Kingfish NAV grows, future warrants to influence value

Kingfish Limited's undiluted net asset value (NAV) per share increased to $1.3654 as of October 8, 2025, up from $1.3539 on October 1, 2025. This reflects a current discount of 3% based on a share price close of $1.33, compared to a 1% discount the previous week. The NAV figures are unaudited and account for fees and tax, but currently exclude treasury stock.

A total of 86,961,524 warrants are outstanding and exercisable on May 1, 2026. The exercise price for these warrants is $1.35, less any dividends declared between May 1, 2025, and the May 1, 2026, exercise announcement. Kingfish has already declared dividends totaling 5.48 cents per share, with additional dividends anticipated. The undiluted NAV calculation currently excludes the impact of these future warrant exercises.

Kingfish, a listed investment company focusing on New Zealand growth companies, manages a diversified portfolio. Its top five holdings as of October 8, 2025, are Fisher & Paykel Healthcare (19%), Infratil (13%), Summerset (9%), Mainfreight (9%), and Auckland International Airport (7%). Kingfish aims to provide competitive returns through capital growth and dividends via a tax-efficient investment vehicle.