REG-TwentyFour Select Monthly Income Fund: Results of Annual General Meeting

Twentyfour Select Monthly Income FundAnnouncement

14/08/2025 13:30

 

TwentyFour Select Monthly Income Fund Limited

(a closed-ended investment company incorporated in Guernsey with registration
number 57985)

 

LEI Number: 549300P9Q5O2B3RDNF78

 

14 August 2025

 

RESULT OF ANNUAL GENERAL MEETING

 

The Directors of TwentyFour Select Monthly Income Fund Limited (the
"Company"), the listed, closed-ended investment company that invests in a
diversified portfolio of credit securities, announces that, at the Annual
General Meeting of the Company held today, all resolutions set out in the
Annual General Meeting Notice sent to Shareholders dated 25 July 2025, were
duly passed.

 

Details of the proxy voting results which should be read along side the Notice
are noted below:

 

 Ordinary Resolution       For         Discretion (voted in favour)  Against    Abstain  
 1                         28,310,423  15,000                        155,571    386,324  
 2                         28,310,800  15,000                        155,429    386,089  
 3                         27,776,629  15,000                        708,345    367,344  
 4                         28,194,914  15,000                        342,060    315,344  
 5                         26,652,995  15,000                        1,774,616  424,707  
 6                         28,055,475  15,000                        368,650    428,193  
 7                         26,845,594  15,000                        1,575,766  430,958  
 8                         26,736,987  15,000                        1,690,624  424,707  
 9                         27,831,716  15,000                        614,132    406,470  
 10                        27,648,383  15,000                        766,433    437,502  
 11                        27,397,798  15,000                        1,025,764  428,756  
 Special Resolution        For         Discretion (voted in favour)  Against    Abstain  
 12                        27,863,242  15,000                        549,642    439,434  
 13                        27,623,335  15,000                        647,430    581,553  
 Extraordinary Resolution  For         Discretion (voted in favour)  Against    Abstain  
 14                        27,376,240  15,000                        1,042,366  433,712  
 15                        27,137,009  15,000                        1,289,929  425,380  

 

Note - A vote withheld is not a vote in law and has not been counted in the
votes for and against a resolution. 


The resolutions outside of ordinary business were as follows:

 

Ordinary Resolution 10

THAT, the Directors, in substitution for all existing authorities, be and are
generally and unconditionally authorised to allot and issue, grant rights to
subscribe for, or to convert securities into, up to a maximum aggregate amount
of 29,437,433 ordinary shares of 1p each in the capital of the Company
("Ordinary Shares") (being 10 per cent. of the Company's Ordinary Shares in
issue as at the latest practicable date prior to the date of publication of
this document) for the period expiring on the date falling fifteen months
after the date of passing of this resolution 10 or the conclusion of the next
annual general meeting of the Company, whichever is the earlier (unless
previously renewed, revoked or varied by the Company in general meeting), save
that the Company may before such expiry make an offer or agreement which would
or might require shares to be allotted and issued after such expiry and the
Directors may allot and issue Ordinary Shares in pursuance of such an offer or
agreement as if the authority conferred by this resolution 10 had not expired.

 

Ordinary Resolution 11

THAT, conditional on ordinary resolution 10 above having been passed, in
substitution for all existing authorities (but in addition to and without
prejudice to the power granted by ordinary resolution 10 above), the Directors
be and are generally and unconditionally authorised to allot and issue, grant
rights to subscribe for, or to convert securities into, up to an additional
29,437,433 Ordinary Shares (being 10 per cent. of the Company's Ordinary
Shares in issue as at the latest practicable date prior to the date of
publication of this document) for the period expiring on the date falling
fifteen months after the date of passing of this resolution 11 or the
conclusion of the next annual general meeting of the Company, whichever is the
earlier, save that the Company may before such expiry make an offer or
agreement which would or might require Ordinary Shares to be allotted and
issued after such expiry and the Directors may allot and issue Ordinary Shares
in pursuance of such an offer or agreement as if the authority had not
expired.

 

Special Resolution 12

THAT, the terms of the proposed quarterly tender facility that, among other
things, permits the Company to acquire its issued share capital from tendering
shareholders, subject to certain restrictions (the "Facility"), the terms and
conditions of which constituting the contract of such Facility (the
"Agreement") are set out in the Notice of Quarterly Tenders reproduced in the
circular in respect of the Company dated 23 July 2025 (the "Circular"), are
hereby approved and authorised pursuant to section 314(2) of the Companies
(Guernsey) Law, 2008, as amended (the "Law") and the Company's authority to
effect the Facility on the terms of the Agreement pursuant to this resolution
shall expire on the earlier of the date falling 12 months from the date of
this resolution or the date of the Company's next annual general meeting.

 

Special Resolution 13

To authorise the Company, in accordance with section 315 of the Law to make
market acquisitions (as defined in the Law) of its own shares of 1 pence each
(either for retention as treasury shares for future re-issue, resale or
transfer or cancellation) provided that:
1.     the maximum number of Ordinary Shares authorised to be purchased is
14.99 per cent. of the aggregate Ordinary Shares (excluding treasury shares in
issue) on the date on which this resolution is passed;
2.     the minimum price (exclusive of expenses) which may be paid for an
Ordinary Share shall be £0.01 per Ordinary Share;
3.      the maximum price (exclusive of expenses) which may be paid for an
Ordinary Share shall be the higher of (i) 105 per cent. of the average of the
middle market quotations (as derived from the Daily Official List) for the
Ordinary Shares for the five business days immediately preceding the date of
acquisition and (ii) the higher of the last independent trade and the highest
current independent bid on the trading venue on which the purchase is carried
out; and
unless previously varied, revoked or renewed, the authority hereby conferred
shall expire on 31 December 2026 or, if earlier, at the conclusion of the next
annual general meeting of the Company to be held in 2026, save that the
Company may, prior to such expiry, enter into a contract to acquire Ordinary
Shares under such authority and may make an acquisition of Ordinary Shares
pursuant to any such contract.

Extraordinary Resolution 14

THAT, the Directors of the Company be and they are hereby generally empowered,
to allot and issue, to grant rights to subscribe for, or to convert and make
offers or agreements to allot and issue equity securities (as defined in
Article 6.1 of the Articles) for cash as if the pre-emption rights contained
in the Articles in respect of such equity securities did not apply to any such
allotment and issuance, provided that this power shall be limited so that it:
1. expires at the conclusion of the next annual general meeting of the Company
after the passing of this resolution or on the expiry of 15 months from the
passing of this resolution, whichever is the earlier, save that the Company
may, before such expiry, make an offer or agreement which would or might
require equity securities to be allotted and issued after such expiry and the
Directors may allot and issue equity securities in pursuance of any such offer
or agreement as if the power conferred hereby had not expired; and
shall be limited to the allotment and issuance of equity securities up to an
aggregate nominal value of £294,374 being approximately 10 per cent. of the
nominal value of the issued share capital of the Company, as at 15 July 2025,
and representing 29,437,433 Ordinary Shares.

 

Extraordinary Resolution 15

THAT conditional on extraordinary resolution 14 above having been passed, the
Directors of the Company be and they are hereby generally empowered, in
addition to and without prejudice to the power granted by extraordinary
resolution 14 above, to allot and issue, to grant rights to subscribe for, or
to convert and make offers or agreements to allot and issue equity securities
(as detailed in Article 6.1 of the Articles) for cash as if the pre-emption
rights contained in the Articles in respect of such equity securities did not
apply to any such allotment and issuance, provided that this power shall be
limited so that it:

 
1. expires at the conclusion of the next annual general meeting of the Company
after the passing of this resolution or on the expiry of 15 months from the
passing of this resolution, whichever is the earlier, save that the Company
may, before such expiry, make an offer or agreement which would or might
require equity securities to be allotted and issued after such expiry and the
Directors may allot and issue equity securities in pursuance of any such offer
or agreement as if the power conferred hereby had not expired; and
2. shall be limited to the allotment and issuance of additional equity
securities up to an aggregate nominal value of £294,374 being approximately
10 per cent. of the nominal value of the issued share capital of the Company,
as at 15 July 2025 and representing 29,437,433 Ordinary Shares.
 

 

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

The Company Secretary

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

 

Tel: 01481 745001

 

About the Company:

The Company is a London listed closed-ended investment company designed to
take advantage of the premium returns available from "less liquid" instruments
across the debt spectrum.

Visit the Company's website at www.selectmonthlyincomefund.com for more
information.

 



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