Honeycomb Investment Trust PLC NAV and Monthly Update - November 2020 (8355K)
January 07 2021 - 2:00AM
UK Regulatory
TIDMHONY
RNS Number : 8355K
Honeycomb Investment Trust PLC
07 January 2021
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7 January 2021
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company") announces that
the Investment Manager's monthly factsheet for 30 November 2020 is
now available on its website at http://www.honeycombplc.com .
Net Asset Value per Share
The Company announces that its unaudited Net Asset Value ("NAV")
per share as at 30 November 2020 on a cum-income basis was 1,006.4
pence, based on a NAV of GBP354.9 million, and on an ex-income
basis was 1,017.9 pence, based on a NAV of GBP358.9 million. The
NAVs have been calculated by Apex Fund Services (UK) Ltd.
November Factsheet
Honeycomb Investment Trust plc (the "Company") delivered a NAV
return of 0.62% for the month, which is equivalent to 7.5% per
annum. The portfolio continues to perform well with NAV returns
rising to pre-Covid-19 levels.
The Manager deployed GBP30m of investment into Credit Assets
over the course of November including the acquisition of a
portfolio of performing short term real estate loans. This
increased the investment portfolio to GBP576.9m.
The larger investment portfolio has increased returns with NAV
return for November at 7.5% per annum. The investment yield was
9.7% per annum with a modest impairment charge of 0.3% per annum.
The low impairment charge reflects the increasing proportion of
structurally secured loans, which given the seniority, generally
have lower impairments and the low levels of new forbearance
requests. Third party servicing costs remain at 0.6% per annum.
This is expected to reduce over time as the Company reduces its
exposure to consumer direct and reduces the corresponding service
charge.
Buybacks
In November the Company repurchased 210,000 of its shares at an
average price of 922.7p. The total buybacks year to date now total
4,190,178 or 10.6% of the share capital. The Company has reduced
the level of buybacks recently as the share price has performed
well.
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.
For further information about this announcement please
contact:
Pollen Street Capital - Investment Manager
Matthew Potter / Julian Dale: +44 (0)20 3728 6750
Liberum Capital Limited - Joint Broker
Chris Clarke / Louis Davies: +44 (0)20 3100 2000
Cenkos Securities plc - Joint Broker
Justin Zawoda-Martin / Rob Naylor: +44 (0)20 7397 8900
Link Company Matters Limited - Corporate Secretary
Paul Johnston: +44 (0)20 7954 9552
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END
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