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