Honeycomb Investment Trust has reshuffled its board and declared an interim dividend.
The alternative finance-focused fund said after increasing the size of the board when hiring Joanne Lake at the start of January, it has decided to split its audit and risk committee and the remuneration and nomination committee into four separate committees.
Honeycomb’s changes will take effect from 1 March. The four new committees will include the audit committee, remuneration committee, nomination committee and the management evaluation committee, which is the only one not to undergo any changes.
The fund’s board hired Jim Coyle as senior independent director with effect from 1 March 2021. Coyle will be chairman of the audit committee.
Richard Rowney will act as chairman of the risk committee, while Lake will chair the remuneration committee and Robert Sharpe will be chairman of both the nomination committee and the management evaluation committee.
Each individual will serve on the committees they do not chair.
Meanwhile, Honeycomb’s directors have declared an interim dividend of 20p per ordinary share for the three-month period to 31 December 2020.
The dividend will be paid on 26 March 2021 to holders of ordinary shares on the register as of 5 March 2021. The ex-dividend date is 4 March 2021.
In December, Honeycomb said it expects to return the value of its portfolio to £600m in the coming months, having fallen to a new low amid the Covid-19 crisis.
During the same month, a review of the trust by research firm Kepler Trust Intelligence praised Honeycomb’s resilience during the pandemic and highlighted the opportunities in the portfolio.