Ann: HALFYR: KFL: A challenging market environment for Kingfish

• Release Date: 19/11/15 15:22
• Summary: HALFYR: KFL: A challenging market environment for Kingfish
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					KFL
19/11/2015 15:22
HALFYR
PRICE SENSITIVE
REL: 1522 HRS Kingfish Limited

HALFYR: KFL: A challenging market environment for Kingfish

Kingfish Limited
Results for announcement to the market
Reporting period 6 months to 30 September 2015
Previous reporting period 6 months to 30 September 2014

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 (loss) / net income from ordinary activities  (1,521); N/A  5,795
(Loss) / profit from ordinary activities after tax attributable to security
holders  (2,939); N/A  4,199
Net (loss) / profit attributable to security holders  (2,939); N/A  4,199

Dividend Kingfish will pay a partially imputed quarterly dividend of 2.58cps
as part of its distribution policy
Ex-dividend date 2 December 2015
Record date 4 December 2015
Dividend payment date 18 December 2015

Net asset value per share 30 September 2015: $1.26

For immediate release:
19 November 2015

A challenging market environment for Kingfish
o Interim 2016 net loss $2.9m (interim 2015: net profit $4.2m)
o Total shareholder return* negative 6.5%
o Adjusted net asset value* per share down 1.7%
o 5.37 cents per share in dividends paid during the period
o Successful warrant issue

The New Zealand share market provided a challenging backdrop for the Kingfish
portfolio, with the S&P/NZX50G Index falling 4.1% in the six months to 30
September 2015. NZX-listed investment company Kingfish Limited (NZX: KFL)
outperformed the broader market with a 1.7% decline in adjusted net asset
value (NAV)* and announced a net operating loss for the six month period of
$2.9m (interim 2015: net profit $4.2m). The result includes dividend and
interest income of $3.3m less losses on investments of $4.8m, and operating
expenses and tax of $1.4m.

In accordance with the company's distribution policy (2.0% of average NAV per
quarter), a total of 5.37 cents per share was paid to Kingfish shareholders
during the six months ended 30 September 2015. On 19 November 2015, the Board
declared a dividend of 2.58 cents per share to be paid to shareholders on 18
December 2015 with a record date of 4 December 2015.

On 6 November 2015, warrant holders had the right to convert their warrants
into ordinary Kingfish shares at an exercise price of $1.18. The Board is
pleased with the success of the warrant issue with 79% of warrant holders
choosing to exercise their warrants on the exercise date, providing an
additional $28.4m to invest in the Kingfish portfolio. Warrants continue to
be an important part in the overall capital management programme.

Kingfish's Chairman, Alistair Ryan, said: "The six months to 30 September
2015 have proved to be a challenging start to the 2016 financial year for the
Kingfish portfolio. The successful warrant issue was confirmation that
shareholders share the Board's confidence in the Manager to increase
portfolio performance and returns to shareholders over the medium term."

Portfolio Manager, Murray Brown, said: "We are currently investing the funds
from the recent warrant issue into existing portfolio companies as indicated
at the annual shareholder meeting.  Market fundamentals remain stretched on
an historical basis but earnings growth from listed companies is robust. We
remain confident that the Kingfish portfolio of quality growth companies will
continue to prosper over time."

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:00273741 For:KFL    Type:HALFYR     Time:2015-11-19 15:22:51