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

Twentyfour Select Monthly Income FundAnnouncement

11/06/2024 07:15

 

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   +44 (0)20 7260 1000

Hugh Jonathan

 

TwentyFour Select Monthly Income Fund Limited:

 

John Magrath   +44 (0)20 7015 8900

Alistair Wilson

 

 



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