The current Kingfish share price is at the top of this page. Alternatively you can ask any sharebroker, check in major newspapers or visit www.nzx.com and type in the ticker code "KFL" (for shares).
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
Kingfish is a registered Portfolio Investment Entity (PIE) for tax purposes. The PIE regime has significant advantages for shareholders:
· New Zealand tax resident investors:
· Non-resident investors:
· Imputation credits will be attached to dividends to the fullest extent possible.
· There is no 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 treasury 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:
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.
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 2018.
In return for the performance of its duties as Manager, Fisher Funds is entitled to be paid:
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. There are currently no warrants on issue.
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.