Overview of Acorn Capital Investment Fund's half-year report

Acorn Capital Investment Fund (ASX: $ACQ) has adopted a Dividend Reinvestment Plan (DRP) for the FY24 Interim Dividend and all subsequent dividends. The DRP has been lodged with ASX and will remain available unless notice is given of its suspension or termination. The half-year financial report, subject to independent review by Ernst & Young, shows a total comprehensive income of $240,877 for the half-year ended 31 December 2023, down from $3,184,496 in 2022. The profit before income tax was $230,829, a decrease from $4,481,587 in 2022. The profit after income tax was $240,877, down from $3,184,496 in 2022. Basic earnings per share after income tax were 0.27 cents, a decrease from 3.70 cents in 2022.

Executive commentary on financial performance and dividend reinvestment plan

The Company's financial performance for the half-year reflects the ongoing investment in a portfolio of listed and unlisted microcap companies. The adoption of the Dividend Reinvestment Plan demonstrates our commitment to providing shareholders with the opportunity to reinvest their dividends in a convenient and cost-effective manner. We believe this will support the Company's long-term growth and provide additional capital to invest in our portfolio. The decrease in total comprehensive income and earnings per share is primarily attributed to market conditions and the performance of the underlying investments.

Summary of Acorn Capital Investment Fund's outlook

Acorn Capital Investment Fund's adoption of the Dividend Reinvestment Plan signifies a strategic move to enhance shareholder value and provide opportunities for further investment in its portfolio. The decrease in financial performance compared to the previous year reflects the impact of market conditions on the Company's investments. Looking ahead, the Company aims to continue its investment activities in accordance with its governing documents and leverage the DRP to support its long-term growth objectives. The outlook remains focused on prudent capital management and maximizing returns for shareholders amidst market uncertainties.