Henderson Global Trust PLC Edison issues review on Henderson Global Trust
March 31 2016 - 11:00AM
RNS Non-Regulatory
TIDMHGL
Henderson Global Trust PLC
31 March 2016
London, UK, 31 March 2016
Edison issues research review on Henderson Global Trust
On 1 February 2016 the directors of Henderson Global Trust (HGL)
announced that they had agreed in principle to combine the trust
with stablemate Henderson International Income Trust (HINT), with
an option for shareholders in HGL to roll their investment over
into the Henderson-managed Bankers Investment Trust (BNKR) if they
wished to continue to follow a global growth strategy. HGL had a
market capitalisation of GBP138.9m at 23 March and had traded at an
average discount of c 10% over one, three and five years in spite
of an active share buyback programme. HINT has traded at an average
premium of 1.1% since launch in 2011, and it was felt that
combining to create a bigger trust under the HINT strategy would be
in the interests of current and future shareholders. In this note
we explain the rollover options for HGL investors and outline the
timescale for action.
If the proposals are agreed on 15 April, HGL's assets will be
split into three pools - a HINT rollover fund, a BNKR rollover fund
and a small liquidation fund for divesting assets that are
unsuitable for HINT or BNKR. Investors taking the HINT option will
receive new shares equal to the NAV of their HGL holding. Those
choosing BNKR will receive new shares issued at a 1% premium to
BNKR NAV.
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