Edison Investment Research Limited
London, UK, 22 March 2024
Edison issues flash on Henderson EuroTrust (HNE): Proposed merger with Henderson European Focus Trust On 14 March, the boards of Henderson European Focus Trust (HEFT) and Henderson EuroTrust (HNE) announced the proposed merger of the two companies to form Henderson European Trust. The resulting enlarged fund will be managed by Janus Henderson Investors' (JHI's) European equities team. There will be two co-managers, Tom O'Hara (currently co-lead manager of HEFT) and Jamie Ross (currently lead manager of HNE). While each co-manager has their own expertise, they share a fundamental investment philosophy and are expected to contribute their best ideas to the fund. If successful, the merger is expected to be completed by end June 2024.
There will be two dividend payments a year; payments are expected to normalise at the end of FY25 (30 September). To manage the discount or premium, the combined trust will introduce a five-year conditional performance-related tender offer and will use share repurchases and issuance, where appropriate, subject to prevailing market conditions. HEFT's longer-term structural debt (up to €35m over 25/30 years at an attractive weighted average cost of 1.57%) and short-term gearing will continue to be employed. The board of the combined company will include seven directors from both HEFT and HNE, reducing to five over the next two years.
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1865709 22-March-2024
