Half Yearly Report

RNS Number : 7205F
Henderson Diversified Income Ltd
19 June 2012
 



19 June 2012

This announcement contains regulated information.                                                                                 

 

HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

 

Highlights

As at

30 April 2012

Total net assets

£66,362,000

Net asset value per ordinary share

79.30p

Market price per ordinary share

81.88p

Dividends - first interim (paid 30 March 2012)

1.25p

                  - second interim (payable 29 June 2012)

1.25p





 

Performance

Six months to

30 April 2012



Net Asset Value Total Return

4.95%

Share Price Total Return

10.27%



 

 

Interim Management Report

 

CHAIRMAN'S STATEMENT

 

I am pleased to report that against a backdrop of volatile markets and the continuing struggles by Continental European governments to address the debt issues in the Eurozone, your Company enjoyed a modest increase in net assets of 1.4% over the period under review and continued to comfortably beat its income target of 1.25% over three month sterling LIBOR (the London Inter Bank Offered Rate). The quarterly dividend rate was increased from 1.20p to 1.25p in December and this has been maintained despite the cuts in European interest rates which led to a fall in the level of EURIBOR (the Euro Area Inter Bank Offered Rate) at the end of 2011. This impacted our Euro denominated loans and bonds, which represented approximately 53% of the portfolio at the period end. The level of three month sterling LIBOR remained broadly stable moving up only marginally over the period.

 

Performance

 

The net asset value total return per ordinary share for the six month period under review was 4.95% whilst the share price total return per ordinary share was 10.27%.  Income earnings per share were almost exactly in line with the previous six months at 2.61p reflecting the stability in the level of three month sterling LIBOR.

 

Dividends and Dividend Policy

 

On 30 December 2011 a fourth interim dividend of 1.25p per share for the year ended 31 October 2011 was paid. In this financial year, your Board paid a first interim dividend of 1.25p per share on 30 March 2012, and has declared a second interim also of 1.25p per share to be paid on 29 June 2012.

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

Interim Management Report

 

CHAIRMAN'S STATEMENT continued

 

Material Events or Transactions during the Period

 

The allocation to secured loans reduced over the period from 57% to 51% as the opportunity was taken on realisation of some secured loan investments to lock into the fixed coupon of high yield bonds.

 

The level of financial gearing was increased from 10.6% to 12.7% which made up the drop in income resulting from the fall in European interest rates. Our investments in credit derivatives, which are a form of synthetic gearing, also represented 12.7% of the portfolio making a total gearing exposure of 25.4% at 30 April 2012.

 

Outlook

 

Looking ahead, the continuing crisis in the Eurozone remains our biggest concern with the possibility of a further fall in European interest rates and an even weaker Euro which could lead to a further cut in LIBOR.  European Governments are focussing their efforts on addressing these issues but given the absence of any clear solution, the uncertainty may persist for some time. On the positive side, companies are generally in good shape with strong and prudently managed balance sheets so any resolution to the European crisis should precipitate an immediate recovery in markets. In the meantime, the uncertainty does provide opportunity for long term capital growth and we shall continue our focus on delivering an attractive revenue stream.

 

 

 

Paul Manduca

Chairman

 

19 June 2012

 

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

Principal Risks and Uncertainties

The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:

·     Investment activity and performance risk

·     Financial risk

·     Regulatory risk

·     Operational risk

 

Information on these risks and how they are managed is given in the Annual Report and Financial Statements for the year ended 31 October 2011.  In the view of the Board these principal risks and uncertainties are as applicable to the remaining six months of the financial year as they were to the six months under review.

 

Related Party Transactions

Details of related party transactions are contained in the Annual Report and Financial Statements for the year ended 31 October 2011. Other than fees payable in the ordinary course of business, there have been no material transactions with related parties during the six month period under review, which have materially affected the financial position or performance of the Company.

 

 

 

Directors' Responsibility Statement

 

The Directors confirm that, to the best of their knowledge:

 

(a)        the set of financial statements has been prepared in accordance with the Accounting Standards Board's statement 'Half-Yearly Financial Reports';

(b)        the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the six month period and description of principal risks and uncertainties for the remaining six months of the year); and

(c)        the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

Paul Manduca

Chairman

 

19 June 2012

 

 

 

 

 

 

 

 

 

 

 

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

 

Portfolio Managers' Report

 

Over the period under review the net asset total return of the Company rose by 4.95%, whilst the share price total return increased by 10.27%.  We continue to beat our LIBOR+125bps income target and are pleased to report some progress in improving the net asset value.  Although the first half of the financial year was generally a positive one for risk assets it contained bouts of volatility, especially in Autumn 2011.  Markets took fright at the lack of political progress, growth and debt sustainability of Italy and Spain: countries now titled as 'periphery Europe', alongside Greece, Ireland and Portugal. The bond markets, often referred to as "the bond vigilantes", forced political change in Italy with the departure of the charismatic Mr Berlusconi in early November and the appointment of Mario Monti's technocratic government.   The new government's proposed fiscal discipline and structural reform of the economy gained the credence of bond investors virtually overnight. 

 

On 1 November 2011 Mario Draghi was appointed as president of the European Central Bank ('ECB') in place of the somewhat ideological and staunch monetarist, Jean-Claude Trichet.  One of President Draghi's first moves in early December was to cut European interest rates; thereby reversing one of the rate rises of April and July 2011.   He also instigated a European variant of quantitative easing in the form of two tranches of three year Long Term Refinancing Operations ('LTROs') allowing banks to borrow unlimited sums from the ECB for a three year period at 1% interest.  The objective was to stop a funding crisis at any European bank, to help banks retire imminent bond maturities, to free up liquidity to allow banks to lend money again and most importantly to let predominately Spanish and Italian banks, which had borrowed heavily to invest in their own domestic sovereign bonds.   This action drove down bond yields and allowed those countries to roll over their upcoming debt maturities at acceptable levels and between the two tranches pumped €1 trillion into the European banking system. This caused a dramatic "risk on" rally : equities, high yield bonds and corporate bonds all rose as it appeared  that "Super Mario" had created a virtuous circle of lower sovereign bond yields, thereby encouraging plentiful and cheap financing for countries and companies alike : though by April markets showed concern about the capital adequacy of the Spanish banks.  During the last four months of the period under review the Company's shares moved from trading at a discount to a healthy premium.

 

 

The Company's asset allocation continues to focus on the more fruitful elements of the credit universe in order to achieve the income objectives.  Over 50% of the assets are invested in loans, and a further 30% in high yield bonds with an emphasis towards UK based banks and insurance companies and to predominately larger players in non-cyclical industrial sectors such as the cable TV, mobile phone and packaging industries.  Over the period we reduced some of the exposure to pan-European insurers such as Generali, Axa and SwissRe.  We also reduced the diversified banking exposure by selling or trimming some positions, including Investec.  The proceeds were re-invested in industrial names which face less "financial" systemic risk to their business operations, but are more exposed to the UK economy: ITV, Rexam, Daily Mail, Odeon Cinemas, BAA, William Hill and Ladbrokes.

 

The European Loan market returned 4.65% during the first six months of the financial year starting with a negative month of returns in November followed by five consecutive months of positive returns.  We have noticed a positive reinforcing dynamic which is that repayments have exceeded new loan issuance resulting in the overall investable European loan universe shrinking from £179bn to £163bn by the end of April.  We have been beneficiaries of this trend as we have seen par repayments on loan names that were trading below par and using the proceeds to reinvest into new primary as well as selective secondary loans.  Our experience is that the new primary has become even more attractive as risk/reward dynamics are skewed very much in

 

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

our favour given lower European bank demand due to tighter capital rules and general nervousness driven by European sovereign crisis.  Another dynamic is that some of the larger European deals have been syndicated to the European as well as the US loan market investors given the greater depth of demand from the US

market. Deals issued in to the market have been coming at new issue pricing of L+500-550bps and also include a LIBOR floor (i.e. minimum LIBOR payable), which is beneficial in the present low LIBOR environment. Over 18% of the Company's loans outstanding have a LIBOR floor.

 

Since year end our focus in the loan portfolio has been to reduce the cyclical component by selective selling and re-positioning into more defensive names.  We have also been taking advantage of attractive primary loan issuance by adding names such as Merlin (global no 2 theme park operator), Lawson Software (global ERP software provider) and Formula One (rights holder to F1 races).  Our near term outlook for loans is for modest new issuance with some further par repayments coming from a couple of the positions in the loan portfolio.

 

Outlook

Although markets are volatile, the outlook for sensible investment in credit instruments, i.e. loans and bonds is reasonable. The credit markets have re-financed many companies - thereby extending debt maturities which lessen the chance of default.  We do not foresee either inflation or rising interest rates as a threat. The default outlook is fair as we have been surprised by the markets' willingness to re-finance some marginal credits.  We have been very selective on buying new issuance with a strong emphasis on large, non cyclical high yield businesses. Given this we continue to run some borrowings.  In addition we have used both individual and index credit derivatives to generate income. 

 

Of greatest concern is the fall in European interest rates and the weakness of the Euro, with the potential for recession and flare ups across the continent.  Approximately half of the Company's assets are denominated in Euros.  The capital position is hedged, but the interest payments are not.  This is a concern which the management team monitors closely as the European crisis staggers on.  Politicians are discussing sensible responses but bitter experience teaches us that you need a serious fall in markets to force a tangible policy response.  We continue to beat our income target and focus on rebuilding capital for our shareholders.

 

 

John Pattullo and Jenna Barnard

Portfolio Managers

19 June 2012

 

 

Summary of Portfolio

 

At 30 April 2012

%

Secured Loans (SL)

51

High Yield Bonds (HY)

30

Investment Grade Bonds (IGB)

Equities

17

2




--------


100

 

 

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

 

Top Twenty Investments

as at  30 April 2012










Value






£'000

+Type

Currency

Country

Industry







Alliance Boots

1,844

SL

£

UK

Retail

ITV

1,807

HY

£

UK

Media

Convatec Healthcare

1,753

HY

USA

Healthcare

ISS

1,662

HY/SL

Denmark

Business Services

RBS Worldpay

1,644

SL

£

UK

Card Services

Smurfit Kappa

1,619

HY

Ireland

Paper and Packaging

Daily Mail & General Trust

1,542

HY

£

UK

Publishing

BAA

1,522

IGB

£

UK

Aerospace

William Hill

1,485

HY

£

UK

Gaming & Betting

Towergate

1,444

SL

£

UK

Insurance

Polyconcept

1,434

SL

France

Business Services

Weetabix

1,432

SL

£

UK

Beverages, Food & Tobacco

Lavena

1,402

SL

Germany

Media

Ziggo

1,319

HY

The Netherlands

Cable TV

Springer

1,297

SL

Germany

Publishing

Flint

1,221

SL

UK

Chemicals, Plastics & Rubber

Ahlsell

1,219

SL

Sweden

Business Services

Delachaux

1,214

SL

France

Transportation Equipment

Lloyds Group *

1,206

HY

£

UK

Diversified Banking

Lawson Software

1,186

SL/HY

USA

Software

























These investments total £ 29,252,000 or 40.0% of the portfolio









* Lloyds Group is made up of the following stocks : Lloyds 7.869%; Bank of Scotland 7.281%, 7.286% and Capital Funding 6.059%; and HBOS Capital Funding 6.461% and HBOS Sterling Finance 7.881%

+See previous page for Key
















 

 

 

 

 

 

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

Consolidated Statement of Comprehensive Income

      for the half year ended 30 April 2012

 


(Unaudited)

Half year ended 30 April 2012

(Unaudited)

Half year ended 30 April 2011

(Audited)

Year ended 31 October 2011


Revenue

return

£'000

Capital

return

£'000

 

Total

£'000

Revenue return

£'000

Capital return £'000

 

Total

£'000

Revenue

return

£'000

Capital return

£'000

 

Total

£'000

 

(Losses)/gains on investments designated as fair value through profit or  loss

 

 

 

-

 

 

 

(1,168)

 

 

 

(1,168)

 

 

 

-

 

 

 

3,230

 

 

 

3,230

 

 

 

-

 

 

 

(4,490)

 

 

 

(4,490)

Gains/(losses) on foreign exchange transactions

 

-

 

2,169

 

2,169

 

-

 

(1,137)

 

(1,137)

 

-

 

428

 

428

Investment income

2,633

-

2,633

2,535

-

2,535

5,186

-

5,186

Other income

2

_______

-

_______

2

______

7

_______

-

_______

7

______

12

_______

-

_______

12

_______

Total income

2,635

_______

1,001

_______

3,636

______

2,542

_______

2,093

_______

4,635

______

5,198

_______

(4,062)

_______

1,136

_______











Expenses










Management  fee

(135)

(134)

(269)

(148)

(217)

(365)

(279)

(279)

(558)

Other expenses

(248)

_______

-

_______

(248)

______

(216)

_______

-

_______

(216)

______

(488)

_______

-

_______

(488)

_______

Profit/(loss) before finance costs and taxation

 

2,252

 

867

 

3,119

 

2,178

 

1,876

 

4,054

 

4,431

 

(4,341)

 

90











Finance costs

(43)

_______

(43)

_______

(86)

______

(47)

_______

(47)

_______

(94)

______

(83)

_______

(83)

_______

(166)

_______

Profit/(loss) before taxation

2,209

824

3,033

2,131

1,829

3,960

4,348

(4,424)

(76)

Taxation

(26)

_______

-

_______

(26)

______

-

_______

-

_______

-

______

(29)

_______

-

_______

(29)

_______

Profit /(loss) for the period

2,183

_______

824

_______

3,007

_____

2,131

_______

1,829

_______

3,960

______

4,319

_______

(4,424)

_______

(105)

_______











Earnings/(loss) per ordinary share (note 3)

 

2.61p

_______

 

0.99p

_______

 

3.60p

______

 

2.55p

_______

 

2.18p

_______

 

4.73p

______

 

5.16p

_______

 

(5.29)p

_______

 

(0.13)p

_______

 

 

The total column of this statement represents the Consolidated Statement of Comprehensive Income, prepared in accordance with IFRS.  The revenue and capital columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

 

All items in the above statement derive from continuing operations.

 

All income is attributable to the equity holders of Henderson Diversified Income Limited.  There are no minority interests.

 

The Group does not have any income or expense that is not included in the profit for the period and therefore the 'profit for the period' is also the 'total comprehensive income for the period'.

 

The net profit of the Company for the period was £ 3,007,000 (half year ended 30 April 2011: £ 3,960,000: year ended 31 October 2011: net loss of £105,000)

 

The notes on pages 11 to 13 form an integral part of this condensed interim financial information.

 

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

Consolidated Statement of Changes in Equity

for the half year ended 30 April 2012

 


(Unaudited)

Half year ended 30 April 2012


Stated

capital

Distributable reserve

Capital reserves

Revenue reserve

 

Total


£'000

£'000

£'000

£'000

£'000







Balance at 31 October 2011

37,677

39,862

(13,595)

1,502

65,446

 

Total comprehensive income:






    Profit for the period

 

-

-

824

2,183

3,007

Transactions with owners recorded directly

to equity:






Dividends paid  (note 5)

-

-

-

(2,091)

(2,091)


----------

----------

----------

----------

----------

At 30 April 2012

37,677

39,862

(12,771)

1,594

66,362


======

======

======

======

======

 


(Unaudited)

Half year ended 30 April 2011


Stated

capital

Distributable

reserve

Capital reserves

Revenue reserve

 

Total


£'000

£'000

£'000

£'000

£'000







Balance at 31 October 2010

37,677

39,862

(9,171)

1,115

69,483

Total comprehensive income:






    Profit for the period

 

-

-

1,829

2,131

3,960

Transactions with owners recorded directly

to equity:






Dividends paid (note 5)

-

-

-

(1,924)

(1,924)


----------

----------

----------

----------

----------

At 30 April 2011

37,677

39,862

(7,342)

1,322

71,519


======

======

======

======

======







 


(Audited)

Year ended 31 October 2011


Stated

capital

Distributable

reserve

Capital reserves

Revenue reserve

 

Total


£'000

£'000

£'000

£'000

£'000







Balance at 31 October 2010

37,677

39,862

(9,171)

1,115

69,483







Total comprehensive income:

   (Loss)/profit for the year

 

-

 

-

 

 

(4,424)

 

4,319

 

(105)

Transactions with owners recorded directly

to equity:






Dividends paid (note 5)

-

-

-

(3,932)

(3,932)


----------

----------

----------

----------

----------

At 31 October 2011

37,677

39,862

(13,595)

1,502

65,446


======

======

======

======

======

The notes on pages 11 to 13 form an integral part of this condensed interim financial information.

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

 

Consolidated Balance Sheet

as at 30 April 2012

 


(Unaudited)

30 April

(Unaudited)

30 April

(Audited)

31 October


2012

2011

2011


£'000

£'000

£'000





Non current assets




Investments designated as fair value through profit or loss

 

73,155

 

78,711

 

   69,928


---------

---------

---------





Current assets




Other receivables

9,453

4,686

4,444

Cash and cash equivalents

1,266

1,458

732


---------

---------

-----------


10,719

6,144

5,176


---------

---------

-----------





Total assets

83,874

84,855

75,104


---------

---------

-----------

Current liabilities




Other payables

(17,512)

(13,336)

(9,658)


---------

---------

-----------













Net assets

66,362

71,519

65,446


======

======

======





Capital and reserves           




Stated capital

37,677

37,677

37,677

Distributable reserve

39,862

39,862

39,862

Retained earnings:




       Capital reserves

(12,771)

(7,342)

(13,595)

       Revenue reserve

1,594

1,322

1,502


---------

---------

-----------

Total equity

66,362

71,519

65,446


======

======

======





Net asset value per ordinary share

(note 4)

79.3p

85.5p

78.2p


======

======

======





 

The notes on pages 11 to 13 form an integral part of this condensed interim financial information.

 

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

 

Consolidated Cash Flow Statement

for the half year ended 30 April 2012

 


(Unaudited)

Half year

ended

30 April

2012

(Unaudited)

Half year

ended

30 April

2011

(Audited)

Year

ended

31 October  2011


£'000

£'000

£'000





Net profit/(loss) before taxation

3,033

               3,960

(76)

Add back interest paid

86

94

166

(Less)/ add: (gains)/losses on investments held at fair value

through profit or loss

 

(1,001)

 

(2,093)

 

4,062





Increase in prepayments and accrued income

(111)

(150)

(106)

Increase/(decrease) in other payables

175

(275)

(199)

Net (purchases) /sales of investments

(4,321)

559

2,209

Increase in sales settlement debtor

(4,760)

(623)

(584)

Increase/(decrease) in purchase settlement creditor

6,068

(1,887)

(2,633)


---------

---------

---------

Net cash (outflow)/inflow from operating activities before

finance costs

 

(831)

 

(415)

 

2,839

Interest paid

(86)

(94)

(166)

Taxation on investment income

(94)

-

(32)


---------

---------

---------

Net cash (outflow)/inflow from operating activities

(1,011)

(509)

2,641


---------

---------

---------

Financing activities




Equity dividends paid

(2,091)

(1,924)

(3,932)

Loan expenses paid

-

-

(109)

Drawdown of loan

1,554

3,219

704


---------

---------

---------

Net cash (outflow)/ inflow from financing

(537)

1,295

(3,337)


---------

---------

---------

(Decrease)/increase in cash and cash equivalents

(1,548)

786

(696)

Exchange movements

2,056

(134)

        618

Amortisation of loan expenses

26

-

4


---------

---------

---------

Movement in cash and cash equivalents during the period

 

534

 

652

 

(74)

Cash and cash equivalents at the start of the period

732

806

806


---------

---------

---------

Cash and cash equivalents at the end of the period

1,266

1,458

732


======

======

======





 

The notes on pages 11 to 13 form an integral part of this condensed interim financial information.

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

Notes to the Consolidated Interim Financial Information:

 

1.

General Information


The entity is a closed-ended company, registered as a no par value company under the Companies (Jersey) Law 1991, with its shares listed on the London Stock Exchange.  The Company was incorporated on 5 June 2007. 



2.

Accounting Policies: Basis of Preparation


This condensed interim financial information has been prepared using the same accounting policies as set out in the Company's Financial Statements for the year ended 31 October 2011 and in accordance with International Accounting Standards (IAS) 34 Interim Financial Reporting. The consolidated financial information comprises the financial information of Henderson Diversified Income Limited ('the Company') and its subsidiary undertaking Henderson Diversified Income (Luxembourg) S.à.r.l. ('the Group').




The condensed interim financial information for the half years ended 30 April 2012 and 30 April 2011 has not been audited or reviewed by the Company's auditors.

 

3.

Earnings/(loss) per ordinary share


The earnings per ordinary share is based on the net profit after taxation of £3,007,000 (half year ended 30 April 2011: £3,960,000; year ended 31 October 2011: loss of £105,000) and on 83,640,877 (83,640,877: half year ended 30 April 2011; 83,640,877: year ended 31 October 2011) ordinary shares, being the weighted average number of ordinary shares in issue during each of the periods.




The earnings per ordinary share detailed above can be further analysed between revenue and capital, as below:

 

 

 

(Unaudited)

(Unaudited)

(Audited)

 

 

Half year ended

30 April 2012

Half year

ended 

30 April 2011

Year

ended

31 October 2011

 

 

£'000

£'000

£'000

 

Net revenue profit

2,183

2,131

4,319

 

Net capital profit/(loss)

824

1,829

(4,424)

 


---------

---------

---------

 

Net total profit/(loss)

3,007

3,960

(105)

 


=====

=====

=====

 

Weighted average number of ordinary shares

in issue during the period

 

83,640,877

 

83,640,877

 

83,640,877






 


Pence

Pence

Pence

 

Revenue earnings per ordinary share

2.61

2.55

5.16

 

Capital earnings/(loss) per ordinary share

0.99

2.18

(5.29)

 


---------

---------

---------

 

Total earnings/(loss) per ordinary share

3.60

4.73

(0.13)

 


=====

=====

=====

 

 

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HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

Notes to the Consolidated Interim Financial Information:

 

4.

Net Asset Value per ordinary share


The basic net asset value per ordinary share is based on a net asset value of £66,362,000              (30 April 2011: £71,519,000; 31 October 2011: £65,446,000) and on 83,640,877 (30 April 2011: 83,640,877; 31 October 2011: 83,640,877) ordinary shares, being the number of ordinary shares in issue at each period end.



5.

Dividends paid


The fourth interim dividend of 1.25p per share in respect of the year ended 31 October 2011 was paid on 30 December 2011.

 

A first interim dividend in respect of the year ending 31 October 2012 of 1.25p per share was paid on 30 March 2012. The second interim dividend of 1.25p per share was declared on 29 May 2012 and will be paid on 29 June 2012 to shareholders on the register on 8 June 2012. The shares were quoted ex-dividend on 6 June 2012.  The cost of this dividend will be £1,046,000 based on the number of shares in issue at the ex-dividend date.



6.

Going Concern


The Directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements. The assets of the Company consist mainly of securities that are readily realisable and, accordingly, the company has adequate financial resources to continue in operational existence for the foreseeable future.



7.

General Information

a)   Company Objective

To seek to provide shareholders with a high level of income, and capital growth over the longer term. The Company aims to deliver these outcomes by investing selectively across the full spectrum of fixed asset classes including secured loans, high yield corporate bonds and investment grade corporate bonds.

 

The manager is incentivised to provide shareholders with ongoing total returns of at least three month sterling LIBOR plus 1.25%.

 

b)    Company Status

Henderson Diversified Income Limited is a Jersey fund with its registered office at Liberté House, 19-23 La Motte Street, St Helier, Jersey and is regulated by the Jersey Financial Services Commission.

 

The Company is a Jersey domiciled closed-end investment company, number 97669, which was incorporated in 2007 and which is listed on the London Stock Exchange. The ISIN number is JE00B1Y1NS49. The London Stock Exchange code is HDIV.

 

c)    Directors, Secretary and Registered Office

The Directors of the Company are Paul Manduca (Chairman), Helen Green, Nigel Parker and David Smith. The Secretary is BNP Paribas Securities Services Fund Administration Limited, represented by Jeremy Hamon. The registered office is Liberté House, 19-23 La Motte Street, St.Helier, Jersey, JE2 4SY.

 

 

- MORE -

 

 

- 13 -

 

HENDERSON DIVERSIFIED INCOME LIMITED

Unaudited Results for the half year ended 30 April 2012

 

7.

General Information (continued)


d)    Website

Details of the Company's share price and net asset value, together with general information about company, monthly factsheets and data, profiles of the Board, copies of announcements, reports and details of general meetings can be found at www.hendersondiversifiedincome.com



8.

Half Year Report


The Half Year Report will be available in typed format on the Company's website (www.hendersondiversifiedincome.com) or from the Company's registered office, Liberté House, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY. An abbreviated version, the 'Update', will be circulated to shareholders in late June.

 

 

 

 

 

For further information please contact:

 

John Pattullo and Jenna Barnard, Portfolio Managers, Henderson Global Investors

Telephone: 020 7818 4770

 

James de Sausmarez

Head of Investment Trusts, Henderson Global Investors

Telephone: 020 7818 3349

 

Sarah Gibbons-Cook

Investor Relations and PR Manager, Henderson Global Investors

Telephone: 020 7818 3198

 

Jeremy Hamon

Company Secretary, BNP Paribas Securities Services Fund Administration Limited

Telephone: 01534 709108

 

 

 

 

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

- ENDS -

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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