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The reaction to unexpected and unexpectedly good halfway figures from Henderson Group looks churlish. Perhaps it is because they were not expected and, as we know, this market doesn’t like surprises. But while the shares were marked a touch higher, up 6p to 155p, analysts queued up to find reasons why the figures were not as good as all that. The fund manager, which in April bought its distressed rival Gartmore, said that underlying profits in the first half of 2011 would be between GBP83 million and GBP87 million. As this is much higher than GBP48.5 million last time and the company has a dual listing in London and Sydney, Australian rules apparently require it to point this out as soon as possible, which suggests the actual interims on August 17 will be a bit of a non-event. The shares are on abut 12 times’ this year’s earnings, in line with the rest of the sector. There seems no particular reason why they should outperform, says the Times.
RECOMMENDED ACQUISITION OF GARTMORE GROUP LIMITED BY HENDERSON GROUP PLC Scheme of Arrangement becomes effective Further to the announcement made on 31 March 2011, the board of Gartmore Group Limited ("Gartmore") is pleased to announce that the scheme of arrangement to effect the recommended acquisition of the entire issued share capital of Gartmore has now been implemented in accordance with its terms. Holders of Scheme Shares are entitled to receive 0.6667 of a New Henderson Group Share for each Gartmore Share at the Scheme Record Time (being 9.00 p.m. (London time) on 1 April 2011). In addition, the New Henderson Group Shares will rank for the 2010 Final Dividend of 4.65 pence per Henderson Group Share announced by Henderson Group on 23 February 2011, which is subject to shareholder approval at Henderson Group's annual general meeting currently expected to be held on 4 May 2011. Admission of, and dealings for normal settlement in, New Henderson Group Shares on the London Stock Exchange occured at 8.00 a.m. (London time) today and quotation of the New Henderson Group CHESS Depositary Interests will take place, and dealings will commence, on the ASX on a normal settlement basis on 5 April 2011. The Consideration due to Scheme Shareholders will be settled no later than 14 April 2011.