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Twentyfour Income Fund Ltd - closed-ended fund which targets less-liquid, higher-yielding asset-backed securities - Increases its minimum annual dividend target by 14% to 8 pence per share from 7 pence, with minimum quarterly dividends increasing 14% to 2 pence per share from 1.75 pence per share. Says it will continue to distribute all its annual net income to shareholders through a final balancing dividend.
"TFIF has continued to exceed the company's original annual dividend target of 6 pence per share since IPO in 2013 which is a fantastic achievement given the prolonged low interest rate environment. Now that rates have risen, we are pleased to be able to pass on the benefits of our floating rate exposure and strong cashflows to TFIF shareholders," Chair Bronwyn Curtis comments.
Current stock price: 101.50 pence
12-month change: down 10%
By Abby Amoakuh, Alliance News reporter
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