REG-TwentyFour Income Fund: Result of Issue

TwentyFour Income FundAnnouncement

24/10/2025 07:02

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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:
*            £26.4m under the Open Offer;          
*            £12.2m under the Placing;           
*            £0.3m under the Offer for Subscription excluding the RetailBook
offer; and          
*            £3.5m under the Offer for Subscription through the RetailBook
offer.
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.

 



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