Acorn Income Fund NAV(s) & Correction to Prev. Ex-Income Net Asset Values

 
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 
 

(END) Dow Jones Newswires

June 23, 2017 07:17 ET (11:17 GMT)