Kingfish NAV steady as warrants, dividends impact future exercise price

Kingfish Limited reported an unaudited undiluted net asset value (NAV) of $1.3465 as of September 17, 2025, a marginal increase from $1.3450 on September 10, 2025. The company's share price closed at $1.30 on September 17, 2025, resulting in a 3% discount to NAV, consistent with the previous week's closing price and discount.

The undiluted NAV calculation excludes 86,961,524 warrants currently on issue, which are exercisable on May 1, 2026. The actual exercise price for each warrant is $1.35, adjusted downwards by dividends declared between May 1, 2025, and the warrant exercise date. Dividends totaling 5.48 cents per share have been declared to date, with two more expected before the May 2026 exercise price announcement.

Kingfish's portfolio, managed by Fisher Funds Management Ltd, primarily invests in growing New Zealand companies. As of September 17, 2025, its top five holdings were Fisher & Paykel Healthcare (19%), Infratil (14%), Mainfreight (9%), Summerset (9%), and Auckland International Airport (7%). The company has been listed on the NZX Main Board since March 31, 2004.