Henderson European Focus Share Discussion Threads

[spangle93] 19/8/2024 08:57

Thanks Thamestrader - new thread added to favourites

[thamestrader] 19/8/2024 08:20

I have created a new thread, with charts, under the HET.

[steve3sandal1] 18/8/2024 19:46

There is an ADVFN page called HET which hasn't been used since 2006 and it's live tracking the Henderson European Trust. It appears that contributors who wish to discuss HET can do so over there. I can't put up charts but perhaps someone will be able to help.

[steve3sandal1] 07/8/2024 17:23

Does anyone know how to link the HET share price to this thread, or create a HET one? Or advice how to do it and I'll have a go.

[thamestrader] 27/7/2024 15:47

Every chance - go ahead and start one.

[spangle93] 26/7/2024 20:36

Any chance of a new HET thread, now that HEFT is no more?

[spangle93] 08/7/2024 07:45

"Payment of Tender Offer proceeds will be made to Shareholders through CREST on 5 July 2024"

8 July - nothing in Hargreaves Lansdown account yet - no surprise there

Anyone received their tender payments?

[spangle93] 02/7/2024 08:50

Shares repurchased pursuant to the Tender Offer: 4 July 2024

CREST accounts credited in respect of Tender Offer proceed for uncertificated Ordinary Shares: 5 July 2024

[spangle93] 25/6/2024 18:21

Citywire focus

[spangle93] 25/6/2024 07:04

Tender offer details, assuming all progresses



Tender price: The Tender Price, which has been calculated in accordance with the circular published on 20 May 2024 (the "Circular"), is 198.846970 pence per Share. Approximately ;-) Bit disappointing, I thought it would at least start with a 2-

Award: Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 23.2 per cent. of the excess Shares tendered

[davebowler] 12/6/2024 14:58

As at close of business on 11 June 2024, the unaudited net asset value per ordinary share calculated in accordance with the AIC formula (including current financial year revenue items and excluding shares held in treasury) was 206.7p. As the Company's shares are now ex-dividend, the dividend has been deducted from the net asset value.

[homarus] 07/6/2024 14:59

Is it not unusual to see a tender with the price fixed after the election deadline?

[thamestrader] 06/6/2024 07:10

ex-div today

[spangle93] 04/6/2024 15:28

You're lucky to have that option - Hargreaves Lansdown hasn't got round to informing me of the merger, nor offering me an election.

[shieldbug] 04/6/2024 12:26

Declined to tender any of my shares. I would have taken up the offer if I was certain to be able to buy them back at a discount. But not knowing sell price or future discount, I just couldn't see why I would do it.

[spangle93] 03/6/2024 17:15

Citywire comment



less of a comment, more of a rehash/summary

[spangle93] 29/5/2024 07:51

Half year results out



Interesting and approachable read.

"Of the top ten names [in the respective index], five went up by more than 30% over the six-month period, well above the 15% return of the benchmark. We own all of those five. Three of the top ten underperformed the benchmark, the biggest laggard being Nestlé at -8%. We own none of those three."

[spangle93] 16/5/2024 19:48

Citywire comment on improved merger terms, as sweetener following an approach to HNE



Relates to RNS on 14-May (see panel above). Improved terms includes
- More cash back for HEFT
- Lower management charges
- Greater cost portion picked up by managers
- focus on discount mechanism going forward

AFAICS it's still better for HNE than HEFT, but it's certainly better for HEFT than it was

[spangle93] 21/3/2024 22:29

Citywire comment on HNE, and the proposed merger with HEFT



Chair Nicola Ralston said that the merger to make a £750m Henderson European Trust would not only marry ‘excellent’ long-term performance and highly regarded portfolio managers, but the enlarged fund would have lower fees and wider resources at no extra cost for shareholders.

[steve3sandal1] 16/3/2024 10:04

At first look this seems OK. Potential to pick up 10% turn in HNE as they get close to NAV for their exchange into HEFT. This was recognised immediately of course and it's had a couple of up days. European champions suggests HEFT process and mandate prevails which suits me. Hopefully in the long run we get more liquidity tighter spread not that I trade these...and a lower discount. I will just keep holding and back to snooze. good luck all.

[spangle93] 14/3/2024 19:12

Proposal to merge HEFT with Henderson EuroTrust plc (HNE)



Aim to wind up HNE.

"The Combined Trust will bring together their respective expertise and proven track records of benchmark outperformance under a single mandate: to maximise total return by investing in companies predominantly listed in Europe (excluding the UK). Its focus will be on Europe's "global champions" - large, established and well-managed businesses operating internationally but based in Europe. The Combined Trust expects to hold a concentrated list of stocks, selected with no particular style bias but with an emphasis on potential for long-term growth in the context of enduring global trends. "
...

"As part of the Proposals, HNE intends to pay out substantially all of its net income before it enters into liquidation. HEFT intends to pay out an enlarged interim dividend prior to completion of the Scheme to ensure that its existing shareholders receive a dividend in line with HEFTs previous financial year of 4.35p per share and that the revenue reserves are protected. This will likely require a smaller final dividend from the Combined Trust in respect of the financial year ending 30 September 2024"


Citywire Summary


Seems like HNE shareholders will do better, as a result of the merger, than HEFT

[steve3sandal1] 15/2/2024 18:28

A favourite of mine. Transition to Tom O'Hara almost complete and I think retiring Jon Bennett must be pleased with ongoing process as he is a major shareholder. Recent AGM presentation by TO illustrated clear approach. Discount is closing a bit on the back of good performance.

[spangle93] 15/2/2024 16:32

According to AIC, the NAV total return for last 5 years of this trust have

to 14/2/20 = 18%
to 14/2/21 = 11%
to 14/2/21 = 8%
to 14/2/21 = 12%
to 14/2/24 = 10%

Remarkable consistency, and discount also doesn't move much compared to some.

[sammy aftal] 06/9/2023 06:41

12% a year, not bad.

[spangle93] 25/6/2023 10:47

Latest paid research on HEFT