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 Issue |
NAV Date |
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 Nav. (unchanged). Pence per share |
|
Ex
Income NAV as released. Pence per share |
|
Ex
Income Updated. 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