Henderson Eurotrust PLC
26 January 2007
HENDERSON EUROTRUST PLC
HENDERSON GLOBAL INVESTORS
26 JANUARY 2007
HENDERSON EUROTRUST PLC
The Board stated in 2002 that it intended to introduce a mechanism permitting
Ordinary Shareholders to tender their Ordinary Shares to the Company every five
years for purchase at a price close to Net Asset Value. Following consultation
with a wide range of shareholders the Board believes there is little demand
amongst investors currently to take advantage of the opportunity and little
enthusiasm for the costs associated with a full tender offer. Therefore, the
Board will use its current buyback authority instead to give effect to its
stated intention to provide an exit for those shareholders who wish to do so.
Subject to approval by shareholders at an Extraordinary General Meeting ('EGM')
the Board intends to use its current buy-back authority to provide the
opportunity for shareholders who wish to exit at this stage to sell their shares
at a price equal to 97% of net asset value per share (as determined by the Board
but subject to such price not being more than 5% above the average of the market
values of Ordinary Shares for the five business days before the purchase is
made) through JPMorgan Cazenove during the week following the EGM.
The Board will also use its buy-back powers on an ongoing, opportunistic basis,
renewing its authority as necessary.
Finally, the Board intends that the Company will again offer an exit opportunity
in 2010 (two years earlier than would be the case as stated above) if the
average discount over the last three months of 2009 exceeds 5%.
Full details of the Board's proposals will be contained in a circular to
shareholders which will be published shortly.
- ENDS -
Enquiries to:
Tim Stevenson 020 7818 4342
Henderson Global Investors
James de Sausmarez 020 7818 1818
Henderson Global Investors
Angus Gordon Lennox 020 7588 2828
JPMorgan Cazenove Limited
This information is provided by RNS
The company news service from the London Stock Exchange
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