Honeycomb Investment Trust PLC NAV and Monthly Update - February 2021 (2016U)
April 01 2021 - 2:00AM
UK Regulatory
TIDMHONY
RNS Number : 2016U
Honeycomb Investment Trust PLC
01 April 2021
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INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE
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1 April 2021
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company" or "Honeycomb")
announces that the Investment Manager's monthly factsheet for 28
February 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 28 February 2021 on a cum-income basis was 1,026.4
pence, based on a NAV of GBP361.9 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.
This represents a NAV return of 0.64% for the month of February,
which is equivalent to 8.3% per annum.
Portfolio Performance
Net Investment Assets increased in the month by GBP22m, to
GBP593m, driven by drawdowns on existing senior facilities to
borrowers across the SME and property sectors.
The Company's ability to continue to deliver uninterrupted
strong performance during Covid-19 has demonstrated the portfolio's
strong income generation together with downside protection through
structural seniority and asset backing with an increasing
proportion with real estate backing where the Investment Manager
sees significant opportunity.
Pipeline & Market Commentary
The current pipeline of new potential investments is
particularly strong, and the Investment Manager has identified even
more attractive lending opportunities as the Covid-19 pandemic
accelerates the structural challenges facing traditional banks.
As the mainstream banks increasingly focus on only vanilla
product sets, the non-bank lending sector is increasingly critical
to support local communities through financing SMEs, developing
affordable housing, improving the energy efficiency of property,
and going forward transportation, creating employment and driving
financial inclusion. As the population becomes more engaged in
living their lives on a sustainable basis, these lending products
enable real people to have real positive impact in their daily
lives.
The Company has a near term pipeline of c.GBP2.7billion to
deploy capital in excess of its return targets and, the Investment
Manager see significant scope to grow the net assets of Honeycomb
over time. To that end, the Board continues to focus on its
discount management and to improve the liquidity of the shares.
With the government backed Coronavirus Business Interruption
Loan Scheme ("CBILS") being replaced by the Recovery Loan Scheme
("RLS"), the Manager believes opportunities to continue support
lending to SMEs through government backed schemes offer compelling
risk-adjusted returns for shareholders. To date, the Company has
supported CBILS lending and expects opportunities to deploy further
capital supporting RLS lending
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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