REG - Herald Inv Trust PLC - Directorate Change

Herald Investment TrustAnnouncement

24/04/2024 07:00

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RNS Number : 7622L  Herald Investment Trust PLC  24 April 2024

 

Herald Investment Trust plc (the "Company" or "Herald")

 

LEI number: 213800U7G1ROCTJYRR70

 

 

Appointment of Christopher Metcalfe as a non-executive director

 

Following a comprehensive selection process, conducted using an independent
third-party search firm, the Company is pleased to announce the appointment of
Christopher Metcalfe  as an independent non-executive director of the Company
with immediate effect.

 

Christopher is currently chairman of the Martin Currie Global Portfolio Trust,
senior independent non-executive director at JP Morgan US Smaller Companies
Investment Trust and a non-executive director of Columbia Threadneedle UK
Capital and Income Investment Trust plc. He was previously a non-executive
director of abrdn Smaller Companies Income Trust until its merger with Shires
Income in December 2023.

 

He has considerable investment management experience having worked previously
at Newton Investment Management (2006-2017), Schroder Investment Management
(1995-2006) and Henderson Administration Group plc (1985-1994).

 

There is no other information required to be disclosed under section 9.6.13 of
the Listing Rules in respect of Christopher Metcalfe.

 

As previously announced, having served 9 years on the Board, Karl Sternberg
has stepped down.

 

Andrew Joy, Chairman of Herald, said: "We are delighted to welcome Christopher
to the Board. He brings extensive and relevant experience both in Investment
Trusts and as an institutional investor. I would also like to take this
opportunity to reiterate the Board's thanks to Karl Sternberg. He has been an
invaluable director, insightful and wise, and leaves with the Board's very
best wishes".

 

24 April 2024

 

About Herald Investment Trust

 

Herald Investment Trust invests globally in the excellent opportunities
available in the smaller quoted technology and communications sectors. The
Company was established in 1994 and raised £65 million on launch and a
further £30 million in 1996. No further capital has been raised.

Since inception Herald has delivered a 22x NAV total return - with the NAV per
share, on a total return basis, having compounded at an annualised rate of
11.0%. Herald has grown to become a constituent of the FTSE 250 index with
total assets of approximately £1.3 billion. The Company is currently ungeared
and has also returned in excess of £350 million to shareholders through share
buy backs - a multiple of its original capital.

The Board believes that this outstanding performance is primarily attributable
to the Company's distinctive investment strategy which is focused on smaller
quoted companies in the global technology and communications sectors. This
strategy requires specialist

expertise, an extensive network and sound investment judgement from the
Investment Manager. Target companies within the Company's investible universe
often receive very limited institutional investor participation, creating
opportunities for the Investment Manager to find excellent companies at
attractive valuations, and to support them as they grow.

HIT occupies a unique position as the only investment trust offering expert
access to such a wide range of small and micro technology and communications
stocks to both retail investors and institutions, and performs a vital (and
very successful) role in enabling the returns from such companies to be shared
by a wide range of investors.

Since inception, the Company has invested approximately £660 million of
primary capital, of which over £500 million has been invested in UK listed
and AIM companies. In addition to providing outstanding returns to
shareholders, the Company's initial capital has been reinvested multiple times
providing much needed capital to a growth sector of the UK economy, helping to
build businesses, create skilled jobs and enhance the UK's productivity. Of
the total profits of approximately £1.4 billion made by the Company since
1994, over £900 million is attributable to UK listed investments and AIM
stocks.

 

 

For further information contact:

 Apex Listed Companies Services (UK) Limited  020 3327 9720
 Company Secretary

 

 

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