20th Feb 2019 17:18
LONDON (Alliance News) - Herald Investment Trust PLC said Non-Executive Director Karl Sternberg bought 1,500 shares in the company at GBP12.237 per share on Wednesday.
Sternberg paid GBP18,356 to acquire the shares in Herald, which primarily invests in small and mid-cap technology, communication, and media companies.
Earlier on Wednesday, the FTSE 250-listed company said its net asset value per share had fallen 4.9% to 1,307.9 pence on December 31 from 1,374.9p the year before.
The Numis Smaller Cos Index plus AIM, which excludes investment companies, shed 18% in 2018 and the FTSE All Share Index lost 9.5%.
"It is always disappointing to report negative returns, but the portfolio had been positioned defensively, reflecting the manager's belief that some valuations had become somewhat too ambitious. The performance relative to the wider market is quite pleasing. We enter 2019 more comfortable that valuations now offer scope for good absolute performance once again," said Herald Chair Julian Cazalet.
Herald shareholders will have an opportunity to vote on the continuation of the trust, as they do every third year. Herald's board "strongly recommends" shareholders vote in favour of continuation.
"The investment manager's focus on smaller capitalisation companies provides exposure to some of the most rapidly growing companies within the company's targeted sectors and that this should continue to provide attractive long term investment opportunities," said Cazalet.
Cazalet is to step down following the company's April annual general meeting.
Shares in Herald Investment closed up 0.4% at 1,220.00 pence on Wednesday.
Related Shares:
Herald Investment Trust