26 Feb 2018 07:00
HENDERSON INVESTMENT FUNDS LIMITED
HENDERSON ALTERNATIVE STRATEGIES TRUST PLC
Legal Entity Identifier: 213800J6LLOCA3CUDF69
26 February 2018
HENDERSON ALTERNATIVE STRATEGIES TRUST PLC
Amendments to fee arrangements and to financial year end
Amendments to fee arrangements
The Board is pleased to announce that it has agreed with the Company's Alternative Investment Fund Manager, Henderson Investment Funds Limited ("HIFL"), the following amendments to the Company's management fee arrangements.
The current agreement is that the management fee is charged at a rate of 0.70% per annum. Fees are payable quarterly in arrears based on the level of the Net Asset Value at the relevant quarter end.
With effect from 1 April 2018, the rate will be reduced to 0.60% per annum on the first £250m of the Net Asset Value and 0.55% per annum in excess thereof.
Other terms remain unchanged.
For reference, the Company defines the Net Asset Value as the total value of all assets held, less liabilities and prior charges, including income but excluding the value of any collective investment scheme from which HIFL or any member of the Janus Henderson Group plc receives a fee for providing management services. The Net Asset Value amounted to £132 million at 31 December 2017.
Extension to financial year end
As previously announced, the Board has been considering changing the Company's financial year end of 30 September to 31 March, with the aim of aligning more closely the Company's year-end reporting cycle to reporting received from unquoted private equity funds and other unlisted investments within the portfolio. The Board has now decided to implement the change, with the current financial accounting period being extended to an 18-month period ending on 31 March 2019.
In accordance with the Listing Rules and Disclosure, Guidance and Transparency Rules, two sets of 6-monthly accounts will be released during this 18-month period:
• Unaudited interim accounts for the period 1 October 2017 to 31 March 2018;
• Unaudited interim accounts for the period 1 April 2018 to 30 September 2018.
The Board recognises the present expectations of its shareholders in respect of the payment of dividends. In order to minimise any disruption during the longer period of reporting, it is the Board's intention to pay an interim dividend in February 2019 in respect of the first 12 months (1 October 2017 to 30 September 2018) of the longer period, with a further dividend in respect of the last 6 months (1 October 2018 to 31 March 2019) to be approved by shareholders at the next AGM, currently anticipated to be held during July 2019, at which the accounts for the full 18-month period from 1 October 2017 to 31 March 2019 will be laid.
For further information please contact:
Ian Barrass James de Sausmarez
Fund Manager Director and Head of Investment Trusts
Henderson Alternative Strategies Trust plc Janus Henderson Investors
Telephone: 020 7818 2964 Telephone: 020 7818 3349
James de Bunsen
Fund Manager
Henderson Alternative Strategies Trust plc
Telephone: 020 7818 3869