunha; [email protected]
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