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Hend.Opp Share Discussion Threads
Showing 651 to 673 of 675 messages
|Fair enough but what I would personally like is for the company to stop paying a dividend and use the cash to buy back shares. When the shares were at a 20% discount, that would instantly have been value accretive without reducing the size of the fund. But I know some people like dividends.|
|The trouble is, doesn't a DCM limit the freedom of movement of such a small trust, to be constantly having to attend to the level of discount? Doesn't it mean the manager has to keep larger cash reserves, in order potentially to buy back shares rather than investing in promising assets or offer a larger dividend? Plus if the trust kept buying back shares because there is a discount, it could just keep getting smaller and smaller and diminish into insignificance.
Arguably the manager should just be left to focus on what really matters - growing NAV for a "growth" trust like HOT - and supply and demand will look after themselves. If there's a discount, then clearly the market is nervous about the prospects for small UK companies generally, and perhaps Henderson are not marketing the trust sufficiently too. In which case once market sentiment improves, and NAV performance is good, then the discount should narrow. This is all to the good of existing shareholders, and is one of the reasons people invest in investment trusts; otherwise, if discounts are such an issue, why not just buy a unit trust and there's nothing to worry about?|
|It feels shocking when you own an IT but discounts for us humble PI's can provide very good money making opportunities. I am quite happy buying at huge discounts in sectors with poor sentiment - you get a double uplift when the tide turns. I will vote for it to be wound up...they should be trying to narrow the discount in some shape or form.|
|Don't get me wrong - I want this trust to continue. But I think it shocking that the discount can widen to 20% and the board do nothing about it. Still, as that was what prompted me to buy I suppose I shouldn't complain!|
|Well I will vote for this fine trust to continue.|
|So, a continuation vote on 17 March. It will be interesting to see how that goes, it may be that Hendersons policy of not having a discount control strategy bites them this time. I'm going to vote for it to be wound up, for two reasons: firstly, a 15% instant uplift is never to be scoffed at; secondly, and more importantly, it may send a shot across the bought of other ITs that large discounts are not acceptable. When SVI was taken over it led to a rerating in the PE sector. If HOT was discontinued, it would lead to an uplift in other funds.|
|another nice leap : )|
|Out of interest there was a Henderson trust which wound up in 2016 - into their other investment trusts. I wonder if some sort of action will happen in HOT.
HENDERSON GLOBAL TRUST PLC
HENDERSON INVESTMENT FUNDS LIMITED
23 March 2016
Henderson Global Trust plc
Recommended Proposals for the Reconstruction and Winding-up proposals of Henderson Global Trust plc
On 1 February 2016, the board of directors (the "Board") of Henderson Global Trust plc (the "Company") announced that, following a strategic review, it had agreed, in principle, terms of a combination with Henderson International Income Trust plc ("HINT"), a global income investment trust, and in order to cater for those Shareholders who wish to retain exposure to a global growth strategy, the Company had also agreed, in principle, with the board of directors of The Bankers Investment Trust PLC ("BNKR") that BNKR would act as an alternative rollover option for Ordinary Shareholders (the "Proposals").|
|Hmm, NAV up 14p today as well!|
|Great move - glad my discount bottom fishing worked for once!|
|£9.49 to sell|
|Another top up. 7% in here now. Gulp.
FYI here is the info on the wind up vote from trustnet.
A continuation vote will be held every three years. The Directors intend to hold Shares that have been repurchased in the market in Treasury if they consider this to be in the best interests of the Company. The authority to allot up to a maximum of 5% of the issued capital will apply to the aggregate of sales of Shares held in Treasury and new issues of Shares. At the AGM held on 19-Mar-08 the Company's authority to make market purchases up to 14.99 % of the issued capital was renewed. The resolution to continue as an Investment Trust was passed and therefore, barring unforeseen circumstances, this will be considered in three years time.|
|Don't get me wrong I like HOT - but if I was offered NAV or keeping them I would be out.|
|Well I'd rather keep my HOT shares. Got Lowland as well and that's an excellent investment trust. HOT is more speculative but James Henderson is a good stock picker. Wonder whether he is getting close to retirement though given he has shared the management on Lowland.|
|just had to pay 926 for a top up|
|Yep it is a continuation vote and happens every 3 years. It is this spring at the AGM. An opportunity for shareholders to vote to receive NAV...who wouldn't at a discount of 25% (at purchase)....now narrowing rapidly as more catch on.
Mad Foetus I think that would be an excellent idea - they would probably offer a roll up or money back I would assume if they go down that path.|
|I wouldnt mind HOT rolling into Lowland, it would be good for us to close the discount to 7% for a quick low double digit uplift.
There is a continuation vote this year?|
|Agree with that nimbo, but bizarre that black rock have 2 smaller company funds both run by the same manager with very similar medium terms performance and differing discounts. Mind you, here, James Henderson runs HOT and Lowland, which has a 7% discount when I last looked and a market cap 6 times that of HOT. I wonder if they will propose to roll HOT into Lowland at the continuation vote?|
|THRG looks good but I am not going to buy it because the top 10 holdings are almost identical to BRSC, they are both blackrock. Discount now slightly wider on THRG but no point swapping due to capital gains.
With the continuation vote soon we could see the discount closer to 10% here imo. Where it should be.|
|Yes, nice to see some movement. THRG is another one with catching up to do, but HOT really was such an obvious buy a pound ago and probably still is mow.|
|Finally it moves north a bit : ). Following BRSC... now if only ASCI would do the same. What are your views on the UK / US relationship - potential free movement of labour markets etc - could that drive a boom over the coming years or is that too hopeful in the face of Brexit.|
|Could be a variety of reasons but im not selling mine :)|
|subscription shares, tender offers, buy backs. Come on Henderson sort out discounts on HOT and HSL!|