The boards of the £574.3m TwentyFour Income fund (TFIF) and £1.4bn UK Mortgages (UKML) trust are proposing a merger which is expected to complete by the end of the financial quarter.
The proposal involves the winding up the UK Mortgages trust, transferring its assets to the TwentyFour trust and the issue of new ordinary shares by TFIF to UKML's shareholders. In a stock exchange announcement on 8 February the companies said both boards have consulted with major shareholders of the two companies and shareholders, with about 47% of UKML's shares, have provided written support for the scheme. The new £720m combined trust will be managed by 11 investment professionals from TwentyFour and will provide a "strengthened market position due to greater scale and combined ass...
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