Directorate Change

Herald Investment Trust PLC
24 April 2024
 

 

Herald Investment Trust plc (the "Company" or "Herald")

 

LEI number: 213800U7G1ROCTJYRR70

 

 

Appointment of Christopher Metcalfe as a non-executive director

 

Following a comprehensive selection process, conducted using an independent third-party search firm, the Company is pleased to announce the appointment of Christopher Metcalfe  as an independent non-executive director of the Company with immediate effect.

 

Christopher is currently chairman of the Martin Currie Global Portfolio Trust, senior independent non-executive director at JP Morgan US Smaller Companies Investment Trust and a non-executive director of Columbia Threadneedle UK Capital and Income Investment Trust plc. He was previously a non-executive director of abrdn Smaller Companies Income Trust until its merger with Shires Income in December 2023.

 

He has considerable investment management experience having worked previously at Newton Investment Management (2006-2017), Schroder Investment Management (1995-2006) and Henderson Administration Group plc (1985-1994).

 

There is no other information required to be disclosed under section 9.6.13 of the Listing Rules in respect of Christopher Metcalfe.

 

As previously announced, having served 9 years on the Board, Karl Sternberg has stepped down.

 

Andrew Joy, Chairman of Herald, said: "We are delighted to welcome Christopher to the Board. He brings extensive and relevant experience both in Investment Trusts and as an institutional investor. I would also like to take this opportunity to reiterate the Board's thanks to Karl Sternberg. He has been an invaluable director, insightful and wise, and leaves with the Board's very best wishes".

 

24 April 2024

 

About Herald Investment Trust

 

Herald Investment Trust invests globally in the excellent opportunities available in the smaller quoted technology and communications sectors. The Company was established in 1994 and raised £65 million on launch and a further £30 million in 1996. No further capital has been raised. 

Since inception Herald has delivered a 22x NAV total return - with the NAV per share, on a total return basis, having compounded at an annualised rate of 11.0%. Herald has grown to become a constituent of the FTSE 250 index with total assets of approximately £1.3 billion. The Company is currently ungeared and has also returned in excess of £350 million to shareholders through share buy backs - a multiple of its original capital.

The Board believes that this outstanding performance is primarily attributable to the Company's distinctive investment strategy which is focused on smaller quoted companies in the global technology and communications sectors. This strategy requires specialist
expertise, an extensive network and sound investment judgement from the Investment Manager. Target companies within the Company's investible universe often receive very limited institutional investor participation, creating opportunities for the Investment Manager to find excellent companies at attractive valuations, and to support them as they grow.

HIT occupies a unique position as the only investment trust offering expert access to such a wide range of small and micro technology and communications stocks to both retail investors and institutions, and performs a vital (and very successful) role in enabling the returns from such companies to be shared by a wide range of investors.

Since inception, the Company has invested approximately £660 million of primary capital, of which over £500 million has been invested in UK listed and AIM companies. In addition to providing outstanding returns to shareholders, the Company's initial capital has been reinvested multiple times providing much needed capital to a growth sector of the UK economy, helping to build businesses, create skilled jobs and enhance the UK's productivity. Of the total profits of approximately £1.4 billion made by the Company since 1994, over £900 million is attributable to UK listed investments and AIM stocks.

 

 

For further information contact:

 

 

Apex Listed Companies Services (UK) Limited

020 3327 9720

Company Secretary

 

 

 

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