Twentyfour Income Share Discussion Threads

[thetrotsky] 12/4/2023 18:03

The final dividend for the year ended 31 March 2023 should be declared tomorrow pm. The dividend is due to go ex-dividend on 20 April and they generally announce the dividend 7 days in advance. I'm expecting a minimum of 3p (making 8p in total for 2023)

[stun12] 08/3/2023 13:33

A couple of news items I hadn't spotted. NAV is catching up, last seen at 100.39p. The dividend is now set at 2p per quarter (plus an unknown extra at the final in April). TFIF has sold all the Treasury shares and is now issuing them out of its block listing of up to 50m shares.

[cwa1] 26/1/2023 16:11

TwentyFour Income Fund Limited (LSE: TFIF) is pleased to announce that, to satisfy market demand and to raise money for investment in accordance with the Company’s investment policy, 1,000,000 ordinary shares of 1 pence each in the capital of the Company were today issued from its holding in Treasury at a price of 98.80 pence per share raising £988,000 (before costs and expenses).

Following the issue, the Company will hold 11,100,000 ordinary shares in Treasury and the issued share capital will comprise 703,536,661 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 and Transparency Rules.

[stun12] 21/1/2023 10:50

Another 2m over the last few trading days. As you said, filling demand through the market. Might buy some more, now it's ex-div.

[tradertrev] 13/1/2023 17:22

Sorry, we have a different understanding of the phrase "feed stock into the market".

[stun12] 13/1/2023 17:16

Quite the uncrossing trade at 100p. 359k shares.

[stun12] 13/1/2023 10:35

The way the RNSs read, it was specific demand being satisfied rather than feedstock, but who knows. Anyway, back to sleep!

[tradertrev] 13/1/2023 08:59

stun, they have been doing precisely that since last November. They did hold 39m shares in Treasury and are now down to 15.9m shares.

[stun12] 12/1/2023 18:44

Hehe. We are even, as it's not the final. Bought another 10k at 99.27, with the bid at 99.20. Would 24 feed stock into the market to deplete the treasury?

[njb67] 12/1/2023 17:59

I stand corrected. It was today.

[stun12] 12/1/2023 16:03

Not that we really care about day-to-day movements, but just sold a losing position for my son's LISA in PSN, after today's bounce, and bought TFIF. 99.30, so there is plenty of stock available within the spread. Now have a few of these.

[stun12] 12/1/2023 15:06

Ah, I stand corrected. Cheers, tradertrev and Mr. Icepick. Another UK ABS issue announced today - quite early for January issuance. Hopefully a good sign.

[thetrotsky] 12/1/2023 14:52

Q3 dividend just announced (they seem to tend to announce the quarterly dividend at, or about, 2:30pm). 1.75pps. Ex-div 19-Jan. Payable 03-Feb.

[tradertrev] 12/1/2023 13:12

stun, I think you may be mistaken as the dividend about to be declared is the 3rd interim, a now standard 1.75p. It is the 4th interim where they distribute any extra income surplus.
Best not get ahead of ourselves.

[stun12] 12/1/2023 12:23

Thanks, njb.

[njb67] 12/1/2023 12:08

Tomorrow I believe.

[stun12] 12/1/2023 09:49

Divi declaration today? Should be the final one, so 1.75p plus some unknown extra. ABS market looking quite a bit healthier, incidentally. The Yorkshire BS deal which was pulled in the autumn was remarketed on Tuesday with considerable success, so TFIF's purchases with their extra cash from selling down treasury shares should prove to have been decent.

[tradertrev] 15/12/2022 15:57

Only 18.9m shares left in treasury. While it is a little disappointing that all this buying demand isn't being applied to the secondary market in the shares, at least the new funds raised by the company are being invested apparently at very attractive yields for the benefit of all shareholders.
Only 4 more blocks like this and they are sold out!

[peterbill] 28/11/2022 12:42

Top 10 holdings

Data as at : 30/09/2022

Investment % of total assetsUKDAC KPF1 3.8SYON 2019-1 3.7UKDAC KPF2 3.7UKDAC CHL1 3.6SYON 2020-2 3.0CASTE 2020-1 3.0CASTE 2022-1 2.7ERF 5 2.6TLPNS 1 2.5TGCAB 2 2.5

[tradertrev] 01/11/2022 11:24

NAV as of last Friday 93.89 xd up 0.01p on the week with shares trading at 2.8% premium.

[future financier] 24/10/2022 07:50

Nicely bolstered their free capital - as you say they can buy ABS from distressed sellers but also they are likely to need £5-10m to support the next Hops Hill bundle as I guess they are planning (in as much as you can in the current environment!) to do a very much larger scuritisation next Summer.

[stun12] 20/10/2022 16:38

So there were 9.6m shares tendered at 91.99p which have now been resold in a secondary offering, along with another 35.7m new shares at 95.75p, producing a blended price of 94.95p. Good work. Lots of opportunities to buy bombed-out ABS at the moment as the market is almost offered only.

[tradertrev] 11/10/2022 08:32

NAV 96.47p as of Friday CoB. Hmmm... not much of a bounce there.

[stun12] 10/10/2022 18:06

Interestingly, a remarketing of a French consumer deal was pulled today, at about the same sort of time that TFIF saw a fairly substantial fall. Almost a proxy for the ABS market.

[stun12] 07/10/2022 07:36

All its holdings are floating rate, most commonly with a 3 month gap between resets. The move will have been based on widening credit spreads affecting the NAV of the fund. The Sterling market particularly is looking a bit jaded. TFIF tends to own the higher yielding part of the structure. On the plus side, reinvestments by the fund will be made at higher yields.