Business
NAV and Monthly Update September 2021
NAV and Monthly Update September 2021.
About this update from Pollen Street Group Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 4890Q\n Honeycomb Investment Trust PLC\n 28 October 2021\n \n \n \n \n NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE UNITED KINGDOM),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\n \n \n 28 October 2021\n \n \n Honeycomb Investment Trust plc\n \n \n Honeycomb Investment Trust plc (the \"Company\" or \"Honeycomb\") announces that the Investment Manager's monthly factsheet for 30 September 2021 is now available on its website at \n \n http://www.honeycombplc.com\n \n . \n \n \n Net Asset Value per Share\n \n \n The Company announces that its unaudited Net Asset Value (\"NAV\") per share as at 30 September 2021 on a cum-income basis was 1,018.4 pence, based on a NAV of £359.1 million, and on an ex-income basis was 1,017.9 pence, based on a NAV of £358.9 million. The NAVs have been calculated by Apex Fund Services (UK) Ltd.\n \n \n Honeycomb Investment Trust plc (the \"Company\" or \"HONY\") delivered a NAV return of 0.66% for the month of September, or 8.0% annualised. This completes a strong quarter for Honeycomb with a Q3 annualised NAV return of 8.3%.\n \n Net Investment Assets decreased in the month by £30m from £619.5m at the end of August to £589.2m at end of September, predominantly driven by two repayments in the structured consumer portfolio. The first was the repayment of a senior-secured facility backed by unsecured consumer loans which has refinanced into a new larger syndicated facility with Honeycomb participating but resulted in net cash inflow, which will then draw again over the coming months. The second was the £16m repayment in full of a senior-secured credit cards facility at the end of its term.\n The pipeline of new opportunities is strong with £500m of well progressed deals including a number of upsizes to existing clients. Total pipeline exceeds £1bn. The current pipeline has a strong positive social and environmental impact focus, including five transactions totalling c.£210m in the renewable / electric mobility space, reflective of our continued focus on supporting innovative lending partners who focus on lending in areas that will accelerate environmental and social in...