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Share Price
$1.25
as at 26/04/2017
Warrant Price
$0.02
as at 26/04/2017
Latest NAV
$1.3799
as at 19/04/2017

FAQs

The current Kingfish share price and warrant price is at the top of this page. Alternatively you ask any sharebroker, check in major newspapers or visit www.nzx.com and type in the ticker code "KFL" (for shares) or “KFLWD” (for warrants).

Please contact our share registrar, Computershare:

Computershare Investor Services Limited
Level 2, 159 Hurstmere Road Takapuna
Private Bag 92119 Auckland
Telephone: 09 488 8777
Fax: 09 488 8787
Email Computershare

Kingfish is a registered Portfolio Investment Entity (PIE) for tax purposes. The PIE regime has significant advantages for shareholders:

  • Shareholders or Trustees do not have to include dividend income from Kingfish in their tax return (although if you are on a marginal tax rate lower than 28%, you can elect to include dividends to take advantage of any imputation credits attached at the higher rate of 28%). Other shareholders only have to include fully imputed dividends in their income, in which case the imputation credits will usually fully offset any tax liability. Imputation credits will be attached to dividends to the fullest extent possible. To the extent that the dividend is not imputed, the dividend should be treated as excluded income for New Zealand resident investors.
  • There is no longer a tax on the distribution of capital gains to shareholders.

The above comments do not constitute tax advice to investors, as tax implications will depend on each investor's tax profile and circumstances. We encourage shareholders to seek their own tax advice.

The net asset value (NAV) per share represents the total assets of a fund or company (investments and cash) minus any liabilities, divided by the number of shares on issue (excluding treasure stock). The Kingfish NAV is calculated at the close of business each Wednesday and at month end and is announced to the NZX the following day. We update the website with the latest NAV after it has been announced to the market.

The NAV per share is calculated by taking the total number of shares held in a portfolio company, multiplied by the share price at market close. This calculation is completed for each company in the portfolio and added to the cash amount held to get the gross asset value (GAV) of the portfolio. Tax and other expenses are deducted from the GAV to provide the NAV. The NAV is divided by the number of shares on issue (excluding treasury stock) to provide the NAV per share.

The adjusted NAV per share represents the total assets of Kingfish (investments and cash) minus any liabilities (expenses and tax), divided by the number of shares on issue. It adds back dividends paid to shareholders and adjusts for:

  • the impact of shares issued under the dividend reinvestment plan at the discounted reinvestment price;
  • shares bought off the market (share buybacks) at a price different to the NAV, and;
  • warrants exercised at a price different to the NAV at the time exercised.

Adjusted NAV assumes all dividends are reinvested in the company’s dividend reinvestment plan and excludes imputation credits.

The directors believe this metric to be useful as it reflects the underlying performance of the investment portfolio adjusted for dividends, share buybacks and warrants, which are a capital allocation decision and not a reflection of the portfolio’s performance.

The TSR combines the share price performance, the warrant price performance (when warrants are on issue), the net value of converting warrants into shares and dividends paid to shareholders.

TSR assumes:

  • all dividends paid are reinvested in the company’s dividend reinvestment plan at the discounted reinvestment price and exclude imputation credits, and;
  • all shareholders that have received warrants (for free), have subsequently exercised their warrants at the warrant expiry date and bought shares (if they were in the money).

The directors believe this metric to be useful as it reflects the return of an investor who reinvests their dividends and, if in the money, exercises their warrants at warrant maturity date for additional shares. No metric has been included for investors who choose other investment options.

It is common for listed investment companies such as Kingfish to have a share price that is different to the NAV per share. Where the share price is lower than the NAV per share, the shares are said to be trading at a discount. Where the share price is higher than the NAV per share, the shares are trading at a premium. There can be many reasons for the shares trading at a value different to the underlying NAV including expectations of future earnings and market sentiment.

A share buyback is when a company buys back their own shares on-market. These shares are held as treasury stock and are available to be reissued to the market via the company’s dividend reinvestment plan or to pay performance fees to the Manager.

If in the opinion of the Board the price of the shares does not appropriately reflect the underlying asset value, the Board will from time to time consider buying shares in Kingfish. The company will not buy back shares when the discount is below 8%.

We currently have a share buyback policy in place until 31 October 2016.

In return for the performance of its duties as Manager, Fisher Funds is entitled to be paid:

  • Management Fee: 1.25% per annum of the gross asset value, with the capacity to reduce in a financial year by 0.1% for every 1% underperformance (relative to the change in the NZ 90 Day Bank Bill Index) subject to a 0.75% per annum management fee. This 'fulcrum' fee structure (where the fee reduces if the Manager underperforms) aligns the Manager's interests with shareholders' and is unique in New Zealand.
  • Performance Fee: The Manager will be paid 15% of excess returns over and above the performance fee hurdle return (being the change in the NZ 90 Day Bank Bill Index + 7%) as a performance fee (subject to achieving the High Water Mark and other rules set out in the Management Agreement).

Kingfish shares are listed on the NZX Main Board and trade under ticker code "KFL". You can also choose to invest in Kingfish by buying Kingfish warrants when they are on issue. The ticker code for the current warrants is "KFLWD".

If you would like to invest in Kingfish, simply purchase shares or warrants through a sharebroker. Warrantholders need to exercise their warrants on the exercise date to convert their warrants into Kingfish shares. See our warrants section for more information.

A list of NZX recommended brokers can be found here.

Kingfish does not charge entry or exit fees when shareholders purchase or sell their shares or warrants, although transaction costs will be charged when buying or selling through a sharebroker.

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