TwentyFour Income Fund Raises £848,175 Through Equity Issue
Why we think this is good
The equity raise is priced at a small premium to the previous closing price, indicating strong investor demand. The relatively small size of the raise, compared to the company's market capitalization, suggests it is a strategic move to support growth and investment rather than a last resort funding measure. The stated purpose of using the funds to satisfy market demand and invest in accordance with the company's policy is positive.
Key Points
- TwentyFour Income Fund Limited has issued 750,000 new ordinary shares at 113.09 pence per share, raising £848,175
- The raise is priced at a 0.26% premium to the previous closing price of 112.80 pence
- The funds will be used to satisfy market demand and for investment in line with the company's investment policy
- The new shares represent a 0.1% increase in the company's total share capital
Summary
TwentyFour Income Fund Limited, the FTSE 250 listed investment company, has announced the issue of 750,000 new ordinary shares at a price of 113.09 pence per share, raising £848,175 (before costs and expenses). The purpose of the raise is to satisfy market demand and to raise money for investment in accordance with the Company's investment policy. The new shares represent a 0.1% increase in the company's total share capital. This equity raise appears to be a positive event, with the shares priced at a small premium to the previous closing price, indicating strong investor appetite.