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Disseminated via PRN on 24 October 2025
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
24 October 2025
(LEI: 549300CCEV00IH2SU369)
TwentyFour Income Fund Limited
Result of Issue
( a closed-ended investment company incorporated in Guernsey with registration number 56128 )
TwentyFour Income Fund Limited (“ TFIF ” or the “ Company ”) is pleased to announce that, further to publication of the Prospectus on 1 October 2025 (the “ Prospectus ”) in connection with the proposed Placing, Offer for Subscription and Open Offer of new Ordinary Shares (the “ Issue ”), the Company has received £42.4m gross demand in relation to the Issue, consisting of the following:
The Company confirms that all 13,408,436 Ordinary Shares that were elected for realisation in the 2025 Realisation Opportunity have been used to satisfy demand under the Issue and further that a total of £27.6m has been raised by the Company through the issuance of 24,968,635 new Ordinary Shares under the Issue at a Subscription Price of 110.50p per share.
The Company notes that demand under the Issue has not been subject to any scaling back, including under the Excess Application Facility (demand for which has been satisfied in full).
As previously announced and as described in further detail in the Prospectus, all investors subscribing under the Issue are paying the same “blended” price in respect of each Ordinary Share, being the Subscription Price of 110.50p. This was determined by the ratio of Elected Shares at the Realisation Price (107.64p) to newly issued Ordinary Shares at the Issue Price (112.04p), used to satisfy demand under the Issue.
The Company has also raised £35.3m in tap issues since 16 May 2025 taking total new funds raised to £62.9m in the last 8 months, in addition to the £14.4m funds raised to place out shareholders seeking realisation.
The Board is extremely pleased with the results of the Issue and would like to welcome the Company’s new shareholders onto the register. The Board would like to thank all of its shareholders for continuing to support the growth of the Company.
Bronwyn Curtis, Chair of TFIF commented:
“We are thrilled with the success of this Realisation Opportunity and the Issue as a whole, with all shares elected for realisation being used to satisfy demand under the Issue. At the same time, we have raised £62.9m in new funds since 16 May 2025, both through this Issue and various smaller tap Issues, in a muted fund-raising environment in the investment company sector.
This is the third consecutive occasion TFIF has raised money at a Realisation Opportunity. This is an important discount control mechanism for the Company, which gives our shareholders comfort that they can redeem their shares at a 2% discount to NAV every three years (regardless of the discount (or premium) at which their shares are then trading).
TFIF’s track record of delivering on its investment strategy, and providing a strong and consistent dividend to shareholders, is testament to the expertise of the Portfolio Manager, TwentyFour Asset Management LLP, and is reflected in the strength of market demand and the Company’s shares trading at a premium.”
Director participation
The Directors of the Company have been allocated Ordinary Shares under the Issue as per the below table (alongside and on the same terms as other investors) at the Subscription Price:
|
Name |
Role |
Allocation (Ordinary Shares) |
|
Bronwyn Curtis |
Chair |
24,830 |
|
Joanne Fintzen |
Senior Independent Director |
45,248 |
|
John Le Poidevin |
Non-Executive Director |
150,000 |
Admission of New Ordinary Shares
Applications will be made for the 24,968,635 new Ordinary Shares issued under the Issue to be admitted to the closed-ended investment funds category of the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities. Admission is expected to become effective, and dealings in the new Ordinary Shares are expected to commence, at 8.00 a.m. on 28 October 2025. The ticker for the Company’s Ordinary Shares is TFIF (ISIN: GG00B90J5Z95; SEDOL: B90J5Z9).
Immediately following Admission, the Company's issued share capital will comprise 804,255,296 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Expected timetable
|
Admission of the Ordinary Shares issued pursuant to the Issue to the closed-ended investment funds category of the Official List and dealings in such Ordinary Shares on the London Stock Exchange's Main Market commence |
28 October |
|
CREST accounts credited in respect of Ordinary Shares issued in uncertificated form pursuant to the Issue |
28 October |
|
Certificates dispatched in respect of Ordinary Shares issued in certificated form pursuant to the Issue (where applicable) |
week commencing 3 November |
Notes:
(1) References to times above generally are to London times unless otherwise specified.
(2) All times and dates in the expected timetable be adjusted by the Company. Any changes to the timetable will be notified via an RIS.
Enquiries:
Deutsche Numis, Sole Sponsor, Broker, Financial Adviser and Bookrunner:
Hugh Jonathan
+44 (0)20 7260 1000
Matt Goss
Vicki Paine
Isabella Fox
TwentyFour Income Fund Limited:
Alistair Wilson
+44 (0)20 7015 8900
JPES Partners, PR Adviser:
Charlotte Walsh +44 (0)20 7520 7620
About the Company:
The Company is a FTSE 250 listed investment company, which aims to generate attractive risk-adjusted returns, principally through income distributions, by investing in a diversified portfolio of UK, European, US and Australian asset-backed securities.
The Company is a non-cellular company limited by shares incorporated in Guernsey under the Companies (Guernsey) Law 2008, as amended, with registered number 56128 and registered as a Registered Closed-ended Collective Investment Scheme with the Guernsey Financial Services Commission.
The Company’s LEI is: 549300CCEV00IH2SU369
Visit the Company’s website at www.twentyfourincomefund.com for more information.
Important Information:
Unless otherwise defined, capitalised words and phrases in this Announcement shall have the meaning given to them in the Prospectus. Deutsche Bank AG is a joint stock corporation incorporated with limited liability in the Federal Republic of Germany, with its head office in Frankfurt am Main where it is registered in the Commercial Register of the District Court under number HRB 30 000. Deutsche Bank AG is authorised under German banking law. The London branch of Deutsche Bank AG (trading for these purposes as Deutsche Numis) (“Deutsche Numis”) is registered in the register of the companies for England and Wales (registration number BR000005) with its registered address and principal place of business at 21 Moorfields, London, EC2Y 9DB, United Kingdom. Deutsche Bank AG is authorised and regulated by the European Central Bank and the German Federal Financial Supervisory Authority (BaFin). With respect to activities undertaken in the UK, Deutsche Numis is authorised by the Prudential Regulation Authority. It is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority.
Deutsche Numis is acting for the Company and for no one else in connection with the issue of Ordinary Shares as described in this Announcement and the Prospectus and will not regard any other person (whether or not a recipient of thereof) as its client and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Deutsche Numis or for advising any such person in connection with the issue of Ordinary Shares as described in this Announcement and Prospectus, or any transaction or arrangement referred to herein or therein.
