HGL.L Regulatory News (HGL)

London, UK, 31 March 2016

Edison issues research review on Henderson Global Trust

On 1 February 2016 the directors of Henderson Global Trust (HGL) announced that they had agreed in principle to combine the trust with stablemate Henderson International Income Trust (HINT), with an option for shareholders in HGL to roll their investment over into the Henderson-managed Bankers Investment Trust (BNKR) if they wished to continue to follow a global growth strategy. HGL had a market capitalisation of £138.9m at 23 March and had traded at an average discount of c 10% over one, three and five years in spite of an active share buyback programme. HINT has traded at an average premium of 1.1% since launch in 2011, and it was felt that combining to create a bigger trust under the HINT strategy would be in the interests of current and future shareholders. In this note we explain the rollover options for HGL investors and outline the timescale for action.

If the proposals are agreed on 15 April, HGL's assets will be split into three pools - a HINT rollover fund, a BNKR rollover fund and a small liquidation fund for divesting assets that are unsuitable for HINT or BNKR. Investors taking the HINT option will receive new shares equal to the NAV of their HGL holding. Those choosing BNKR will receive new shares issued at a 1% premium to BNKR NAV.

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