NAV and Monthly Update - November 2021

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 £363.9 million, and on an ex-income basis was 1,017.8 pence, based on a NAV of £358.9 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 £587m from £588m 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 £20m portfolio was sold at carrying value and the proceeds were reinvested in senior secured positions with strong asset backing.

The resulting £20m reduction in credit assets is offset by further utilisations on senior facilities in the Property (£12.7m), SME (£2.3m), and Consumer (£1.3m) 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 £1bn, 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: [phone]

Liberum Capital Limited - Joint Broker

Chris Clarke: [phone] 

Cenkos Securities plc - Joint Broker

Justin Zawoda-Martin: [phone]

Link Company Matters Limited - Corporate Secretary

[e-mail]  

 

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