Honeycomb Investment Trust PLC NAV and Monthly Update

TIDMHONY

RNS Number : 5504W

Honeycomb Investment Trust PLC

23 December 2021

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23 December 2021

Honeycomb Investment Trust plc

Honeycomb Investment Trust plc (the "Company" or "Honeycomb") announces that the Investment Manager's monthly factsheet for 30 November 2021 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 2021 on a cum-income basis was 1,032.1 pence, based on a NAV of GBP363.9 million, and on an ex-income basis was 1,017.8 pence, based on a NAV of GBP358.9 million. The NAVs have been calculated by Apex Fund Services (UK) Ltd.

Honeycomb Investment Trust plc delivered a NAV return of 0.66% for the month of November, or 8.0% annualised.

Investment assets remained stable at GBP587m from GBP588m in October. During the month, the last remaining unsecured consumer loans were sold, completing the final phase of the planned refocus of Honeycomb's asset base onto senior and asset secured debt. The GBP20m portfolio was sold at carrying value and the proceeds were reinvested in senior secured positions with strong asset backing.

The resulting GBP20m reduction in credit assets is offset by further utilisations on senior facilities in the Property (GBP12.7m), SME (GBP2.3m), and Consumer (GBP1.3m) sectors. Senior positions have increased since the start of the year to 75% of the portfolio with a further 22% in other over collateralised asset secured investments providing enhanced returns whilst retaining credit protection.

The pipeline remains strong at over GBP1bn, with a number of late-stage deals which are expected to close in Q4 2021 and early Q1 2022.

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: +44 (0)20 3100 2000

Cenkos Securities plc - Joint Broker

Justin Zawoda-Martin: +44 (0)20 7397 8900

Link Company Matters Limited - Corporate Secretary

hitcosec@linkgroup.co.uk

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