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Interim Results

AcenciA NAV up

25 August 2016 07:55

AcenciA Debt Strategies' net asset value per share rose by 1.1% to $1.56 in the six months to the end of June while and share price decreased by 3.7% to $1.34 - taking account of dividends paid in both cases.

The annualised dividend yield for 2016 is 4.0%, after taking account of the 2.74c dividend paid in June and the interim dividend of 2.72c which is due to be paid in October. This annualised dividend yield is based on the closing share price of the company of $1.375 on 23 August.

Chairman William Scott said "Given the violent market moves that we saw in January, February and June, we are pleased that over this six month period AcenciA was able to post a positive total return in NAV terms in a low volatility manner. The Company continues to uphold its successful investment strategy of holding a concentrated portfolio, which focuses on establishing investment partnerships with superior hedge fund managers tasked with finding a multitude of event-driven and multi-strategy credit opportunities.

"With mounting evidence that the next default cycle is looming, and increasing allocations to distressed being reported, the Investment Adviser believes that we are now in an environment where low to mid double digit returns are potentially achievable without any reliance on a rise in credit or equity markets. The company is well placed to take advantage of these market conditions to the benefit of Shareholders. The Sub-manager's report goes into further detail on the investment performance of the Company, as well as the outlook for AcenciA in months ahead."

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