Share Name Share Symbol Market Type Share ISIN Share Description
Henderson Pr LSE:HPEQ London Ordinary Share GB0030955313 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 356.50p 0 06:30:08
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 1.1 0.1 0.5 713.0 38.81

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Date Time Title Posts
04/2/201511:22Henderson Private Equity I.T. in wind-down819
19/7/201109:18Henderson Private Equity IT115

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davebowler: Liberum : Yesterday, HPEQ announced the transfer of its interest in Parallel Ventures LP 2006 Annual Pool, to a third party for cash consideration of £5.2m, with the transaction expected to close today. n The manager also highlights that HPEQ has received £480k of cash distributions from its interest in the fund since 31 March 2012, being the reference date for the transfer. n Parallel was HPEQ's second largest holding and accounted for 10.7% (£6.96m) of HPEQ's £65m NAV as at 30 June and given its co-investment focus there was likely a limited pool of potential acquirers for HPEQ's interest in the fund. n However, whilst it is positive that the fund continues to make progress against its realisation strategy, after incorporating the recently received distributions we estimate the disposal has been achieved at an c.18% loss to its most recent carrying value. We think this will be slightly disappointing for shareholders given that the portfolio is marked at its estimated realisable value. n Adjusting for this realisation and the recent 7.4p dividend, we estimate that the shares are now trading at a c.12% discount to the last reported NAV. However, given that 39.9% of the June NAV was attributed an interest in the 2001 vintage Rutland Fund I, and that this fund holds only two remaining portfolio companies (2005 and 2006 vintage deals), we wouldn't be surprised to see realisations from this fund over the short to medium term and continue to think that there is upside to HPEQ's current share price. n This week the company is also due to announce the price (95% of the yet to be announced July NAV per share) at which it will tender for up to 30% of the shares in issue.
sleepy: Anyone any idea why this share price had been so consistent this year?
spectoacc: Very well spotted: "The Company is in the process of actively marketing one of its limited partnership holdings and intends to complete the sale early in the new year. Proceeds will go towards repaying bank debt and will represent the first significant asset disposal following the adoption of a realisation strategy in late September. Further sales activity can be anticipated early in 2011." "..Futher sales activity.." is interesting - only once borrowings are repaid and a cushion built up will we see capital returns, but they could well start in the first half. I also liked this bit, crowing about the NAV discount finally being less than some peers: "..The discount of its share price to net asset value per share is now less than some of its larger peers. For example, Winterflood's weekly investment trust data sheet dated 29 November shows that the Company's discount is narrower than the likes of F&C Private Equity (38.3%), Standard Life European (35.0%) and Graphite Enterprise (38.5%)." Yet we're still at a 31%+ discount, and that's with assets being sold/cash going to be returned! (Will be interesting to see what sale prices they achieve in relation to NAV on the early disposals).
spectoacc: IMS out - nothing yet to report it seems: "HENDERSON GLOBAL INVESTORS HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC Unaudited Interim Management Statement Review of the period from 1 July 2010 to 31 October 2010 Henderson Private Equity Investment Trust plc ("the Company") presents its interim management statement for the period 1 July 2010 to 31 October 2010 in accordance with rule 4.3 of the UK Listing Authority's Disclosure and Transparency Rules. Investment Objective The objective of the Company is to produce capital gains through a diversified portfolio of private equity investments. The main focus of the portfolio is mid-market buy-out funds in the UK and Europe. On 27 September 2010 the Company's shareholders voted in favour of the cessation of new private equity investment activity by the Company and for the orderly realisation of the Company's existing assets. For the avoidance of doubt, the Company's existing unlisted private equity fund investments will, however, continue to invest in new transactions and to dispose of their underlying portfolio investments until they are either sold or run-off as part of the Company's orderly asset realisation programme. Performance The Company's unaudited net asset value per ordinary share ("NAV") at 31 October 2010 was 310.0p, a decline of 0.7% compared with NAV of 312.3p at 30 June 2010. The Company's share price, however, increased during the period by 66.2% from 131.5p to 218.5p. As a result, the Company's share price discount to NAV reduced from 57.9% at 30 June 2010 to 29.5% at 31 October 2010, the latter being much more in line with the Company's listed peer group. Existing Investments - Transaction Activity New transaction activity in the UK and European mid-market buy-out sector remained relatively subdued during the period. Despite this, four new transactions were completed by the Company's existing private equity fund investments with a combined value of GBP2.6 million. In addition GBP1.1 million of follow-on investments were made into existing portfolio companies. There was an increase in distributions from existing private equity fund investments during the period compared with the first half of the year. These totalled GBP2.5 million. A further GBP0.2 million of cash was received from the Company's existing direct and listed investments. The Company itself made no new listed or unlisted private equity investments during the period. As stated above, given the change of investment strategy announced on 27 September 2010, all new listed or unlisted private equity fund investment activity by the Company has now ceased. Realisation Programme The Portfolio Manager has begun the process of identifying opportunities to dispose of the Company's assets on an individual basis. Shareholders will be kept informed of progress as material disposals occur. Issued Share Capital Excluding treasury shares, the Company had 18,850,212 ordinary shares in issue at 31 October 2010 (30 June 2010: 18,850,212) Material Events and Transactions There were no material transactions during the period 1 July 2010 to 31 October 2010, other than those disclosed above. "
envirovision: Thanks find from Skyship: Henderson to wind up its private equity investment trust ....and in doing so may well be providing an attractive investment opportunity. Even though the shares rose on the news from 130p to 168p; they nevertheless remain on an attractive 43% discount to the NAV as at 31st Jul'10. This is the background from the Moneyobserver article: ======================================= The Henderson Private Equity investment trust (HPEQ) is to be wound up as it struggles to grow due to its huge discount – currently 56 per cent – and the board and manager admit that the £24.7 million trust is too small and illiquid to continue. The private equity fund of funds trust will sell its assets over the next two years, which will 'ultimately lead to the voluntary liquidation of the company', Henderson said in a statement. Like many private equity investment trusts, HPEQ suffered during the recession and battled with a large discount to net asset value, although it seems to have fared the worst and has the largest discount at the moment. LMS Capital has the second-largest discount – 51.8 per cent - in the private equity sector. The board of directors and manager Ian Barrass agree that the discount is unlikely to change in the medium term and say that after exploring fundraising opportunities and trying to raise the trust's profile with shareholders, the best option is to wind it up. The trust started life as the August Equity Trust, and in 2007 it combined with a similar vehicle, Rutland Trust. New Star took over managing the merged trust and it was renamed New Star Private Equity Investment Trust. Following Henderson's takeover of New Star in April last year, the management was transferred to Henderson. Henderson said: 'Whilst the company's share price has improved since Henderson took over the portfolio management role (increase of 33 per cent in the period 1 May 2009 to 1 August 2010), it has proved difficult to grow what is generally regarded as a sub-scale and illiquid vehicle which still suffers from a historic concentration of exposure to August and Rutland.' HPEQ shareholders will be able to vote on the proposals at the general meeting later this year. Details will be sent to shareholders in early September and they will also be available at The trust's board recommends that Barrass stays on as manager throughout the winding-up process. HPEQ will remain listed during the process and investors will be able to buy and sell the trust's shares as usual. The cash released to shareholders once the trust is wound up will be in the form of capital and not income for tax purposes. On the Company website: there is a very useful FAQ document under IMPORTANT SHAREHOLDER INFORMATION. It confirms pretty much all one needs to know to make a proviosonal investment appraisal. The upshot is that we will be seeing an orderly asset disposal over a period of perhaps 2 years. The cash accrued will be paid to shareholders through liquidation dividends. In-depth investigation may well flag up the likelihood of achieving the investment manager valuations of the individual holdings, or at least on some of them. I take the view that conservatively we may achieve 85% of the current NAV, ie 250p. Buying @ 170p we might expect to bank a 47% profit over 2yrs. If things go pear-shaped, let's assume a mere 75% of the current NAV, ie 220p. That would still deliver a very useful 29% over the same 2yr period. Private Equity trusts are a bit of a no-go area for most PIs, so that perhaps explains why the discount hasn't narrowed further on the news. Still, after the publication of a Company Circular and approval at an EGM, it is likely that the share price will progress to something nearer the 200p level. Looks a very attractive proposition IMO
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