Net Asset Value - Change to NAV calculation basis
NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL
Honeycomb Investment Trust plc (the "Company")
Change to Basis of Calculation of Net Asset Values
The Company announces that it has revised the basis on which its unaudited Net Asset Value ("NAV") is calculated on a cum-income and on an ex-income basis.
From the date of this announcement:
· the Company's reported NAV (Cum-Income) will include all year-to-date income (both revenue and capital income), less the value of (i) any dividends paid in respect of the year-to-date and (ii) any dividends which have been declared and marked ex dividend during the year-to-date but not yet paid; and
· the Company's reported NAV (Ex-Income) will be the NAV (Cum-Income) excluding net year-to-date income (both revenue and capital income). For this purpose, net year-to-date income will comprise all year-to-date income, less the value of (i) any dividends paid in respect of the year-to-date and (ii) any dividends which have been declared and marked ex dividend during the year-to-date but not yet paid.
Any income which is undistributed at the end of a financial year will be moved to reserves on the first business day of the immediately following year, meaning that each figure for NAV (Ex-Income) reported during a financial year will equate to the NAV (Cum-Income) less year-to-date undistributed income.
The Company has today published its monthly investor report for the month ended 30 September 2016, which can be accessed at http://www.honeycombplc.com/investor-relations
The monthly investor report includes revised NAV figures for the months ended 31 August and 30 September 2016, being each month in respect of which the Company has previously reported NAV (Cum-Income) and NAV (Ex-Income). Investors should note that the basis on which these previously reported NAV figures were calculated differs from that set out above, and from the basis used to calculate NAV (Cum-Income) and NAV (Ex-Income) as reported in the Company's interim financial statements in respect of the six months ended 30 June 2016.
Investors are directed to the following restated NAV per share figures, calculated on the basis set out in this announcement, which shall replace each previously reported NAV per share figure in respect of the relevant period, including those most recently announced by the Company on 14 October 2016:
|
Month ended |
NAV (Cum-Income) per share |
NAV (Ex-Income) per share |
|
31 August 2016 |
1,020 |
984 |
|
30 September 2016 |
1,009 |
984 |
These NAVs have been calculated by Apex Fund Services (UK) Ltd.
This document is made available for information purposes only and does not contain any representations or constitute an offer to sell or the solicitation of an offer to acquire or subscribe for any securities of the Company. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate and past performance is no guarantee of future results.
This announcement contains inside information.
For further information about this announcement please contact:
Apex Fund Services (UK) Ltd
Priya Dhaliah/Paul Spendiff/Robert Kelly
020 3697 5368
Pollen Street Capital
Chris Palmer/Johnathan Moyes
020 3728 6740/6743
Liberum
Simon Atkinson/Chris Clarke/Joshua Hughes
020 3100 2000
This information is provided by RNS
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