Update: TwentyFour AM raises additional £48m for Income fund

Second round of fundraising

TwentyFour Asset Management has raised £48m in additional equity for its Income fund, after launching its second round of fundraising for the vehicle last week in response to client demand.

The firm announced its intention to raise equity on 16 August and qualified investors were invited to apply for the new issuance on 22 August.  The additional equity was raised through the issue of 43,743,734 new ordinary shares of 1p each at a price of 109.73p per share. The placing price represents a premium of 2% to the NAV the shares were trading at on 19 August, the firm said. Admission of the new shares to the London Stock Exchange is expected to become effective, and dealings will commence at 8am on 31 August. The £357m closed-ended fund, which was launched on 6 March 201...