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HHI Henderson High Income Trust Plc

2.00 (1.29%)
12 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Henderson High Income Trust Plc LSE:HHI London Ordinary Share GB0009580571 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  2.00 1.29% 156.50 197,563 16:35:02
Bid Price Offer Price High Price Low Price Open Price
155.00 156.50 156.00 155.00 156.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Unit Inv Tr, Closed-end Mgmt -5.36M -11.02M -0.0849 -18.32 201.83M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:02 UT 22 156.50 GBX

Henderson High Income (HHI) Latest News (1)

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Date Time Title Posts
10/4/202409:22Henderson High Income Trust plc121
20/3/202414:37HHI: Bigger and Better than ever22

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Posted at 14/4/2024 09:20 by Henderson High Income Daily Update
Henderson High Income Trust Plc is listed in the Unit Inv Tr, Closed-end Mgmt sector of the London Stock Exchange with ticker HHI. The last closing price for Henderson High Income was 154.50p.
Henderson High Income currently has 129,796,278 shares in issue. The market capitalisation of Henderson High Income is £201,833,212.
Henderson High Income has a price to earnings ratio (PE ratio) of -18.32.
This morning HHI shares opened at 156p
Posted at 20/3/2024 14:37 by speedsgh
Dividend Declaration -

Henderson High Income Trust plc announces that a first interim dividend of 2.625p per ordinary share of 5p, in respect of the year ending 31 December 2024, will be paid on 26 April 2024 to holders registered at the close of business on 5 April 2024. This dividend is to be paid from the Company's revenue account. The Company's shares will go ex-dividend on 4 April 2024.
Posted at 23/2/2024 14:38 by neilyb675
Portfolio review

The equity portfolio's holdings in companies that are typically expected to benefit from a cut in interest rates, such as housebuilder Taylor Wimpey and real estate companies Land Securities and Big Yellow, aided performance given their strong share price rises over December. The position in specialist buy-to-let lender Paragon was also positive for performance after the company announced very strong results with good loan growth and better net interest margins leading to betterthan-expected dividend growth. Given the positive market backdrop, holdings in financial companies such as Ashmore, Phoenix and Intermediate Capital, also benefited performance.

Conversely, the equity portfolio’s positions in British American Tobacco and Anglo American were negative for performance. British American Tobacco lowered its profit guidance for next year due to an increase in investment needed to become more competitive, and concerns about macroeconomic pressures in the US. Anglo American rebased its production guidance across most commodities given a reassessment of its operations under a new management team.

There was minimal trading activity during December. We added to the holdings in self-storage company Big Yellow and soft drink manufacturer Britvic, and reduced the position in Woodside Energy.

Manager outlook

Now that inflation is falling, the pressure on central banks to keep monetary policy tight is easing. This suggests that interest rates could be cut over the next 12 months. While the impact of the significant rise in interest rates on economic growth needs to be carefully watched, consumer borrowing has been historically low, corporate balance sheets are relatively robust and the banking sector is generally well capitalised.

With wage growth also likely to outstrip inflation next year - an environment that has never coincided with a recession in the UK - we believe the outlook for the UK economy could be better than the current low expectations. While risks remain, especially with heightened geopolitical risks in the Middle East, valuations in the UK market are attractive to us on a long-term view.
Posted at 17/1/2024 09:57 by citytilidie
I’ve just received my HHI shares after accepting the all share offer and received 3174 shares worth approx £4950 at yesterdays valuation which is when they were worked out. Had I gone for the HDIV cash offer, I would have received £5400 at yesterdays valuation. That is a huge percentage difference and a kick in the teeth for any shareholders that stayed loyal to Henderson Fund Managers if you were like me and had a holding in both companies. Not sure how that difference can really be justified.
Posted at 16/1/2024 18:59 by neilyb675
In connection with the combination of the assets of the Company with the assets of Henderson Diversified Income Trust plc ("HDIV"), which was approved by HDIV Shareholders earlier today, the Board of Henderson High Income Trust plc (the "Company" or "HHI") is pleased to announce that the Company will acquire approximately GBP72 million of net assets from HDIV in consideration for the issue of 42,345,422 New Shares to HDIV Shareholders in accordance with the Scheme.

The number of New Shares to be issued was calculated based on a HHI FAV per Share of 170.245412 pence and an HDIV FAV per Share of 72.055120 pence, producing a conversion ratio of approximately 0.423242 New Shares for every HDIV Share rolling over, each calculated in accordance with the Scheme. As set out in the Shareholder circular published by the Company on 12 December 2023 (the "Circular"), fractions of New Shares arising as a result of the conversion ratio will not be issued under the Scheme and entitlements to such New Shares will be rounded down to the nearest whole number.

Applications have been made for the New Shares to be admitted to listing on the premium segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00 a.m. on 17 January 2024.

Following the issue of the New Shares noted above, the Company's share capital will consist of 172,141,700 Ordinary Shares, with each Ordinary Share holding one voting right. No Ordinary Shares are held in treasury.

The figure of 172,141,700 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in voting rights, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular.
Posted at 09/1/2024 18:41 by neilyb675
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
Posted at 09/1/2024 18:39 by neilyb675
New thread for a new era of HHI.
Posted at 09/1/2024 18:36 by neilyb675
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
Posted at 29/12/2023 14:45 by essentialinvestor
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
Posted at 04/10/2023 09:26 by aleman
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.
Posted at 13/9/2023 13:23 by speedsgh
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%


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, Conduit Re and DCC. 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.
Henderson High Income share price data is direct from the London Stock Exchange

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