Acorn Income Fund NAV(s) & Correction to Prev. Ex-Income Net Asset Values
June 23 2017 - 7:17AM
UK Regulatory
TIDMAIF TIDMAIFZ
ACORN INCOME FUND LIMITED (the "Company")
(a closed-ended investment company incorporated in Guernsey with registration
number 34778)
Net Asset Value and correction of previously announced ex income Net Asset
Values
As at the close of business on 21st June 2017 the estimated Net Asset Values of
the Company's shares are as follows:
NAV Shares in NAV Date
Issue
Cum-income NAV* 471.07p 15,916,687 21st June 2017
Ex-income NAV** 470.69p 15,916,687 21st June 2017
ZDP shares 140.03p 21,365,221 21st June 2017
*Cum-income net asset value includes all current year income, less the value of
any dividends paid in respect of the period together with the value of any
dividends which have been declared and marked ex dividend but not yet paid.
**Ex-income net asset value is the Cum-income NAV excluding net current year
income (net current year income being all current year income, less the value
of any dividends paid in respect of the period together with the value of any
dividends which have been declared and marked ex-dividend but not yet paid).
Any undistributed income from the prior year is moved to reserves on the first
business day of the new period, meaning that all ex-income NAVs released during
a financial year equate to the cum-income NAV less year to date undistributed
income.
Total assets less current liabilities as at the above date were GBP 104.896
million. This amount excludes the liability for the ZDP Shares which mature on
28 February 2022. The portfolio has been valued using bid prices.
Net assets attributable to holders of Ordinary Shares as at the above date were
GBP 74.979 million.
The above Net Asset Values for Ordinary Shares include an accrual for a
Performance Fee payable to the Manager in accordance with the Management
Agreement.
TOTAL NUMBER OF VOTING RIGHTS
The ZDP Shares shall not have the right to attend or vote at any general
meeting of the Company unless the business of the meeting includes any
resolution to vary, modify or abrogate any of the special rights attached to
the ZDP Shares. Accordingly, the total number of voting rights in the Company
is 15,916,687
Correction
Acorn Income Fund has been accruing a performance fee in its NAV calculations
since 7 April 2017.
Due to an error in the calculation process the performance fee was accrued
against income when it should have been against capital. The result of this
has been that while the cum income NAV calculation was correct the ex-income
NAV was overstated.
The NAV published today has calculated the NAVs correctly with the performance
fee accrued against capital. The table below shows the cum income NAVs , the
ex-income NAVs as released to the Stock Exchange and the correct ex-income
NAV re-calculated with the performance fee accrued against capital for every
NAV since the error occurred on April 7 2017
Date Cum-Income Ex Income NAV Ex Income
Nav. as released. Updated. Pence
(unchanged). Pence per share per share
Pence per
share
07-Apr-2017 447.78 449.56 449.16
12-Apr-2017 454.74 457.66 456.14
13-Apr-2017 456.51 459.05 457.25
19-Apr-2017 458.74 461.55 459.49
21-Apr-2017 459.66 462.06 459.88
26-Apr-2017 468.71 472.61 468.96
28-Apr-2017 470.66 474.34 470.39
03-May-2017 471.37 475.09 471.12
05-May-2017 472.08 475.57 471.53
10-May-2017 476.49 480.64 475.93
12-May-2017 478.14 481.21 476.25
17-May-2017 480.36 483.71 478.48
19-May-2017 479.24 481.76 476.78
24-May-2017 482.45 485.44 480.01
26-May-2017 486.75 489.39 483.25
31-May-2017 491.33 494.69 487.85
02-Jun-2017 489.63 492.14 485.65
07-Jun-2017 481.60 482.69 477.73
09-Jun-2017 480.25 480.82 476.14
14-Jun-2017 482.34 483.18 478.25
16-Jun-2017 473.83 477.62 473.44
Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Ltd.
Jenny Malone 353 (0)1 542 2198
Date: 23rd June 2017
END
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