TwentyFour Select Monthly Income Fund Limited Issues New Shares
Why we think this is neutral
The share issue is relatively small in size, with a modest discount to the current share price, suggesting limited impact on the company's performance and valuation. However, the lack of additional financial information and details on the company's investment plans makes it difficult to assess the long-term implications of the share issue.
Key Points
- 750,000 new ordinary shares issued at 86.70 pence per share
- Raise of £650,250 (before costs and expenses)
- Purpose is to satisfy market demand and raise funds for investment
- Total issued share capital will be 275,324,331 ordinary shares
Summary
TwentyFour Select Monthly Income Fund Limited (SMIF) has announced the issue of 750,000 new ordinary shares at a price of 86.70 pence per share, raising £650,250 (before costs and expenses) under the Block Listing. The purpose of the share issue is to "satisfy market demand and to raise money for investment in accordance with the Company's investment policy". Following the issue, the company's total issued share capital will be 275,324,331 ordinary shares.