TwentyFour Select Monthly Income Fund - Interim Management Report and Unaudited Condensed Interim Financial Statements

TwentyFour Select Monthly Income Fund - Interim Management Report and Unaudited Condensed Interim Financial Statements

PR Newswire

LONDON, United Kingdom, June 11

 

TWENTYFOUR SELECT MONTHLY INCOME FUND LIMITED

LEI: 549300P9Q5O2B3RDNF78

(Classified Regulated Information, under DTR 6 Annex 1 section 1.2)

 

Interim Management Report and Unaudited Condensed Interim Financial Statements

 

For the period from 1 October 2023 to 31 March 2024  

 

The Directors of TwentyFour Select Monthly Income Fund Limited (the "Company" and "SMIF") announce the results for the period ended 31 March 2024.  The Report will shortly be available via the Company's Portfolio Manager's website www.twentyfouram.com and available for inspection online at https://data.fca.org.uk/#/nsm/nationalstoragemechanism

 

SUMMARY INFORMATION

 

 Financial and Operational Highlights

• NAV per share of 81.18 pence (30 September 2023: 75.44 pence)
• Total Net Assets of £197.73 million (30 September 2023: £181.69 million)
• Dividends per share declared for the 6 month period of 3.25 pence per share (12 months to 30 September 2023: 7.37 pence per share) and remain on track to exceed the Company's target dividend for the year
• Total Return of 13.87% (12 months to 30 September 2023: 17.54%)

 

Ashley Paxton, Chair of TwentyFour Select Monthly Income Fund, said:

We are very pleased to present the interim financial statements for the Company. Having reached the 10th anniversary of the Company's IPO in March this year, SMIF continues to deliver an excellent income story, with dividends declared for the 6 month period to 31 March 2024 of 3.25 pence per share (6 month period to 31 March 2023: 3 pence per share).  We still expect dividends payable in respect of the year ending 30 September 2024 to be in excess of 6.5 pence per share.

 

Additionally during the period, the Company's NAV per share grew by 7.61%, and this, together with the net re-issue of 2.75 million shares from treasury (all of which have been accretive to the Company having been re-issued at a premium to their purchase price and to NAV at the time of re-issue), has meant the Company had total net assets of £197.31 million as at 31 March 2024 (31 March 2023: £181.69 million). Whilst SMIF has been able to issue stock to meet investor demand throughout the period, the Company's quarterly tender facility has also enabled investors to access liquidity where required. It is pleasing to note that, while the majority of the investment company sector continues to trade at significant discounts, SMIF has traded at a premium to NAV for most of the period.

 

Eoin Walsh, Founding Partner & Portfolio Manager at TwentyFour Asset Management, said:

The strong macro economic environment coupled with a positive supply and a higher rate environment has enabled us to position SMIF positively over the period. All sectors in the portfolio delivered a positive return, which combined with accretive additions and relative value switches, has contributed to the high income earned, while increasing the overall credit profile.

 

For further information, please contact:

 

Deutsche Numis:

 

George Shiel   [phone]

Hugh Jonathan

 

TwentyFour Select Monthly Income Fund Limited:

 

John Magrath   [phone]

Alistair Wilson

 

 

---

---