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