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8 Oct 2014 07:00
TWENTYFOUR INCOME FUND - Proposed Issue of EquityTWENTYFOUR INCOME FUND - Proposed Issue of Equity
PR Newswire
London, October 7
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY ORINDIRECTLY, TO US PERSONS OR IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA,THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, JAPAN OR ANYJURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. This announcement does not constitute or form part of, and should not beconstrued as, any offer for sale or subscription of, or solicitation of anyoffer to buy or subscribe for, any shares in TwentyFour Income Fund Limited orsecurities in any other entity, in any jurisdiction, including the UnitedStates, nor shall it, or any part of it, or the fact of its distribution, formthe basis of, or be relied on in connection with, any contract or investmentdecision whatsoever, in any jurisdiction. This announcement does not constitutea recommendation regarding any securities. 8 October 2014 TwentyFour Income Fund Limited (a non-cellular company limited by shares incorporated in the Island ofGuernsey under the Companies (Guernsey) Law 2008, as amended, with registerednumber 56128 and registered as a Registered Closed-ended Collective InvestmentScheme with the Guernsey Financial Services Commission) Proposed issue of equity The Board of Directors (the "Board") of TwentyFour Income Fund Limited (the"Company") is pleased to announce that the Company is making available toqualified investors (note 1) through its corporate broker, Numis SecuritiesLimited ("Numis"),new ordinary redeemable shares of 1p each in the capital ofthe Company (the "New Shares") representing up to 9.99% of the current issuedshare capital, equivalent to up to approximately 26.69 million New Shares (the"Issue"). The Company has performed strongly since launch, achieving its target dividend,but importantly capturing significant additional capital gains. The Company hasnot issued any new shares over the last year, as in the investment manager'sview the Company has been optimally positioned, without the need to makefurther investments. However, as a result of the recent announcement by the ECBconcerning the launch of the ABS Purchase Programme, the investment managerbelieves that spreads in European ABS will compress further, increasing theprospect of further capital gains. In light of this the Company's investmentmanager now sees a number of relatively small but attractive opportunities thatare expected to enhance the portfolio's total returns. The Board and the Company's investment manager believe that the Issue is inShareholders' interests as it will further enlarge the Company and diversifyits portfolio. It is expected the proceeds of the Issue can be invested on abasis consistent with the Company's dividend target. Application will be madefor the admission of the New Shares to the premiumlisting segment of the Official List of the UK Listing authority (the "OfficialList") and to trading on the London Stock Exchange plc's main market for listedsecurities (the "London Stock Exchange"). The Issue is expected to close at 12 noon (London time) on Wednesday, 15October 2014, but may close earlier or later at the absolute discretion of theCompany. The Issue price per New Share will be announced on Tuesday 14October2014 and will be approximately a 5% premium to the NAV at 10 October 2014,excluding an amount equal to the dividend per share for the quarter to 30September 2014 to which the New Shares will not be entitled. Qualified investors are invited to apply for New Shares by contacting Numis onthe contact details below. The decision to allot New Shares to any qualifiedinvestor shall be at the absolute discretion of the Company and Numis. Theclosing share price on Tuesday 7 October 2014, represented a 6.4% premium tothe NAV as at 3 October 2014. The Company will make a further announcement in due course. For further information, please contact: Numis Securities Limited: +44 (0)20 7260 1000Chris Gook (Sales)Nathan Brown / Hugh Jonathan (Corporate Finance & Broking) TwentyFour Income Fund Limited: +44 (0)20 7015 8900John MagrathAlistair Wilson Note 1 - As defined in section 86(7) of the Financial Services and Markets Act2000 (as amended). Important Information The Company is satisfied that all inside information which the Directors andthe Company may have up to the announcement of the half year results for theperiod ended 30 September 2014 has previously been notified to a RegulatedInformation Service and, therefore, the dealings referred to in Listing Rule15.5.1(3)(a) are permitted. This announcement has been prepared by, and is the sole responsibility of,TwentyFour Income Fund Limited (the "Company"). Numis Securities Limited is acting only for the Company in connection with thematters described in this announcement and is not acting for or advising anyother person, or treating any other person as its client, in relation theretoand will not be responsible for providing the regulatory protection afforded toclients of Numis Securities Limited or advice to any other person in relationto the matters contained herein. The Company is not and will not be registered under the US Investment CompanyAct of 1940, as amended. The New Shares have not been, nor will they be,registered under the US Securities Act of 1933, as amended (the "SecuritiesAct") or with any securities regulatory authority of any state or otherjurisdiction of the United States or under the applicable securities laws ofAustralia, Canada, Japan, the Republic of Ireland or the Republic of SouthAfrica or any other jurisdiction that is a member state of the EuropeanEconomic Area (other than the United Kingdom). Subject to certain exceptions,the New Shares may not be offered or sold in the United States, Australia,Canada, Japan, the Republic of Ireland or the Republic of South Africa or anyother jurisdiction that is a member state of the European Economic Area (otherthan the United Kingdom) or to or for the account or benefit of any national,resident or citizen of any member state of the European Economic Area (otherthan the United Kingdom), Australia, Canada, Japan, the Republic of Ireland orthe Republic of South Africa or any person located in the United States.Placings under the Issue and the distribution of this announcement in otherjurisdictions may be restricted by law and the persons into whose possessionthis announcement comes should inform themselves about, and observe, any suchrestrictions. This announcement includes "forward-looking statements". All statements otherthan statements of historical facts included in this announcement, including,without limitation, those regarding the Company's business strategy and plansare forward-looking statements.Forward-looking statements are subject to risksand uncertainties and accordingly the Company's actual future financial resultsand operational performance may differ materially from the results andperformance expressed in, or implied by, the statements. These forward-lookingstatements speak only as at the date of this announcement. The Companyexpressly disclaims any obligation or undertaking to update or revise anyforward-looking statements contained herein to reflect actual results or anychange in the assumptions, conditions or circumstances on which any suchstatements are based unless required to do so by the Financial Services andMarkets Act 2000, the Financial Services Act 2012, the Listing Rules orProspectus Rules of the Financial Conduct Authority or other applicable laws,regulations or rules. This announcement has been approved for the purposes of s.21 of the FinancialServices and Markets Act 2000 by Twenty Four Asset Management Limited.