AIF.L Regulatory News (AIF)

Acorn Income Fund - NAV(s) & Correction to Prev. Ex-Income Net Asset Values

PR Newswire

London, June 23

ACORN INCOME FUND LIMITED (the “Company”)

(a closed-ended investment company incorporated in Guernsey with registration number 34778)

Net Asset Value and correction of previously announced ex income Net Asset Values

As at the close of business on 21st June 2017 the estimated Net Asset Values of the Company’s shares are as follows:

*Cum-income net asset value includes all current year income, less the value of any dividends paid in respect of the period together with the value of any dividends which have been declared and marked ex dividend but not yet paid.

**Ex-income net asset value is the Cum-income NAV excluding net current year income (net current year income being all current year income, less the value of any dividends paid in respect of the period together with the value of any dividends which have been declared and marked ex-dividend but not yet paid). Any undistributed income from the prior year is moved to reserves on the first business day of the new period, meaning that all ex-income NAVs released during a financial year equate to the cum-income NAV less year to date undistributed income.

Total assets less current liabilities as at the above date were GBP 104.896 million. This amount excludes the liability for the ZDP Shares which mature on 28 February 2022. The portfolio has been valued using bid prices.

Net assets attributable to holders of Ordinary Shares as at the above date were GBP 74.979 million.

The above Net Asset Values for Ordinary Shares include an accrual for a Performance Fee payable to the Manager in accordance with the Management Agreement.

TOTAL NUMBER OF VOTING RIGHTS

The ZDP Shares shall not have the right to attend or vote at any general meeting of the Company unless the business of the meeting includes any resolution to vary, modify or abrogate any of the special rights attached to the ZDP Shares. Accordingly, the total number of voting rights in the Company is 15,916,687

Correction

Acorn Income Fund has been accruing a performance fee in its NAV calculations since 7 April 2017.

Due to an error in the calculation process the performance fee was accrued against income when it should have been against capital. The result of this has been that while the cum income NAV calculation was correct the ex-income NAV was overstated.

The NAV published today has calculated the NAVs correctly with the performance fee accrued against capital. The table below shows the cum income NAVs , the ex-income NAVs as released to the Stock Exchange and the correct ex-income NAV re-calculated with the performance fee accrued against capital for every NAV since the error occurred on April 7 2017

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Ltd.

Jenny Malone 353 (0)1 542 2198

Date: 23rd June 2017