TwentyFour Income Fund Raises £2.2M Through Equity Placing
Why we think this is good
The equity raise announced by TwentyFour Income Fund Limited appears to be a relatively small and well-received transaction. The raise amount of £2,230,600.00 is only a small fraction of the company's £840.94M market capitalization, and the 0.42% discount to the previous closing price of 112.00 GBp is very modest. The purpose of the raise is to fund growth, which is a positive sign, and the dilution to existing shareholders is relatively small.
Key Points
- TwentyFour Income Fund Limited raised £2,230,600.00 through an equity placing
- 2,000,000 new ordinary shares were issued at 111.53 pence per share, a 0.42% discount to the previous closing price
- The funds will be used for investment in line with the Company's investment policy
- The new shares represent approximately 0.27% of the Company's enlarged issued share capital
Summary
TwentyFour Income Fund Limited, the FTSE 250 listed investment company, has raised £2,230,600.00 through the issue of 2,000,000 new ordinary shares at a price of 111.53 pence per share, representing a 0.42% discount to the previous closing price of 112.00 pence. The funds will be used to satisfy market demand and for investment in accordance with the Company's investment policy. The new shares represent approximately 0.27% of the Company's enlarged issued share capital.