Honeycomb Investment Trust PLC NAV and Monthly Update - November 2020 (8355K)

TIDMHONY

RNS Number : 8355K

Honeycomb Investment Trust PLC

07 January 2021

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM), CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

7 January 2021

Honeycomb Investment Trust plc

Honeycomb Investment Trust plc (the "Company") announces that the Investment Manager's monthly factsheet for 30 November 2020 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 2020 on a cum-income basis was 1,006.4 pence, based on a NAV of GBP354.9 million, and on an ex-income basis was 1,017.9 pence, based on a NAV of GBP358.9 million. The NAVs have been calculated by Apex Fund Services (UK) Ltd.

November Factsheet

Honeycomb Investment Trust plc (the "Company") delivered a NAV return of 0.62% for the month, which is equivalent to 7.5% per annum. The portfolio continues to perform well with NAV returns rising to pre-Covid-19 levels.

The Manager deployed GBP30m of investment into Credit Assets over the course of November including the acquisition of a portfolio of performing short term real estate loans. This increased the investment portfolio to GBP576.9m.

The larger investment portfolio has increased returns with NAV return for November at 7.5% per annum. The investment yield was 9.7% per annum with a modest impairment charge of 0.3% per annum. The low impairment charge reflects the increasing proportion of structurally secured loans, which given the seniority, generally have lower impairments and the low levels of new forbearance requests. Third party servicing costs remain at 0.6% per annum. This is expected to reduce over time as the Company reduces its exposure to consumer direct and reduces the corresponding service charge.

Buybacks

In November the Company repurchased 210,000 of its shares at an average price of 922.7p. The total buybacks year to date now total 4,190,178 or 10.6% of the share capital. The Company has reduced the level of buybacks recently as the share price has performed well.

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: [phone]

Liberum Capital Limited - Joint Broker

Chris Clarke / Louis Davies: [phone]

Cenkos Securities plc - Joint Broker

Justin Zawoda-Martin / Rob Naylor: [phone]

Link Company Matters Limited - Corporate Secretary

Paul Johnston: [phone]

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January 07, 2021 02:00 ET (07:00 GMT)