Henderson Pr Share Discussion Threads

[skyship] 12/6/2012 19:46

Thnx for that RAM.

Seems as though the sale was at a 33.6% premium to the last valuation, ie a surplus of £2.6m - 16.6p/share...

Would this not be another addition to the NAV, as the sale was in June - well after 31st May?

[alanji] 12/6/2012 12:46

Well spotted, Ram. Very good news and probably what has caused the May nav increase- value at 31 Dec was £7.7m


Specto Yes, I had forgotten it was capped - not sure why as they have no incentive to raise more than the 371pps - is this indexed?

More number crunching required.

[rambutan2] 12/6/2012 10:27

re 2nd largest holding...

[davebowler] 12/6/2012 10:00

Liberum;

Henderson Private Equity (HPEQ / NR / 312.5p) – May NAV up 1.8% to 404.4p

Highlights:

n Yesterday afternoon, HPEQ reported that NAV per share rose 1.8% during the month of May to 404.4p.

n The unaudited NAV incorporates adjustments to reflect the estimated secondary market value of LP interests which are expected to be sold prior to the end of their contractual lives.




n The shares now trade at a 22.7% discount to NAV and whilst there is no accompanying detail in the RNS (the May fact sheet will follow later this month), the manager reported in last month's IMS that they continue to make progress with regards to the Company's realisation strategy.

[spectoacc] 12/6/2012 09:49

@Alan - you've made me re-read it all, as I probably should have done previously. This seems most relevant:

"The performance fee would be capped at GBP2,852,900 (equivalent to 5 per
cent. of the NAV as at 31 December 2009). Based on the opening Cash Hurdle [220p], in order for the Manager to receive the maximum performance fee payable
under the cap, a total payment to Shareholders of approximately GBP70,000,000
(371 pence per Share) or more would be required. "

Seems likely we'll get 371p (with current NAV 410p and first payout having been at 377p), and the max manager incentive of £2.8m paid out. So I think can largely ignore any beneficial effect on our payout from reduction in management incentive caused by possible lower NAV if Rutland/August didn't turn out as well as hoped. Can bet everything would be done to try to ensure we did get 371p+ anyway.

[alanji] 12/6/2012 08:05

Specto the incentive is 10% of value over target. So, any reduction in nav costs manager 10% and shareholders 90% of reduction.

[spectoacc] 11/6/2012 20:39

@Skyship - agreed re Notemachine, suspect it'll be in the press first.

@Alan - don't forget the manager incentive payments, but also that if realisations turn out lower, the incentive gets eaten into before our returns: gives us a bit of leeway.

[skyship] 11/6/2012 17:26

Alan - thnx for the above - beat me to it!

If the sale of Notemachine were to be announced I would be adding for sure...

[alanji] 11/6/2012 17:12

NAV at 31 May has increased to 408.45 (from 397.41 at 30 April). It will be interesting to see what has increased when the monthly fact sheet is released. My hope is that a sale of one of the holdings has been contracted at above previous value and there will be an imminent announcement.
At 313p (I bought at that price, today, for a friend) the assets, excluding cash, would now have to fall by 27% before you are into a loss.
A sale at 90% of non cash assets would generate a profit of 16% and a sale at nav 26%
These figures are after deducting the managers incentive fee (10% of the amount returned to shareholders over 220pps indexed at 8%)

[spectoacc] 23/5/2012 10:45

@Sleepy - because the NAV has held pretty steady. Final NAV will depend upon Rutland I & August I, the two main holdings that are ideally going to be held until redemption. NAV of speculative p/e stuff swings around a lot, but NAV of p/e funds of solid businesses tends to be steadier.

[sleepy] 22/5/2012 20:14

Anyone any idea why this share price had been so consistent this year?

[spectoacc] 21/5/2012 13:30

Ta; didn't see anything new in it, still looking ahead to NoteMachine etc getting sold but not imminent. Nice to see how the ftse can lose c.500 points & HPEQ just drift a penny or two, & the net cash position means there's some "NAV security" no matter what.

Also, if HPEQ did decide to flog Rutland & August & take lower prices, the first hit is to their manager incentives - assuming it's based on final redemption proceeds rather than cumulative.

[eeza] 21/5/2012 12:19

IMS announced.

[spectoacc] 15/5/2012 07:25

@eeza - because both Rutland & August have struggled to sell some of their investments - they can't "mature" (ie return cash) unless they can offload them. Frustrating for us, and no doubt for Ian Barras.

[eeza] 14/5/2012 18:16

If maturity was this year - how can it slip into 2013?

[alanji] 14/5/2012 17:45

New comment by Ian Barras:


All holdings apart from Rutland 1 and August 1 should be sold by Autumn. These are the two largest holdings but are also the oldest and it was always the intention to hold to maturity which was expected to be this year - managers are incentivised to realise the assets. May now slip into 2013. If slippage continues consideration will be given to selling the holdings in the secondary market but this would probably be less than the proceeds of realisations.

Looking good for a distribution(s) this year.

[spectoacc] 12/5/2012 11:08

Thanks - seems to be a lot of after-the-close RNS I keep missing, though still looking ahead for Rutland I conclusion.

[yieldsearch] 11/5/2012 17:25

Eur2.9m of cash / no impact on nav


Strategy Disposal


HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC

11 May 2012

REALISATION STRATEGY TRANSFER

Henderson Private Equity Investment Trust plc ("the Company") is pleased to announce that it has completed the transfer of its limited partnership commitment to Fondinvest VIII L.P. ("Fondinvest VIII") to a third party.

The Company has received cash proceeds of €2.9 million for the transfer of its limited partnership commitment to Fondinvest VIII. The third party transferee has also assumed the Company's undrawn commitment to Fondinvest VIII of €1.6 million.

This transfer will not have any material impact on the Company's unaudited net asset value per ordinary share at 30 April 2012 which was announced on 10 May 2012.

This transaction represents the seventh limited partnership asset transfer as part of the Company's asset realisation strategy. Further transfers will be progressed and completed in due course with associated announcements made as required.

[badtime] 10/5/2012 19:53

NAV for end of april out...down a tad

[eeza] 03/5/2012 14:14

Overhang clearing? Buys now @ 317.2p.

[jaws6] 30/4/2012 10:52

eeza
Tks, now saw that bit.
envirovision
no worries,will wait to add more if we can get bit cheap.
Tks,

[envirovision] 30/4/2012 10:44

This morning I could buy 50,000 of these on a T20 for 3.13, that tells me someone is keen for out.

I'm not knocking value jaws, here, just stating fact. The rns is just clearing up a typo, nothings changed.

[eeza] 30/4/2012 10:31

Earnings changed from (7.9p) to 7.9p. - Loss to gain.

[jaws6] 30/4/2012 10:26

envirovision
What changed in last rns and today's RNS.if you can spot it.Tks.