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LONDON (Alliance News) - TwentyFour Income Fund Ltd on Wednesday lifted its payout as net asset value rose over its recently-ended financial year.
Net asset value per share grew in the year to the end of March to 118.75 pence from 114.35p reported a year ago, benefiting from a strong performance across the markets in which the company invests in.
Share price at the end of the period stood at 119.50 pence, representing a 0.6% premium to NAV, narrowed from the 4.3% premium recorded the prior year. As at Monday, the share price premium had moved to 3.1%.
The stock was trading 0.3% lower on Wednesday at 120.10p per share.
TwentyFour Income Fund declared an annual dividend of 7.23p per share, up from 6.99p paid the year before.
"I remain confident of the company's ability to fulfil its objectives," said Chairman Trevor Ash. "While there has been some contraction of spreads in European asset backed securities, the ongoing investment opportunity remains attractive."