REG-TwentyFour Income Fund: Net Asset Value(s)

TwentyFour Income FundAnnouncement

23/10/2025 07:00

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 is an advertisement and does not constitute a prospectus and
investors must subscribe for or purchase any shares referred to in this
announcement only on the basis of information contained in the prospectus
published by the Company on                                                  
            1 October 2025                                                   
           (the "                                                     
Prospectus                                                                   
                             "), and not in reliance on this announcement.
Copies of the Prospectus may, subject to applicable law, be obtained from the
registered office of the Company Administrator and are available for viewing
at the National Storage Mechanism at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism and on the Company's
website.

23 October 2025

TWENTYFOUR INCOME FUND LIMITED

(a closed-ended investment company incorporated in Guernsey with registration
number 56128)

(LEI: 549300CCEV00IH2SU369)

 

Net Asset Value per Share and Realisation and Issue Price

Further to the prospectus published by TwentyFour Income Fund (“            
        TFIF                    ” or the “                     Company    
               ”) on 1 October 2025 (the “                     Prospectus 
                  ”), the Board of Directors of the Company announces the
Realisation Price and the Issue Price in connection with the 2025 Realisation
Opportunity and the Issue.

TwentyFour Income Fund Limited announces the following unaudited, estimated
net asset value per share as at 21 October 2025:

Net Asset Value per Share                                

 FUND NAME                       NAV        ISIN          NAV DATE         
 TwentyFour Income Fund Limited  109.84 XD  GG00B90J5Z95  21 October 2025  

 

Realisation and Issue Price                                

The Company therefore confirms the following prices in relation to the 2025
Realisation Opportunity and the Issue:
*            Realisation Price (being the latest 21 October 2025 NAV less 2%):
107.64p          
*            Issue Price (being the latest 21 October 2025 NAV plus 2%):
112.04p
All investors subscribing under the Issue will pay the same "blended" price in
respect of each Ordinary Share, being the Subscription Price. This will be
determined by the ratio of Elected Shares at the Realisation Price to newly
issued Ordinary Shares at the Issue Price, used to satisfy demand under the
Issue.

Investors should contact Deutsche Numis, the Company's Broker, with any demand
for Ordinary Shares in the Placing. The Placing remains open until noon today,
23 October.

Investors who acquire Ordinary Shares under the Issue will not be entitled to
receive the dividend declared by the Directors in respect of the quarter
ending                     30 September 2025                     and
announced by the Company on                     9 October 2025.

Expected timetable

 Placing closes                                         12:00 p.m. on 23 October 2025  
 Subscription Price and results of the Issue announced  24 October 2025                
 Admission of any new Ordinary Shares                   28 October 2025                

Notes:

(1)                     References to times above and in the Prospectus
generally are to London times unless otherwise specified.

(2)                     All times and dates in the expected timetable and in
the Prospectus may be adjusted by the Company. Any changes to the timetable
will be notified via an RIS.

For further information, please contact:

Deutsche Numis:                    
          Hugh Jonathan                                                   
             +44 (0)20 7547 0541          
          Matt Goss

Vicki Paine

 

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 herein, words defined in the Prospectus shall have
the same meaning in this announcement.

Nothing in this announcement shall form the basis of or constitute any offer
or invitation to sell or issue, or any solicitation of any offer to purchase
or subscribe for any shares or any other securities nor shall it (or any part
of it) or the fact of its distribution, form the basis of, or be relied on in
connection with, any contract therefor.

Deutsche Bank AG,                     London                     Branch,
which is trading for these purposes as Deutsche Numis ("Deutsche Numis") is
acting exclusively for the Company and no other person in connection with the
Issue and the 2025 Realisation Opportunity and will not be responsible to any
person other than the Company for providing the protections offered to clients
of Deutsche Numis nor for providing advice in relation to any matter referred
to herein.

This announcement is not for distribution in or into                     the
United States                     or to any US Person,                    
Australia,                     Canada,                     Japan,         
           New Zealand, the Republic of                     South Africa,
any European Economic Area state or any other jurisdiction in which its
distribution may be unlawful.

The securities of the Company have not been, and will not be, registered under
the United States Securities Act of 1933 (as amended) (the "Securities Act")
or the securities laws of any states of                     the United States
                    or under any of the relevant securities laws of         
           Canada,                     Australia,                     New
Zealand, the Republic of                     South Africa,                  
  Japan                     or any EEA member state or their respective
territories or possessions. Accordingly, the Shares may not (unless an
exemption from such legislation or such laws is available) be offered, sold or
delivered, directly or indirectly, in or into                     the United
States,                     Canada,                     Australia,         
           New Zealand, the Republic of                     South Africa,   
                 Japan                     or any EEA member state or their
respective territories or possessions. The Company is not registered under the
United States Investment Company Act of 1940 (as amended) and investors will
not be entitled to the benefits of such legislation. There has not been and
there will be no public offering of the Company's securities in              
      the United States. No offer, purchase, sale or transfer of the Shares
may be made except under circumstances which will not result in the Company
being required to register as an investment company under the Investment
Company Act.

Information to Distributors                               : Solely for the
purposes of the product governance requirements contained within: (a) EU
Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID
II"); (b) Articles 9 and 10 of the Commission Delegated Directive (EU)
2017/593 supplementing MiFID II; (c) local implementing measures; and/or (d)
(where applicable to UK investors or UK firms) the relevant provisions of the
UK MiFID Laws (including the FCA's Product Intervention and Governance
Sourcebook (PROD) (together the "MiFID II Product Governance Requirements")),
and disclaiming all and any liability, whether arising in tort, contract or
otherwise, which any "manufacturer" (for the purposes of the MiFID II Product
Governance Requirements) may otherwise have with respect thereto, the Shares
have been subject to a product approval process, which has determined that
such Shares are: (i) compatible with an end target market of professionally
advised retail investors who do not need a guaranteed income or capital
protection, who (in conjunction with an appropriate financial or other
adviser) are capable of evaluating the merits and risks of such an investment
and who have sufficient resources to be able to bear any losses that may
result therefrom and investors who meet the criteria of professional clients
and eligible counterparties, each as defined in MiFID II or the UK MiFID Laws
(as applicable) and who do not need a guaranteed income or capital protection;
and (ii) eligible for distribution through all distribution channels as are
permitted by MiFID II or the UK MiFID Laws, as applicable (the "Target Market
Assessment").

Any person subsequently offering, selling or recommending the securities (a
"distributor") should take into consideration the manufacturer's target market
assessment; however, a distributor subject to the UK MiFID Laws or MiFID II
(as applicable) is responsible for undertaking its own target market
assessment in respect of the Shares (by either adopting or refining the
manufacturer's Target Market Assessment) and determining appropriate
distribution channels.

Distributors should note that: the price of the Shares may decline and
investors could lose all or part of their investment; the Shares offer no
guaranteed income and no capital protection; and an investment in the Shares
is compatible only with investors who do not need a guaranteed income or
capital protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits and risks of
such an investment and who have sufficient resources to be able to bear any
losses that may result therefrom. The Target Market Assessment is without
prejudice to the requirements of any contractual, legal or regulatory selling
restrictions in relation to the Issue including, without limitation, those set
out in the Prospectus. Furthermore, it is noted that, notwithstanding the
Target Market Assessment, Deutsche Numis will only procure investors in
connection with the Placing who meet the criteria of professional clients and
eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute:
(a) an assessment of suitability or appropriateness for the purposes of MiFID
II or the UK MiFID laws (as applicable); or (b) a recommendation to any
investor or group of investors to invest in, or purchase, or take any other
action whatsoever with respect to the Shares.

 

 



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