Last checked at 
17 May 2018 07:00
Legal Entity Identifier: 213800GS89AL1DK3IN50
17 May 2018
HENDERSON EUROPEAN FOCUS TRUST PLC
Unaudited results for the half-year ended 31 March 2018
This announcement contains regulated information
Investment Objective
The Company seeks to maximise total return (a combination of income and capital growth) from a portfolio of stocks listed in Europe.
Performance for the half-year ended 31 March 2018
• Net Asset Value ('NAV') total return1 of -5.0% compared to a total return from the benchmark2 of -4.3%
• Share price3 total return of -7.1%
• Interim dividend of 9.50p per share declared (2017: 9.00p)
Total return performance to 31 March 2018 (including dividends reinvested and excluding transaction costs)
| 6 months % | 1 year % | 3 years % | 5 years % | 10 years % |
NAV1 | -5.0 | 2.6 | 28.4 | 76.5 | 158.7 |
Benchmark2 | -4.3 | 4.3 | 27.8 | 61.0 | 85.6 |
Average sector NAV4 | -2.7 | 7.1 | 31.6 | 73.6 | 137.8 |
Share price3 | -7.1 | -0.6 | 23.4 | 90.0 | 173.9 |
Average sector share price | -2.3 | 8.0 | 26.2 | 78.2 | 147.2 |
1 Net Asset Value total return per ordinary share with dividends reinvested for 6 months, 1, 3 and 5 years and capital NAV plus income reinvested for 10 years.
2 FTSE World Europe ex UK Index on a total return basis in Sterling terms
3 Share price total return (including dividends reinvested) using mid-market closing price
4 The sector is the AIC Europe sector
Sources: Morningstar Direct, Datastream and Janus Henderson
Financial highlights
| At 31 March 2018 | At 30 September 2017 |
Shareholders' funds |
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Net assets (£'000) | 275,577 | 292,398 |
Net asset value ('NAV') per ordinary share | 1,281.86p | 1,370.62p |
Mid-market share price per ordinary share | 1,270.00p | 1,389.00p |
Gearing at period end | 2.4% | 8.0% |
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| Half-year ended 31 March 2018 | Year ended 30 September 2017 |
Total return to equity shareholders |
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Revenue return after taxation (£'000) Capital (loss)/return after taxation (£'000) | 1,836 | 7,024 |
(16,270) | 43,535 | |
Total return | (14,434) | 50,559 |
Total return per ordinary share |
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Revenue | 8.55p | 33.81p |
Capital | (75.76p) | 209.55p |
Total return | (67.21p) | 243.36p |
INTERIM MANAGEMENT REPORT
Chairman's Statement
Performance
Over the half-year ended 31 March 2018 the net asset value per ordinary share total return was -5.0%, with the benchmark, the FTSE World Europe ex UK Index in Sterling terms, total return being -4.3%. Over the same period, the share price total return was -7.1%. The gearing level at the end of the period was 2.4%.
The Company traded at a premium to net asset value in the early part of the period to 31 March 2018, enabling the issue of 165,000 new shares.
Revenue and dividend
The Board has declared an interim dividend of 9.50p per ordinary share (2017: 9.00p). This is an increase of 5.6% over the prior year interim dividend and is intended to maintain an appropriate balance between the interim and final dividends. The dividend will be paid on 29 June 2018 to shareholders on the register on 1 June 2018. The shares will be marked ex-dividend on 31 May 2018.
Outlook
Our Fund Management team has grown steadily more cautious over the past six months. This reflects the fact that fewer individual bargains are apparent, as well as the anticipation of a more challenging macro environment than is perhaps anticipated by the consensus. Thus, the Company's portfolio has moved to an ungeared position, in the expectation that better entry prices will present themselves.
Rodney Dennis
Chairman
Fund Manager's Report
In the Company's 2017 Annual Report we expressed our scepticism towards the "hotter" end of this bull market. Markets do, eventually, remind us that momentum works both ways and the early weeks of 2018 served up just such a reminder. Our sense of unease extends beyond what may be considered examples of exotica, such as "unicorns" and cryptocurrencies: we continue to believe that America's equity market itself has been hijacked by momentum players, whether human, robotic, algorithmic, or the artificially intelligent. While European stock markets are home to much less in the way of glamorous technology companies, we must always be aware that US markets set the tone. It remains our belief that the latter are overvalued.
There has also been something of a "momentum trade" in optimism over a synchronised world economic expansion. Here, again, we take the other side: while we try not to get sucked into macroeconomics, we do believe that the odds favour a global economic slowdown. A glance at monetary aggregates would support such a thesis.
It is in the context of the above that we have reduced the portfolio's exposure to certain cyclicals. Notably, we have substantially reduced exposure to European banks. A contrarian call at the time we invested in 2016, we now believe that, unless bond yields were to rise much from here, the rerating of the sector is just about done. Importantly, we have retreated to what some might consider the more boring parts of the banking landscape, exemplified by our holdings in Benelux and Scandinavia. Selling the hare and buying the tortoise therefore characterises our movements of the last six months.
John Bennett
Fund Manager
Principal Investments as at 31 March 2018
Company | Sector | Country of listing | Valuation £'000 | % of portfolio |
Carlsberg | Beverages | Denmark | 13,665 | 4.8 |
Smurfit Kappa | General Industrials | Ireland | 13,527 | 4.8 |
Nordea | Banks | Sweden | 13,091 | 4.6 |
ABN Amro | Banks | Netherlands | 11,419 | 4.1 |
Autoliv | Automobiles & Parts | Sweden | 10,802 | 3.8 |
Galp Energia | Oil & Gas Producers | Portugal | 10,134 | 3.6 |
Trelleborg | Industrial Engineering | Sweden | 9,635 | 3.4 |
SAP | Software & Computer Services | Germany | 9,369 | 3.3 |
Nestlé | Food Producers | Switzerland | 8,801 | 3.1 |
United Internet | Software & Computer Services | Germany | 8,461 | 3.0 |
10 largest |
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| 108,904 | 38.5 |
Tessenderlo | Chemicals | Belgium | 7,571 | 2.7 |
Deutsche Börse | Financial Services | Germany | 7,534 | 2.7 |
UPM-Kymmene | Forestry & Paper | Finland | 7,031 | 2.5 |
Bankinter | Banks | Spain | 6,486 | 2.3 |
Novo-Nordisk | Pharmaceuticals & Biotechnology | Denmark | 6,081 | 2.2 |
RELX | Media | Netherlands | 5,642 | 2.0 |
Marine Harvest | Food Producers | Norway | 5,491 | 1.9 |
Michelin | Automobiles & Parts | France | 5,272 | 1.9 |
DNB | Banks | Norway | 4,911 | 1.7 |
Ryanair | Travel & Leisure | Ireland | 4,868 | 1.7 |
20 largest |
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| 169,791 | 60.1 |
Nokian Renkaat | Automobiles & Parts | Finland | 4,601 | 1.6 |
Legrand | Electronic & Electrical Equipment | France | 4,587 | 1.6 |
Novartis | Pharmaceuticals & Biotechnology | Switzerland | 4,442 | 1.6 |
Allianz | Nonlife Insurance | Germany | 4,401 | 1.6 |
Bayer | Chemicals | Germany | 4,255 | 1.5 |
Ackermans & Van Haaren | Financial Services | Belgium | 4,181 | 1.5 |
LafargeHolcim | Construction & Materials | Switzerland | 4,139 | 1.5 |
Adidas | Personal Goods | Germany | 3,965 | 1.4 |
ASML | Technology Hardware & Equipment | Netherlands | 3,918 | 1.4 |
Close Brothers | Banks | United Kingdom | 3,680 | 1.3 |
30 largest |
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| 211,960 | 75.1 |
Other listed investments (23) |
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70,247 |
24.9 | |
Total investments at fair value |
| 282,207 | 100.0 | |
Geographical exposure (as a percentage of the portfolio excluding cash)
| 31 March 2018 % | 31 March 2017 % |
Germany | 16.7 | 18.3 |
Sweden | 11.9 | 13.2 |
Netherlands | 10.8 | 14.1 |
Switzerland | 8.4 | 11.5 |
France | 7.7 | 11.1 |
Denmark | 7.0 | 3.1 |
Ireland | 6.5 | - |
Italy | 5.4 | 5.3 |
Finland | 5.2 | 3.3 |
Belgium | 5.1 | 6.4 |
United Kingdom | 4.7 | 1.4 |
Norway | 3.7 | 2.6 |
Portugal | 3.6 | 2.6 |
Spain | 3.3 | 7.1 |
| 100.0 | 100.0 |
Sector exposure (as a percentage of the portfolio excluding cash)
| 31 March 2018 % | 31 March 2017 % |
Financials | 24.0 | 23.5 |
Industrials | 21.8 | 15.4 |
Consumer goods | 20.9 | 15.7 |
Health care | 10.9 | 14.8 |
Technology | 7.7 | 2.5 |
Basic materials | 6.3 | 11.9 |
Oil & gas | 4.7 | 6.5 |
Consumer services | 3.7 | 5.6 |
Telecommunications | - | 4.1 |
| 100.0 | 100.0 |
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:
· Market risk
· Gearing
· Other financial risks
· Operational risks
· Key man risk
Information on these risks and how they are managed is given in the Annual Report to 30 September 2017. In the view of the Board, these principal risks and uncertainties were unchanged over the last six months and are as applicable to the remaining six months of the financial year as they were to the six months under review.
Related Party Transactions
The Company's transactions with related parties in the period were with the Directors and Janus Henderson (the 'Manager'). There have been no material transactions between the Company and its Directors during the period other than amounts paid to them in respect of expenses and remuneration for which there were no outstanding amounts payable at the period end. In relation to the provision of services by the Manager, other than fees payable by the Company in the ordinary course of business and the provision of sales and marketing services, there have been no transactions with the Manager affecting the financial position of the Company during the period under review.
Statement of Directors' Responsibilities
The Directors confirm that, to the best of their knowledge:
· the financial statements, which have been prepared in accordance with FRS 104 Interim Financial Reporting, gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company as required by Disclosure Guidance and Transparency Rule ('DTR') 4.2.4 R;
· the interim management report includes a fair review of the information required:
- by DTR 4.2.7 R (indication of important events during the first six months and a description of principal risks and uncertainties for the remaining six months of the year); and
- by DTR 4.2.8 R (disclosure of related party transactions and changes therein).
For and on behalf of the Board
Rodney Dennis
Chairman
CONDENSED Income Statement
| (Unaudited) Half-year ended 31 March 2018 | (Unaudited) Half-year ended 31 March 2017 | (Audited) Year ended 30 September 2017 | |||||||
| Revenue return £'000 | Capital return £'000 | Total £'000 | Revenuereturn £'000 | Capital return £'000 | Total £'000 | Revenuereturn £'000 | Capital return £'000 | Total £'000 | |
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(Losses)/gains on investments held at fair value through profit or loss | - | (15,711) | (15,711) | - | 28,625 | 28,625 | - | 46,560 | 46,560 | |
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Exchange gains/(losses) on currency transactions | - | 397 | 397 | - | 25 | 25 | - | (1,214) | (1,214) | |
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Income from investments (note 2) | 2,642 | - | 2,642 | 2,632 | - | 2,632 | 8,770 | - | 8,770 | |
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Other income (note 2) | 1 | - | 1 | - | - | - | 229 | - | 229 | |
Gross revenue and capital gains/(losses) | 2,643 | (15,314) | (12,671) | 2,632 | 28,650 | 31,282 | 8,999 | 45,346 | 54,345 | |
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Management and performance fees (note 6) | (230) | (691) | (921) | (208) | (625) | (833) | (441) | (1,324) | (1,765) | |
Other fees and expenses | (285) | - | (285) | (270) | - | (270) | (557) | - | (557) | |
Net return/(loss) before finance costs and taxation | 2,128 | (16,005) | (13,877) | 2,154 | 28,025 | 30,179 | 8,001 | 44,022 | 52,023 | |
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Finance costs | (86) | (265) | (351) | (71) | (221) | (292) | (247) | (487) | (730) | |
Net return/(loss) before taxation | 2,042 | (16,270) | (14,228) | 2,083 | 27,804 | 29,887 | 7,754 | 43,535 | 51,289 | |
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Taxation on net return | (206) | - | (206) | (291) | - | (291) | (730) | - | (730) | |
Net return/(loss) after taxation | 1,836 | (16,270) | (14,434) | 1,792 | 27,804 | 29,596 | 7,024 | 43,535 | 50,559 | |
Return/(loss) per ordinary share (note 3) | 8.55p | (75.76p) | (67.21p) | 8.70p | 134.96p |
143.66p | 33.81p | 209.55p | 243.36p | |
The total columns of this statement represent the Income Statement of the Company prepared in accordance with FRS 104.
The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations. The Company had no recognised gains or losses other than those disclosed in the Income Statement and the Statement of Changes in Equity.
The accompanying notes are an integral part of the condensed financial statements.
CONDENSED Statement of Changes in Equity
| Half-year ended 31 March 2018(Unaudited) | Called-upshare capital £'000 | Special distributable reserve £'000 | Share premium account £'000 | Merger reserve £'000 | Capital redemption reserve £'000 |
Capital reserve £'000 | Revenue reserve £'000 | Total £'000 |
| At 30 September 2017 | 10,737 | 25,846 | 39,757 | 61,344 | 9,421 | 132,841 | 12,452 | 292,398 |
| Net (loss)/return after taxation | - | - | - | - | - | (16,270) | 1,836 | (14,434) |
| Shares issued | 83 | - | 2,238 | - | - | - | - | 2,321 |
| Ordinary dividend paid | - | - | - | - | - | - | (4,708) | (4,708) |
| At 31 March 2018 | 10,820 | 25,846 | 41,995 | 61,344 | 9,421 | 116,571 | 9,580 | 275,577 |
Half-year ended 31 March 2017(Unaudited) | Called-upshare capital £'000 | Special distributable reserve £'000 | Share premium account £'000 | Merger reserve £'000 | Capital redemption reserve £'000 | Capital reserve £'000 | Revenue reserve £'000 | Total £'000 |
| At 30 September 2016 | 10,371 | 25,846 | 30,074 | 61,344 | 9,421 | 89,306 | 11,189 | 237,551 |
| Net return after taxation | - | - | - | - | - | 27,804 | 1,792 | 29,596 |
| Ordinary dividend paid | - | - | - | - | - | - | (3,894) | (3,894) |
| At 31 March 2017 | 10,371 | 25,846 | 30,074 | 61,344 | 9,421 | 117,110 | 9,087 | 263,253 |
| Year ended 30 September 2017(Audited) | Called-upshare capital £'000 | Special distributable reserve £'000 |
Share premium account £'000 | Merger reserve £'000 | Capital redemption reserve £'000 |
Capital reserve £'000 | Revenue reserve £'000 | Total £'000 |
| At 30 September 2016 | 10,371 | 25,846 | 30,074 | 61,344 | 9,421 | 89,306 | 11,189 | 237,551 |
| Net return after taxation | - | - | - | - | - | 43,535 | 7,024 | 50,559 |
| Shares issued | 366 | - | 9,683 | - | - | - | - | 10,049 |
| Ordinary dividend paid | - | - | - | - | - | - | (5,761) | (5,761) |
| At 30 September 2017 | 10,737 | 25,846 | 39,757 | 61,344 | 9,421 | 132,841 | 12,452 | 292,398 |
The accompanying notes are an integral part of the condensed financial statements.
CONDENSED Statement of Financial Position
| (Unaudited) 31 March 2018 £'000 | (Unaudited) 31 March 2017 £'000 | (Audited) 30 September 2017 £'000 |
Fixed assets |
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Investments held at fair value through profit or loss | 282,207 | 286,694 | 315,841 |
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Current assets |
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Debtors | 3,648 | 900 | 3,536 |
Cash at bank | 34,427 | 14,370 | 21,362 |
| 38,075 | 15,270 | 24,898 |
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Creditors: amounts falling due within one year | (44,705) | (38,711) | (48,341) |
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Net current liabilities | (6,630) | (23,441) | (23,443) |
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Net assets | 275,577 | 263,253 | 292,398 |
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Capital and reserves |
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Called-up share capital | 10,820 | 10,371 | 10,737 |
Special distributable reserve | 25,846 | 25,846 | 25,846 |
Share premium account | 41,995 | 30,074 | 39,757 |
Merger reserve | 61,344 | 61,344 | 61,344 |
Capital redemption reserve | 9,421 | 9,421 | 9,421 |
Capital reserve | 116,571 | 117,110 | 132,841 |
Revenue reserve | 9,580 | 9,087 | 12,452 |
Shareholders' funds | 275,577 | 263,253 | 292,398 |
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Net asset value per ordinary share (note 5) | 1,281.86p | 1,277.88p | 1,370.62p |
The accompanying notes are an integral part of the condensed financial statements.
CONDENSED Cash Flow Statement
| (Unaudited) Half-year ended 31 March 2018 £'000 |
(Unaudited) Half-year ended 31 March 2017 £'000 |
(Audited) Year ended 30 September 2017 £'000 | |
Cash flows from operating activities |
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Net (loss)/return before taxation | (14,228) | 29,887 | 51,289 | |
Add back: finance costs | 351 | 292 | 734 | |
Add/(less): losses/(gains) on investments held at fair value through profit or loss | 15,711 | (28,625) | (46,560) | |
Taxation paid | (206) | (291) | (383) | |
Increase in debtors | (169) | (343) | (308) | |
(Decrease)/increase in creditors | (159) | 12 | 169 | |
Net cash inflow from operating activities | 1,300 | 932 | 4,941 | |
Cash flows from investing activities |
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Sales of investments held at fair value through profit or loss | 141,899 | 173,002 | 336,042 | |
Purchases of investments held at fair value through profit or loss | (125,319) | (171,754) | (347,278) | |
Net cash inflow/(outflow) from investing activities | 16,580 | 1,248 | (11,236) | |
Cash flows from financing activities |
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Issue of new ordinary shares | 2,321 | - | 10,049 | |
Equity dividends paid | (4,708) | (3,894) | (5,761) | |
(Repayment)/drawdown of bank overdraft | (1,866) | (374) | 7,190 | |
Interest paid | (562) | (117) | (396) | |
Net cash (outflow)/inflow from financing activities | (4,815) | (4,385) | 11,082 | |
Net increase/(decrease) in cash and cash equivalents | 13,065 | (2,205) | 4,787 | |
Cash and cash equivalents at beginning of period | 21,362 | 16,575 | 16,575 | |
Cash and cash equivalents at end of period | 34,427 | 14,370 | 21,362 | |
Comprising: |
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Cash at bank | 34,427 | 14,370 | 21,362 | |
The accompanying notes are an integral part of these financial statements
Notes to the condensed financial statements
1. | Accounting policies | |||||||||||||||||||||||||||||||||||||||||||||
| The condensed financial statements have been prepared in accordance with FRS 104 - Interim Financial Reporting, issued in March 2015, the revised reporting standard for half-year reporting that was issued following the introduction of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, which is effective for periods commencing on or after 1 January 2015 and with the Statement of Recommended Practice for Financial Statements of Investment Trust Companies and Venture Capital Trusts which was issued by the Association of Investment Companies in November 2014 and updated in February 2018 with consequential amendments.
The condensed financial statements have not been audited nor reviewed by the Company's auditor. | |||||||||||||||||||||||||||||||||||||||||||||
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2. | Income from investments | |||||||||||||||||||||||||||||||||||||||||||||
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3. | Return per ordinary share | |||||||||||||||||||||||||||||||||||||||||||||
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The Company does not have any securities in issue that could dilute the return per ordinary share. Therefore, the basic and diluted returns per share are the same. | |||||||||||||||||||||||||||||||||||||||||||||
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4. | Called-up share capital | |||||||||||||||||||||||||||||||||||||||||||||
| During the half-year ended 31 March 2018, 165,000 ordinary shares were issued for total proceeds of £2,321,000 (half-year ended 31 March 2017: no ordinary shares were issued; year ended 30 September 2017: 732,500 ordinary shares were issued for total proceeds of £10,049,000).
At 31 March 2018 the Company held 140,730 ordinary shares in treasury (31 March 2017 and 30 September 2017: 140,730). | |||||||||||||||||||||||||||||||||||||||||||||
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5. | Net asset value per ordinary share | |||||||||||||||||||||||||||||||||||||||||||||
| The net asset value per ordinary share is based on the 21,498,261 ordinary shares in issue at 31 March 2018 (half-year ended 31 March 2017: 20,600,761; year ended 30 September 2017: 21,333,261). | |||||||||||||||||||||||||||||||||||||||||||||
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6. | Management and Performance fees | |||||||||||||||||||||||||||||||||||||||||||||
| Henderson Investment Funds Limited ('HIFL') is appointed to act as the Company's Alternative Investment Fund Manager. HIFL delegates investment management services to Henderson Global Investors Limited. References to Janus Henderson or the Manager within these results refer to the services provided by both entities.
The Manager receives a fee of 0.65% per annum on the value of the Company's net assets, calculated quarterly in arrears. In determining the net assets on which the management fee is calculated, the value of any securities held by the Company in collective investment schemes managed by Janus Henderson are excluded. An additional management fee, based on performance, of up to 0.65% per annum is payable if the Manager meets certain targets for the year. Full details are included in the Annual Report to 30 September 2017. A performance fee of £nil has been accrued as at 31 March 2018 (31 March 2017 and 30 September 2017: £nil).
Management fees and finance costs are allocated 25% to revenue and 75% to capital in the Income Statement. The performance fee (when payable) is allocated 100% to capital. Tax relief in respect of such allocations is credited to capital to the extent that such relief can be utilised in reducing the Company's overall liability to taxation. | |||||||||||||||||||||||||||||||||||||||||||||
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7. | Investments held at fair value through profit of loss | |||||||||||||||||||||||||||||||||||||||||||||
| The table below analyses fair value measurements for investments held at fair value through profit or loss. These fair value measurements are categorised into different levels in the fair value hierarchy based on the valuation techniques used and are defined as follows:
Level 1: valued using quoted prices in active markets for identical assets Level 2: valued by reference to valuation techniques using observable inputs other than quoted prices included in Level 1 Level 3: valued by reference to valuation techniques using inputs that are not based on observable market data
There have been no transfers between levels of fair value hierarchy during the period. | |||||||||||||||||||||||||||||||||||||||||||||
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8. | Borrowings | |||||||||||||||||||||||||||||||||||||||||||||
| As at 31 March 2018, the Company's bank overdraft included in "Creditors: amounts falling due within one year" was £43,614,000 (31 March 2017: £37,915,000; 30 September 2017: £45,479,000). | |||||||||||||||||||||||||||||||||||||||||||||
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9. | Going concern | |||||||||||||||||||||||||||||||||||||||||||||
| The assets of the Company consist of securities that are readily realisable and, accordingly, the Directors believe that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, the Board has determined that it is appropriate for the financial statements to be prepared on a going concern basis. | |||||||||||||||||||||||||||||||||||||||||||||
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10. | Dividends | |||||||||||||||||||||||||||||||||||||||||||||
| The Directors have declared an interim dividend of 9.50p per ordinary share (2017: 9.00p), payable on 29 June 2018 to shareholders on the register on 1 June 2018. The shares will be quoted ex-dividend on 31 May 2018. Based on the number of ordinary shares in issue at 17 May 2018 of 21,498,261 the cost of this dividend will be £2,042,000. | |||||||||||||||||||||||||||||||||||||||||||||
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11. | Comparative information | |||||||||||||||||||||||||||||||||||||||||||||
| The financial information contained in this half-year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half-years ended 31 March 2018 and 31 March 2017 has not been audited nor reviewed by the Company's auditor. The figures and financial information for the year ended 30 September 2017 are an extract based on the latest published accounts and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the Independent Auditor's Report which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006. | |||||||||||||||||||||||||||||||||||||||||||||
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12. | General information | |||||||||||||||||||||||||||||||||||||||||||||
| Company status Henderson European Focus Trust plc is registered in England and Wales (no. 427958), has its registered office at 201 Bishopsgate, London EC2M 3AE and is listed on the London Stock Exchange.
SEDOL/ISIN: 0526885/GB0005268858 London Stock Exchange (TIDM) code: HEFT Global Intermediary Identification Number (GIIN): THMNPN.99999.SL.826 Legal Entity Identifier (LEI) number: 213800GS89AL1DK3IN50
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| Directors and Secretary The Directors of the Company are Rodney Dennis (Chairman), Alexander Comba (Senior Independent Director), Eliza Dungworth (Chairman of the Audit Committee), Alain Dromer and Robin Archibald. The Corporate Secretary is Henderson Secretarial Services Limited.
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| Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.hendersoneuropeanfocus.com. | |||||||||||||||||||||||||||||||||||||||||||||
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13. | Half-year report | |||||||||||||||||||||||||||||||||||||||||||||
| The half year report will be available in typed format on the Company's website or from the Company's registered office, 201 Bishopsgate, London EC2M 3AE. An abbreviated version will be posted to shareholders in May and will be available on the website thereafter.
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For further information contact:
James de Sausmarez Director and Head of Investment Trusts Henderson Investment Funds Limited Tel: 020 7818 3349 |
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Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) are incorporated into, or form part of, this announcement.