Listed investment fund Kingfisher says the recovery will take time and it expects financial markets to remain choppy and uncertain for a while.
In the six months to the end of June, the fund has lost 9 cents per share due to market volatility, reversing much of the gains achieved last year.
Speaking at the fund's annual meeting in Auckland, managing director Carmel Fisher says markets will remain volatile for some time and the recovery will be tentative, so taking a long-term view is more important than ever.
The fund is issuing two-year share options to all shareholders. It will issue one for every two held as of 30 August at a price of 95 cents.
Shares in Kingfisher have gained 1 cent to 91 cents.
