Ann: HALFYR: KFL: Kingfish portfolio delivers continued growth

• Release Date: 25/11/14 16:15
• Summary: HALFYR: KFL: Kingfish portfolio delivers continued growth
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					KFL
25/11/2014 16:14
HALFYR
PRICE SENSITIVE
REL: 1614 HRS Kingfish Limited

HALFYR: KFL: Kingfish portfolio delivers continued growth

Kingfish Limited
Results for announcement to the market
Reporting period 6 months to 30 September 2014
Previous reporting period 6 months to 30 September 2013

The interim financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A copy of
the independent review report applicable to the interim financial statements
is attached to this announcement.

 Current period NZ$000; up/(down)%, Previous reporting period NZ$000
Total net income from ordinary activities  5,795; (65%),  16,367
Profit from ordinary activities after tax attributable to security holders
4,199; (72%), 14,869
Net profit attributable to security holders 4,199; (72%), 14,869

Dividend Kingfish will pay a partially imputed quarterly dividend of 2.66cps
as part of its distribution policy
Ex-dividend date 8 December 2014
Record date 10 December 2014
Dividend payment date 19 December 2014

Net asset value per share 30 September 2014: $1.33

For immediate release:
25 November 2014

Kingfish portfolio delivers continued growth

- Interim 2014 net profit $4.2m (interim 2013: net profit $14.9m)
- Total shareholder return* +6.7%
- Adjusted net asset value* per share +1.9%
- 5.35 cents per share in dividends paid during the period
- 1:4 pro-rata warrant issue undertaken

NZX-listed investment company Kingfish Limited (NZX: KFL) today announced a
net operating profit for the six month period ended 30 September 2014 of
$4.2m (interim 2013: net profit $14.9m).

The result includes gains on investments of $3.2m, dividend and interest
income of $2.6m less operating expenses and tax of $1.6m.

Kingfish's key performance ratios show a total shareholder return (TSR)* of
6.7% and a growth in adjusted net asset value (NAV)* of 1.9% versus the NZX50
Gross Index which rose 2.2% in the period.

This result follows last year's strong performance which saw a TSR of 18.9%
and a growth in adjusted NAV of 18.1% for the twelve months to 31 March 2014.

In accordance with company's distribution policy (2.0% of average NAV per
quarter), a total of 5.35 cents per share was paid to Kingfish shareholders
during the six months ended 30 September 2014. On 25 November 2014, the Board
declared a dividend of 2.66 cents per share to be paid to shareholders on 19
December 2014 with a record date of 10 December 2014.

In August the Kingfish Board announced it would undertake a pro-rata warrant
issue as part of its capital management programme, to put Kingfish in a
better position to grow, improve liquidity and operate efficiently. One
warrant was issued for every four Kingfish shares held on 12 November 2014.
The warrants give holders the right to purchase additional Kingfish shares in
November 2015 at an Exercise Price of $1.29 adjusted for dividends declared
during the period up to the Exercise Date.

Kingfish's Chairman, Alistair Ryan, said: "The Board is pleased with the
performance of the Kingfish portfolio in the first half of the 2014/15
financial year as it continues to produce healthy returns for shareholders".

Portfolio Manager, Murray Brown, said: "There remains a relatively favourable
backdrop for New Zealand shares, although it should be noted that the market
continues to trade well above long-term average historical fundamentals".

Mr Brown added: "We are likely to see a raft of new listings in coming
months.  As always, we put all new investment opportunities through our
earnings-driven STEEPP process so that we maintain a portfolio of quality New
Zealand companies".

For further information please contact:

Carmel Fisher
Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342

*Adjusted NAV and total shareholder return assume all dividends are
reinvested, but exclude imputation credits

About Kingfish
Kingfish is a listed investment company that invests in growing New Zealand
companies. The Kingfish portfolio is managed by Fisher Funds, a specialist
investment manager with a track record of successfully investing in growth
company shares. Fisher Funds and its related entities currently have over $6
billion of funds under management. The aim of Kingfish is to offer investors
competitive returns through capital growth and dividends, and access to a
diversified portfolio of investments through a single tax-efficient
investment vehicle. Kingfish listed on the NZX Main Board on 31 March 2004
and may invest in companies that are listed on the NZX Main Board, NZX
Alternative Market or unlisted companies.        /ends
End CA:00258082 For:KFL    Type:HALFYR     Time:2014-11-25 16:15:00