Henderson High Income Share Discussion Threads

[ameliorator] 09/1/2024 18:58

boring as hell, but a great way to get exposure to some very heavyweight shares. IMO better than trying to build positions on an individual basis.

[neilyb675] 09/1/2024 18:42

So the default (shares) option was more popular than those electing to take the cash option.

[neilyb675] 09/1/2024 18:41

In connection with the proposals for a combination of the assets of Henderson Diversified Income Trust plc (the "Company") with Henderson High Income Trust plc by means of a scheme of reconstruction and winding up of the Company under section 110 of the Insolvency Act 1986 (the "Scheme"), the Board is pleased to announce the following Elections in connection with the Scheme:



· Rollover Option: 100,050,505 Shares

· Cash Option: 82,022,212 Shares



In accordance with the Scheme, eligible Shareholders that made no Election have been deemed to have elected for the Rollover Option. Overseas Shareholders have been deemed to have elected for the Cash Option. Therefore, the Shares will be reclassified as follows:



· 100,050,505 Shares with "A" rights, being the right to receive New HHI Shares; and

· 82,022,212 Shares with "B" rights, being the right to receive cash.



Applications have been made to the FCA and to the London Stock Exchange for the Shares to be reclassified for listing purposes with effect from 8:00 a.m. on 15 January 2024. The listing of, and dealings in, the Company's Reclassified Shares are subsequently expected to be suspended at 7.30 a.m. on 16 January 2024.



Defined terms used in this announcement have the meanings given in the Company's circular to Shareholders dated 12 December 2023 (the "Circular"). The Circular is available for viewing at the National Storage Mechanism which can be located at and on the Company's website at www.hendersondiversifiedincome.com.

[neilyb675] 09/1/2024 18:39

New thread for a new era of HHI.

[neilyb675] 09/1/2024 18:36

The Board believes that the Proposals will offer a number of benefits to Shareholders of the Enlarged Company, including:

§ Enhanced liquidity: The scale of the Enlarged Company is expected to improve the marketability and liquidity of the Company's Shares.

§ Lower ongoing charges ratio: Shareholders in the Enlarged Company are expected to benefit from a lower ongoing charges ratio, with the Enlarged Company's fixed costs spread over a larger asset base.

§ Significant cost contribution from JHFM: JHFM will offer a contribution to the costs of the Proposals which, combined with the premium on the issue price of the New Shares, will ensure that there will be no dilution to the Company's NAV per Share.

New Shares are being issued to HDIV Shareholders who elect, or are deemed to have elected, for the Rollover Option in consideration for the transfer of the Rollover Pool to the Company in connection with the recommended proposals to combine the Company and HDIV pursuant to the Scheme.

The New HHI shares are expected to be received on or after 17th January 2024. If you elect to receive cash, payment is expected to be received on or after 22nd January 2024.

TOP HOLDINGS (As of 31/12/2023) % of Fund
British American Tobacco 3.5
Unilever 3.2
RELX 3.0
Rio Tinto 3.0
HSBC 2.9
BP 2.4
Shell 2.3
Imperial Brands 2.2
3i Group 2.1
National Grid 2.0

[essentialinvestor] 29/12/2023 14:45

Similar(ish) situation to Shires,
with HHI opening an attractive discount to NAV ahead of the merger (perhaps less attractive if previously holding!).

This should hopefully rebalance over the next 12 months, with the dividend on top. Arguably a reasonable risk/reward opportunity unless wider equity markets take a dive. NAV discount may possibly widen a bit more yet, let's see

[essentialinvestor] 29/12/2023 12:07

Bought a few.

[speedsgh] 28/11/2023 13:08

Dividend Declaration -

Henderson High Income Trust plc announces that a fourth interim dividend of 2.625p per ordinary share of 5p, in respect of the year ending 31 December 2023, will be paid on 26 January 2024 to holders registered at the close of business on 8 December 2023. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 7 December 2023.

With the increase in the fourth interim dividend, the total dividend for the year to 31 December 2023 will be 10.35p, an increase of 2.0% on the previous year and the Company's 11th consecutive annual increase. The 10.35p dividend for the year to 31 December 2023 is expected, based on our current projections for the revenue account, to be fully covered by earnings with a surplus carried to the revenue reserves.

[uapatel] 20/11/2023 15:23

Back in today with 20K (2x10k) shares. Think the discount and recent recovery in the share price gave me a bit of confidence to re invest. Part of my Re-organising of my income PF.

[aleman] 16/11/2023 16:29

The average discount across all investment trust sectors stood at 16.9% at the end of October, the widest discount for a month-end since December 2008, when it reached 17.7%, according to data from Morningstar.

[superiorshares] 01/11/2023 19:26

I'm thinking of making an investment.

Any opinions on this present level please.
SS

[aleman] 04/10/2023 12:01

People selling HDIV to save on dealing costs would be just a few that were already considering a sale, but rather more might take advantage of the merger offer's 1% under NAV that they will not be likely to get in the enlarged HHI afterwards if its discount falls with the asset risk changes and/or or its gearing rises. The discount here might expand ahead of the deal on considering this.

The slight premium to NAV at SHRS before it announced it intention to absorb ASCI is now a 5% discount - a more than 5% fall - while ASCI has gone from 10% discount to almost nothing. One set of shareholders looks to be losing as the other gains. Should we be surprised by this? I expect HDIV's discount to transfer proportionately to the enlarged entity here, more than proportionately if many opt for cash and gearing has to increase in the process.

[gerry53] 04/10/2023 10:57

Your logic is somewhat flawed, anyone selling HDIV probably won't be doing it just to save dealing costs. And why should the discount on HHI quintuple, which is more than a slight rise!

[aleman] 04/10/2023 09:26

I'm not sure I like this deal. A few HDIV holders will take the opportunity to leave because they can leave without dealing costs and stick the money in the bank at 5%. The HHI discount is likely to rise slightly afterwards so others will decide to exit at a 1% discount rather than stay for a 5% one. Significant numbers leaving could mean HHI will have to find significant cash. I presume this will come in the form of raised gearing and an even higher discount. Since I expect the discount to rise, I see no benefit for HHI holders. I'm inclined to vote against.

[speedsgh] 13/9/2023 13:23

Unaudited results for the half-year ended 30 June 2023 -

Some excerpts...

Performance for the six months to 30 June 2023

· Net asset value (NAV) total return (debt at fair value)1 of 3.0% compared with a total return from the benchmark2 of 1.9%

· Mid-market share price total return (including dividends reinvested) of 2.0%

Outlook

In the near term the outlook for markets will be driven by inflation expectations and the impact this will have on monetary policy. There are certainly some signs that inflation is easing a little, particularly in the US and across Europe. However, inflation in the UK is proving more problematic, and although the Bank of England has increased interest rates significantly in the first half of 2023, the expectation in the market is that they may have to rise a little further.

The UK corporate sector is in the midst of the interim results season and whilst there are certainly pockets of weakness, corporate results are for the most part holding up well. In particular, UK banks have announced positive updates showing relatively little sign of corporate and personal sector weakness, and capital levels within the banks are at very positive levels. In addition, the UK housing market, which is very important to the UK economy, is holding up reasonably well at this stage.

UK companies, where the majority of the Company's assets remain invested, still appear to be relatively attractively valued in a global context and are still delivering the income levels which will assist the Company's Fund Manager to deliver a high income return for shareholders whilst also retaining exposure to longer term capital growth.

Portfolio Activity

During the period the allocation to bonds was increased, taking advantage of the move higher in yields on UK investment grade credit. Bonds were purchased in typically non-cyclical businesses such as Sky (media) and EDF (utilities). The bond portfolio represented 11.5% and 13.9% of portfolio gross and net assets respectively as at the end of June.

Within the equity portfolio new holdings were established in MoneySuperMarket.com, Conduit Re and DCC. MoneySuperMarket.com is the market leading price comparison website in the UK and should benefit from consumers looking to manage their bills in the current high inflation environment. Conduit Re is a specialist property and casualty reinsurer with a diversified portfolio of reinsurance risks. Capacity has reduced significantly in the reinsurance market after a number of years of large losses, and as a result, the market is entering a period of strong premium rate rises which should underpin high returns over the medium term. DCC, an international sales, marketing and distribution company operating in the LPG, oil, technology and health care sector, has a resilient business with strong free cash flow, high returns and a robust balance sheet which should support further accretive acquisitions. The Company sold some of its overseas holdings during the period, including McDonalds, Deutsche Post and Nordea after a period of good performance.

[speedsgh] 11/9/2023 16:19

Latest 'paid for' research by QuotedData...

Henderson High Income: There’s value in value -

Goes XD on Thurs this week for the third interim dividend payment of 2.575p...



Henderson High Income Trust plc announces that a third interim dividend of 2.575p per ordinary share of 5p, in respect of the year ending 31 December 2023, will be paid on 27 October 2023 to holders registered at the close of business on 15 September 2023. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 14 September 2023.

[aleman] 20/3/2023 17:12

20 March 2023

HENDERSON HIGH INCOME TRUST PLC

PAYMENT OF FIRST INTERIM DIVIDEND

Henderson High Income Trust plc announces that a first interim dividend of 2.575p per ordinary share of 5p, in respect of the year ending 31 December 2023, will be paid on 28 April 2023 to holders registered at the close of business on 11 April 2023. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 6 April 2023.

[speedsgh] 21/12/2022 15:42

New paid-for research by QuotedData...

Henderson High Income: Does what it says on the tin -

[speedsgh] 16/11/2022 13:23

Dividend Declaration -

Henderson High Income Trust plc announces that a fourth interim dividend of 2.575p per ordinary share of 5p, in respect of the year ending 31 December 2022, will be paid on 27 January 2023 to holders registered at the close of business on 9 December 2022. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 8 December 2022.

With the increase in the fourth interim dividend, the total dividend for the year to 31 December 2022 will be 10.15p, an increase of 2.0% on the previous year and the Company's 10th consecutive annual increase. The 10.15p dividend for the year to 31 December 2022 is expected, based on our current projections for the revenue account, to be fully covered by earnings with a surplus carried to the revenue reserves.

[thamestrader] 29/7/2022 16:17

Nice divi, thank you.

[aleman] 24/5/2022 15:52

Henderson High Income Trust plc announces that a second interim dividend of 2.525p per ordinary share of 5p, in respect of the year ending 31 December 2022, will be paid on 29 July 2022 to holders registered at the close of business on 17 June 2022. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 16 June 2022.

[zac0_4] 08/5/2022 16:33

Many thanks for the link.

[aleman] 21/3/2022 16:19

21 March 2022

HENDERSON HIGH INCOME TRUST PLC

PAYMENT OF FIRST INTERIM DIVIDEND

Henderson High Income Trust plc announces that a first interim dividend of 2.525p per ordinary share of 5p, in respect of the year ending 31 December 2022, will be paid on 29 April 2022 to holders registered at the close of business on 8 April 2022. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 7 April 2022.

[speedsgh] 20/1/2022 13:08

Fee Arrangements -

The Board has agreed the following changes to the Management Agreement with effect from 1 January 2022:

· the performance fee has been removed; and

· the level at which the management fee drops from 0.50% to 0.45% of adjusted average gross assets has been increased from £250 million to £325 million.

All other terms remain the same.