Honeycomb Investment Trust PLC NAV and Monthly Update - April 2021 (9488Z)
27 May 2021 - 4:00PM
UK Regulatory
TIDMHONY
RNS Number : 9488Z
Honeycomb Investment Trust PLC
27 May 2021
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27 May 2021
Honeycomb Investment Trust plc
Honeycomb Investment Trust plc (the "Company" or "Honeycomb")
announces that the Investment Manager's monthly factsheet for 30
April 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 April 2021 on a cum-income basis was 1,021.5
pence, based on a NAV of GBP360.2 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.
The Company delivered a NAV return of 0.73% for the month of
April, or 8.9% annualised. NAV has increased from GBP357.6m in
March, to GBP360.2m at the end of April.
Investment Assets remained relatively flat in the month at
GBP613m, from GBP617m in March. Repayments across senior structured
facilities were broadly offset by drawdowns across the senior
property portfolio. Returns in the month were driven by a strong
annualised credit asset return of 9.0%. The portfolio continues to
perform well with strong levels of cash collection.
Pipeline & Market Commentary
As the UK economy opens up, the Investment Manager has continued
to identify attractive lending opportunities, with a near term
pipeline of GBP1.1bn.
In the post-COVID landscape, the company continues to focus on
opportunities offering resilient returns and downside protection
through structural security and asset backing, with c.94% of the
near-term pipeline being structurally secured.
The Investment Manager also sees significant opportunities in
the real estate sector and SME lending sector, which account for
c60% of the near-term pipeline. There is also a focus on ESG within
the pipeline, particularly regarding electric vehicle
opportunities.
We note the recent developments regarding Amigo Holdings Plc and
the court's decision to not sanction the scheme of arrangement. We
continue to monitor the situation closely with the Honeycomb NAV
exposure to Amigo senior secured bonds of GBP9.8m. As previously
disclosed, Honeycomb adopts amortised cost accounting across its
credit portfolio including the bond portfolio. This can differ to
the on-screen market value of traded securities. As at 26 May 2021,
the market value of the Amigo bonds was GBP8.3m. Amigo combined
with other bonds in the Honeycomb portfolio has a NAV exposure of
GBP22.1m, versus a market value as at 26th May of GBP22.6m.
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: +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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