Henderson European Focus Trust & Henderson EuroTrust
Company Notes
Proposed Merger
Yesterday, Henderson European Focus Trust* (HEFT, £385m market cap) and Henderson EuroTrust (HNE, £325m market cap) announced that terms had been signed for a proposed merger between the two funds. Details include:
- Wind up of HNE and transfer of assets into HEFT, with combined vehicle to be renamed Henderson European Trust; expected to complete by end of June 2024.
- Shareholders in both funds to be offered a 5% exit opportunity.
- New fund will be co-managed by Tom O’Hara (current HEFT co-manager) and Jamie Ross (current HNE manager), supported by Janus Henderson Investors’ European equities team.
- Janus Henderson will contribute to the merger costs and fees charged on enlarged fund will be reduced from HEFT’s and HNE’s current fee rates.
- Introduction of 5-yearly performance-related tender offer for 25% of shares in issue at 2% discount to NAV less costs.
*Denotes a corporate broking client of Winterflood Securities
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