Ann: HALFYR: KFL: Kingfish delivers another stron

• Release Date: 29/11/12 18:18
• Summary: HALFYR: KFL: Kingfish delivers another strong performance
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KFL
29/11/2012 16:18
HALFYR

REL: 1618 HRS Kingfish Limited

HALFYR: KFL: Kingfish delivers another strong performance

Results for announcement to the market

Reporting Period 6 months to 30 September 2012
Previous Reporting Period 6 months to 30 September 2011

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

 Current period NZ$000,  Up/(Down) %,  Previous corresponding  Period NZ$000
Total net income/(loss) from ordinary activities 13,343  N/A, (1,070)
Profit/(loss) from ordinary activities after tax attributable to security
holder 11,478  N/A,  (2,032)
Net profit/(loss) attributable to security holders 11,478  N/A, (2,032)

Dividend
 As previously announced on 21 November 2012, Kingfish will pay a partially
imputed quarterly dividend of 2.29cps as part of its long term distribution
policy.

Ex-Dividend Date 5 December 2012
Record Date 7 December 2012
Dividend Payment Date 21 December 2012

NAV per share 30 September 2012: $1.15

For immediate release:

29 November 2012

Kingfish delivers another strong performance

? Total shareholder return increased 18.1% for the six month period
? Discount between share price and NAV narrowed from 16.0% to 8.6%
? 4.42 cents per share of dividends paid
? Total of 16.9 million warrants exercised over two-year life

NZX-listed investment company Kingfish Limited (NZX: KFL) today announced a
net operating profit for the six month period ended 30 September 2012 of
$11.5 million.

In the six months to 30 September 2012, Kingfish's adjusted net asset value
(NAV)* increased by 7.9% despite being negatively impacted by the dilutionary
effect of the warrants exercised in the period at 95c each. 14.0 million
warrants were converted into ordinary shares during the six months, and a
total of 16.9 million have been exercised over the two-year life of the
warrants.

Excluding the dilutionary effect of the warrants, Kingfish's adjusted NAV*
increased by 10.4% for the six months, ahead of the NZX50 Gross Index which
rose 9.2% over the same period. Since inception (2004), Kingfish's adjusted
NAV* is up 74.4%, significantly ahead of the NZX50 Gross Index which is up
47.9%.

The share price traded between $0.93 and $1.06 during the period, closing at
$1.05 on 30 September 2012. Since then, the share price has continued to
strengthen, closing at $1.10 on 28 November 2012. Total shareholder return
increased 18.1% in the six months, and is up 69.1% since inception.

In accordance with Kingfish's dividend policy (2% of average NAV per
quarter), the company paid 4.42 cents per share in dividends during the six
months. On 21 November 2012 the Board declared a dividend of 2.29 cents per
share to be paid to shareholders on 21 December 2012.

The discount between Kingfish's share price and its NAV at 30 September 2012
was 8.6%, which has narrowed considerably over the six months from 16.0% at
the start of the period. Kingfish Chairman, Alistair Ryan commented: "We are
encouraged to see a strong total shareholder return for the period which was
the result of a robust portfolio performance."

Kingfish Manager, Fisher Funds, said: "The New Zealand share market has had a
period of strong performance. Due to the slow-moving economy, this
performance has been driven more by an increase in equity prices than by any
uplift in expected earnings growth."

During the period, Kingfish reduced its holding in Metlifecare, Acurity
Health (formerly Wakefield Health) and Pumpkin Patch while increasing its
holding in Trade Me, Freightways and Summerset. Cash as at the end of
September was high ($21.2m) due to the exercise of warrants ($11.6m) in early
September.

The fundamentals of the Kingfish portfolio are positive relative to the
broader market. According to the consensus of analysts' forecasts, the
earnings of Kingfish's investments are expected to grow by 18% in the coming
year with shares trading around 14.8 times earnings.

Mr Ryan said: "It is pleasing to note that the positive performance of the
Kingfish portfolio has continued during the first half of this financial
year."

For further information please contact:

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

Alistair Ryan
Chairman
Kingfish Limited
Tel: (09) 489 7094

*Total Shareholder Return and adjusted NAV assume all dividends are
reinvested, but exclude imputation credits

About Kingfish

Kingfish Limited is a listed investment company that invests in New Zealand
companies. The investment portfolio of Kingfish is managed by Fisher Funds
Management Limited, a specialist fund manager with a track record of
successful investing. Kingfish aims to offer investors competitive returns
and access to a diversified portfolio of investments through a single, tax
efficient investment vehicle. Kingfish may invest in companies listed on the
NZX, NZAX and unlisted companies. The company listed on the New Zealand
Exchange in March 2004. /ends
End CA:00230436 For:KFL    Type:HALFYR     Time:2012-11-29 16:18:46