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Pin to quick picksHend.far East Regulatory News (HFEL)

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Henderson Far East Income Limited is an Investment Trust

aims to provide a high level of dividend as well as capital appreciation from a diversified portfolio

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Message to shareholders regarding the dividend

26 Jun 2020 07:00

RNS Number : 1418R
Henderson Far East Income Limited
26 June 2020
 

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON FAR EAST INCOME LIMITED

LEGAL ENTITY IDENTIFIER: 2138008DIQREOD38O596

25 June 2020

MESSAGE TO SHAREHOLDERS REGARDING THE DIVIDEND

Dear Shareholders

On 23 June 2020, the Board of Directors (the 'Board') of Henderson Far East Income Limited (the 'Company') declared a third interim dividend of 5.80p per ordinary share for the year ending 31 August 2020. This equates to a 1.8% increase over the 5.70p paid for the second interim dividend.

With the pressure on corporate dividends forefront in investors' minds, the Board felt it would be timely to outline some context behind the decision to raise the dividend, albeit modestly. The Covid-19 outbreak has caused pain and suffering across the world and has had a material impact on the economies of most countries with a great deal of uncertainty still lingering about the long term effects. The lockdowns have brought activity to a standstill resulting in significant pressure on corporate profitability and cash flow. Unsurprisingly, dividends have come under pressure, especially in the UK and Europe, with many well known names reducing or even cancelling their distributions. Asia has not been immune, but as the data from the third edition of the Henderson Far East Income Asia Pacific Dividend Index* suggests, the impact has been more modest and the region is expected to recover more quickly.

The Board believes that the impact from Covid-19 does not change the structural growth story for Asian dividends and has reasons to be confident that the positive trajectory will resume once the virus has been contained. The companies held within the portfolio are cash generative, with strong balance sheets and have the ability to continue to pay dividends during times of stress and to grow them once normality returns. With this in mind, the Board felt that a modest increase in dividend reflected the underlying structural positives while being mindful of the volatile environment that persists. In order to facilitate this, a modest drawdown of the revenue reserve may be required, but the Board feels that this is justified considering the current environment. Looking beyond this financial year, the Board expects dividends to recover in the Asia Pacific region but stands ready to utilise the Company's revenue reserves should the need arise. Revenue reserves are shareholders' money held back to smooth distributions in times of stress and the Board feels that the current environment is an appropriate time to utilise this benefit of the closed ended structure.

 

The Board of Directors

Henderson Far East Income Limited

25 June 2020

 

\* The Henderson Far East Income Asian Dividend Index was released on 15 June 2020 and is available at https://www.janushenderson.com/en-gb/investor/article/henderson-far-east-income-asia-pacific-dividend-index/

For further information, please call:

 

 John Russell

 Chairman of the Board of Directors

 Henderson Far East Income Limited

 Telephone: 07768 397245

 

 

 Mike Kerley

 Fund Manager

 Henderson Far East Income Limited

 Telephone: 020 7818 5053

 

Sat Duhra

Fund Manager

Henderson Far East Income Limited

Telephone: +65 65131035

 James de Sausmarez

 Head of Investment Trusts

 Janus Henderson Investors

 Telephone: 020 7818 3349

 

Laura Thomas

Investment Trust PR Manager

Janus Henderson Investors

Telephone: 020 7818 2636

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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20th Jul 20231:28 pmRNSNet Asset Value(s)
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24th May 202312:19 pmRNSMonthly Factsheet as at 30 April 2023

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