20th Jan 2015 09:02
LONDON (Alliance News) - TwentyFour Select Monthly Income Fund Ltd Tuesday said it is to issue up to 25 million new shares to investors, with its investment manager looking to invest the proceeds to help meet its dividend target.
According to TwentyFour Select Monthly Income Fund, investment manager TwentyFour Asset Management LLP has highlighted a number of investment opportunities due to "recent macroeconomic developments".
"The board and the investment manager therefore believe that the issue is in shareholders' interests as it will further enlarge the company and diversify and enhance the existing portfolio," TwentyFour Select Monthly Income Fund said in a statement.
"It is expected the proceeds of the issue can be invested on a basis consistent with the company's dividend target. No further issuances of shares for cash will take place until any funds raised under the issue have been substantially invested," TwentyFour Select Monthly Income Fund said.
The share issuance is expected to close on January 30, although it may close earlier.
The pricing of the issue will be published on January 29 and will be approximately a 2% premium to net asset value on January 28, the fund said.
TwentyFour Select Monthly Income Fund shares were down 0.2% at 96.70 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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