Final Results

RNS Number : 1375T

Henderson Far East Income Limited

15 November 2013

 



15 November 2013

This announcement contains regulated information.

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

Financial Highlights Per Ordinary Share	31 August 2013	31 August 2012	% change
Net asset value	312.23p	295.82p	5.5%
Market price	309.00p	290.13p	6.5%
Total earnings (income and capital)	31.83p	24.50p	29.9%
Revenue earnings	18.05p	17.31p	4.3%

Performance (12 months to 31 August)			2013
Net asset value (total return) (1)			10.7%
Share Price (total return) (2)			11.9%
FTSE All-World Asia Pacific ex Japan (£) (total return) (2)			9.9%

Sources: (1) AIC (2) Datastream

MANAGEMENT REPORT

Chairman's Statement

Investing in companies with the capacity to raise dividends has been a central part of the Manager's strategy and in the year under review I am pleased to report that revenue from dividends increased by 13.5% over 2012. This was a creditable performance even accepting that total revenue increased by 9.1% as market conditions provided fewer opportunities to generate option premiums. This performance gave the Board confidence to raise the dividend by 6.3% year on year thus maintaining the significant yield advantage that your Company has over other Asian income investment trusts. Strong capital performance meant that shareholders enjoyed a net asset value total return of 10.7% over the year.

Performance

In the year under review, the net asset value total return was10.7% whilst the share price total return was 11.9%,

reflecting a modest strengthening of the premium at which the shares usually trade to their net asset value. The FTSE All World Asia Pacific ex Japan Index (sterling adjusted) returned 9.9%. Revenue earnings after taxation per ordinary share rose by 4.3% to 18.05p, compared to 17.31p in the previous year.

Dividends

A fourth interim dividend of 4.40p has been declared making a total of 17.00p for the year, an increase of 6.3% year on year. Investment income from the portfolio has covered 96.0%* of the total dividend for the year with the remaining 4.0% coming from option premium income (2012: 94.2% dividend income and 5.8% option premium income). The remainder of the current year revenue has been added to the Company's revenue reserve, which will underpin dividends in future years. Your Board is confident that it will be able to at least maintain the level of total dividend in the coming year.

Capital and Gearing

During the year your Company continued to enjoy consistent demand for its shares with the share price usually trading at a premium to net asset value. In view of this, your Board took the opportunity to issue further shares at premiums of 2% or above thereby enhancing the net asset value per share for shareholders. In total, 2,765,000 shares were issued in the year for net proceeds of over £9.8million and a further 225,000 shares have been allotted since 31 August 2013. As reported at the half year, the Company has renewed its one year revolving multi-currency loan facility with Commonwealth Bank of Australia and increased the maximum amount of the loan to £45 million which will be used flexibly with the objective of enhancing returns for investors. At the year end the amount drawn down stood at £31,182,000 and net gearing was 6.9%.

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Changes to Management Fee Arrangements

Since the Company moved to Jersey at the end of 2006, the level of net assets has grown significantly. This has

delivered real benefits to our shareholders both in the share price and in reducing fixed costs per share. The

Manager, Henderson Global Investors, has also benefited from a significant growth in management fees. I am

therefore pleased to report that following a review of management fees, the annual management fee payable by

Henderson Far East Income Limited to Henderson Global Investors was reduced from 1.0% to 0.9% p.a. of net

assets with effect from 1 September 2013. There is no performance fee arrangement. This represents a significant saving to our shareholders and I believe demonstrates the commitment of the Board and the Manager to realising as much value for our shareholders as possible.

Outlook

Our positive stance in Asia remains unchanged and is supported by solid fundamentals and an improving outlook in a number of areas. There are, however, concerns particularly about India and Indonesia. Chinese macroeconomic data continues its positive trend with government initiatives still focused on bringing about sustainable growth, as evidenced by the recent setting up of the Shanghai Free Trade Zone. That said, external factors in developed markets, particularly the US, could unsettle Asian markets in the short term. As always, the key focus of our Portfolio Manager is to pick those companies that are offering a favourable growth trend and

sustainable and growing dividends.

Annual General Meeting

The Company's AGM will be held at 12 noon on Wednesday 18 December 2013 at Liberté House, 19-23 La Motte Street, Jersey, JE2 4SY and full details of the proposed resolutions are set out in the separate Notice of Meeting which has been issued with this report. As usual an open presentation to shareholders will be held at Henderson's offices in London the following day, Thursday 19 December 2013, at 11.00am where Mike Kerley will make an investment presentation and he and I will be happy to answer questions. If you would like to attend please complete and return the invitation card enclosed with this report.

John Russell

Chairman

14 November 2013

*calculated as revenue post tax, less option premium

income/dividends payable.                                       

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

MANAGEMENT REPORT (continued)

Principal Risks and Uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions appropriate to the Company's investment objective and policy, in order to mitigate risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

• Investment and Strategy

An inappropriate investment strategy, for example, in terms of asset allocation or level of gearing, may result in under performance against the companies in the peer group, and also in the Company's shares trading on a wider discount. The Board manages these risks by ensuring a diversification of investments and a regular review of the extent of borrowings. The Portfolio Manager operates in accordance with an investment limits and restrictions policy determined by the Board, which includes limits on the extent to which borrowings may be employed. The Board reviews the limits and restrictions on a regular basis and the Manager confirms adherence to them every month. The Manager provides the Board with management information, including performance data and reports and shareholder analyses. The Directors monitor the implementation and results of the investment process with the Portfolio Manager at each Board meeting and monitor risk factors in respect of the portfolio. Investment strategy is reviewed at each meeting.

• Market

Market risk arises from uncertainty about the future prices of the Company's investments. This is commented on in the Annual Report.

• Accounting, legal and regulatory

The Company is regulated by the Jersey Financial Services Commission and complies with the regulatory requirements in Jersey. The Company must comply with the provisions of the Companies (Jersey) Law 1991 and since its shares are listed on the London Stock Exchange, the UKLA's Listing and Disclosure Rules. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange. A breach of company law could result in the Company and/or the Directors being fined or the subject of criminal proceedings and financial and reputational damage. A breach of the UKLA Rules could result in the suspension of the Company's shares. The Board relies on its Company Secretary and advisers to ensure adherence to company law and UKLA and New Zealand Stock Exchange Rules.

• Operational

Disruption to, or the failure of, the Manager's or the Administrator's accounting, dealing, or payment systems or

the Custodian's records could prevent the accurate reporting or monitoring of the Company's financial position. The Administrator, BNPP, sub-contracts some of the operational functions (principally relating to trade processing, investment administration and accounting) to BNP Paribas Securities Services. Details of how the Board monitors the services provided by the Manager and other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal control section of the Annual Report.

• Financial

The financial risks faced by the Company include market risk (market price risk, interest rate risk and currency risk), liquidity risk and credit risk. The Company does not employ financial instruments to mitigate risk. Further details are disclosed in the Annual Report. Additional disclosures are provided in accordance with IFRS 7: Financial Instruments: Disclosures.

Related party transactions

Other than the relationship between the Company, and its Directors, the provision of services by Henderson is the only related party arrangement currently in place. Other than fees payable by the Company in the ordinary course of business, there have been no material transactions with these related parties affecting the financial position or the performance of the Company during the year under review.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

MANAGEMENT REPORT (Continued)

Statement under Disclosure and Transparency Rules

The Directors, who are listed in the Annual Report, each confirm to the best of their knowledge that:

(a)     the financial statements, prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b)    the Report of the Directors in the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that they face.

For and on behalf of the Board

Richard Povey

Director

14 November 2013

Twenty Largest Holdings

These twenty investments total £160,415,000 (twenty largest holdings in 2012: £159,250,000) representing 46.05% (2012: 51.11%) by value of the total investments.

Rank 2013	Rank 2012	Company	Country of incorporation	Sector	Value £'000	%
1	33	Bank of China	China	Financials	9,689	2.78
2	6	Telecom Corporation of New Zealand	New Zealand	Telecommunications	9,272	2.66
3	-	Hyundai Motor	South Korea	Consumer Goods	9,047	2.60
4	-	Malayan Banking	Malaysia	Financials	8,770	2.52
5	15	Shanghai Industrial	China	Industrials	8,632	2.48
6	-	Taiwan Cement	Taiwan	Industrials	8,628	2.48
7	24	China Mobile	China	Telecommunications	8,432	2.42
8	7	Advanced Information Services	Thailand	Telecommunications	8,111	2.33
9	16	Amcor	Australia	Industrials	8,104	2.32
10	19	Taiwan Semiconductor Manufacturing (†)	Taiwan	Technology	7,954	2.28
11	18	Cheung Kong Holdings	Hong Kong	Property	7,911	2.27
12	-	SJM Holdings	Hong Kong	Consumer Services	7,734	2.22
13	27	Jiangsu Expressway	China	Industrials	7,473	2.15
14	29	Taiwan Mobile	Taiwan	Telecommunications	7,385	2.12
15	-	Westfield Retail	Australia	Property	7,364	2.11
16	-	Grand Korea Leisure	South Korea	Consumer Services	7,276	2.09
17	39	Wharf Holdings	Hong Kong	Property	7,189	2.06
18	3	Suncorp	Australia	Financials	7,173	2.06
19	12	NWS Holdings	Hong Kong	Industrials	7,138	2.05
20	26	SK Telecom (†)	South Korea	Telecommunications	7,133	2.05

 (†) American depository Receipts

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

Statement of Comprehensive Income

for the year ended 31 August 2013

	Year ended 31 August 2013			Year ended 31 August 2012
	Revenue return	Capital return	Total	Revenue return	Capital return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Investment income (note 3)	21,154	-	21,154	18,643	-	18,643
Other income (note 4)	1,600	-	1,600	2,220	-	2,220
Gains on investments held at fair value through profit or loss	-	16,572	16,572	-	9,085	9,085
	---------	---------	---------	---------	---------	---------
Total income	22,754	16,572	39,326	20,863	9,085	29,948
	---------	---------	---------	---------	---------	---------
Expenses
Management fees	(1,829)	(1,829)	(3,658)	(1,423)	(1,423)	(2,846)
Other expenses	(429)	(429)	(858)	(379)	(379)	(758)
	---------	---------	---------	---------	---------	---------
Profit before finance costs and taxation	20,496	14,314	34,810	19,061	7,283	26,344
Finance costs	(128)	(128)	(256)	(11)	(11)	(22)
	---------	---------	---------	---------	---------	---------
Profit before taxation	20,368	14,186	34,554	19,050	7,272	26,322
Taxation	(1,789)	-	(1,789)	(1,555)	-	(1,555)
	---------	---------	---------	---------	---------	---------
Profit for the year and total comprehensive income	18,579	14,186	32,765	17,495	7,272	24,767
	=====	=====	=====	=====	=====	=====
Earnings per ordinary share - basic and diluted  (note 5)	18.05p	13.78p	31.83p	17.31p	7.19p	24.50p
	=====	=====	=====	=====	=====	=====

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

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

Statement of Changes in Equity

For the year ended 31 August 2013

Year ended 31 August 2013	Stated share capital £'000	Distributable reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
Total equity at 31 August 2012	67,727	180,471	37,119	15,183	300,500
Total comprehensive income:
Profit for the year	-	-	14,186	18,579	32,765
Transactions with owners, recorded directly to equity:
Dividends paid (note 6)	-	-	-	(17,251)	(17,251)
Shares issued (note 8)	9,833	-	-	-	9,833
Share issue costs (note 8)	(49)	-	-	-	(49)
	----------	-----------	----------	----------	----------
Total equity at 31 August 2013	77,511	180,471	51,305	16,511	325,798
	======	======	======	======	======
Year ended 31 August 2012	Stated share capital £'000	Distributable reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
Total equity at 31 August 2011	63,470	180,471	29,788	13,660	287,389
Total comprehensive income:
Profit for the year	-	-	7,272	17,495	24,767
Transactions with owners, recorded directly to equity:
Dividends paid (note 6)	-	-	-	(15,972)	(15,972)
Shares issued (note 8)	4,276	-	-	-	4,276
Share issue costs (note 8)	(19)	-	-	-	(19)
Liquidation proceeds from predecessor company	-	-	59	-	59
	----------	-----------	----------	----------	----------
Total equity at 31 August 2012	67,727	180,471	37,119	15,183	300,500
	======	======	======	======	======

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HENDERSON FAR EAST INCOME LIMITED

 Annual Financial Report for the year ended 31 August 2013

Balance Sheet

at 31 August 2013

			2013 £'000	2012 £'000
Non current assets
Investments held at fair value through profit or loss			348,928	311,859
			----------	----------
Current assets
Other receivables			8,231	4,948
Cash and cash equivalents			4,257	6,076
			----------	----------
			12,488	11,024
			----------	----------
Total assets			361,416	322,883
			----------	----------
Current liabilities
Written options			(581)	(254)
Other payables			(3,854)	(715)
Bank loans and overdrafts			(31,183)	(21,414)
			----------	----------
			(35,618)	(22,383)
			----------	----------
Net assets			325,798	300,500
			======	======
Equity attributable to equity shareholders
Stated share capital (note 8)			77,511	67,727
Distributable reserve			180,471	180,471
Retained earnings:
Other capital reserves			51,305	37,119
Revenue reserve			16,511	15,183
			----------	----------
Total equity			325,798	300,500
			======	======
Net asset value per ordinary share (note 7)			312.23p	295.82p
			======	======

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2013 and were signed on its behalf by:

Richard Thomas Povey                                                                                      

Director                                                                                                                 

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

Statement of Cash Flows

for the year ended 31 August 2013

	2013 £'000	2012 £'000
Operating activities
Profit before taxation	34,554	26,322
Add back interest payable	245	16
Gains on investments held at fair value through profit or loss	(16,572)	(9,085)
Sales of investments	259,085	199,661
Purchases of investments	(278,348)	(219,659)
Decrease in other receivables	-	26
Decrease/(increase) in prepayments and accrued income	1,174	(1,554)
Increase in amounts due from brokers	(4,442)	(954)
Increase in amounts due to brokers	3,078	-
Increase in other payables	72	88
Stock dividends included in investment income	(44)	(66)
	----------	----------
Net cash outflow from operating activities before interest and taxation	(1,198)	(5,205)
Interest paid	(245)	(16)
Withholding tax on investment income	(1,800)	(1,630)
	----------	----------
Net cash outflow from operating activities	(3,243)	(6,851)
	----------	----------
Financing activities
Net loans drawndown Equity dividends paid (note 6)	9,744 (17,251)	21,414 (15,972)
Liquidation proceeds received from predecessor company	-	59
Share issue proceeds (note 8)	9,833	4,856
Share issue costs (note 8)	(49)	(22)
	----------	----------
Net cash inflow from financing	2,277	10,335
	----------	----------
(Decrease)/increase in cash and cash equivalents	(966)	3,484
Cash and cash equivalents at the start of the year	6,076	2,784
Exchange movements	(854)	(192)
	----------	----------
Cash and cash equivalents at the end of the year (including bank overdrafts of £1,000 (2012: £nil))	4,256	6,076
	======	======

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

Notes:

1.	General Information
	The entity is a closed-end company, registered as a no par value company under the Companies (Jersey) Law 1991, with its shares listed on the London and New Zealand Stock Exchanges. The Company was incorporated on 6 November 2006.
2.	Accounting Policies
	Basis of preparation
	This financial information for the year ended 31 August 2013 has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"). These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ('IASC') that remain in effect, to the extent that IFRS have been adopted. The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial instruments. The financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated. The principal accounting policies adopted are set out in the Annual Report. Where consistent with IFRS, the financial statements have also been prepared in accordance with the guidance set out in the Statement of Recommended Practice ('SORP') for Investment Companies issued by the Association of Investment Companies ('AIC') as revised in January 2009.
				2013	2012
3.	Investment income			£'000	£'000
	Overseas dividends			20,499	18,577
	Outperformance participation note income			611	-
	Stock dividends			44	66
				---------	---------
				21,154	18,643
				======	======
	Analysis of investment income by geographical segment:
	Australia			4,553	3,638
	China			3,830	3,243
	Hong Kong			2,150	1,961
	India			270	-
	Indonesia			823	834
	Japan			-	290
	Malaysia New Zealand			458 869	313 302
	The Philippines			496	450
	Singapore			1,503	1,999
	South Korea			1,607	933
	Taiwan			3,455	3,052
	Thailand			1,140	1,628
				---------	---------
				21,154	18,643
				======	======
	All of the above income is derived from equity investments. -MORE-
	-10 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2013
		2013			2012
4.	Other income	£'000			£'000
	Bank and other interest	3			4
	Option premium income	1,597			2,216
		-------			-------
		1,600			2,220
		====			====
5.	Earnings per ordinary share
	The earnings per ordinary share figure is based on the net gains for the year of £32,765,000 (2012: £24,767,000) and on 102,912,043 (2012: 101,077,558) being the weighted average number of ordinary shares in issue during the year. The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below:
			2013		2012
			£'000		£'000
	Net revenue profit		18,579		17,495
	Net capital profit		14,186		7,272
			-------		-------
	Net total profit		32,765		24,767
			======		======
	Weighted average number of ordinary shares in issue during the year		102,912,043		101,077,558
	Revenue earnings per ordinary share		18.05p		17.31p
	Capital earnings per ordinary share		13.78p		7.19p
			---------		---------
	Total earnings per ordinary share		31.83p		24.50p
			======		======
	The Company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same. - MORE -

	-11 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2013
				2013		2012
6.	Dividends	Record date	Pay date	£'000		£'000
	Fourth interim dividend 3.90p for the year ended 2011	4 November 2011	30 November 2011	-		3,919
	First interim dividend 3.90p for the year ended 2012	3 February 2012	29 February 2012	-		3,930
	Second interim dividend 3.90p for the year ended 2012	4 May 2012	31 May 2012	-		3,958
	Third interim dividend 4.10p for the year ended 2012	3 August 2012	31 August 2012	-		4,165
	Fourth interim dividend 4.10p for the year ended 2012	9 November 2012	30 November 2012	4,165		-
	First interim dividend 4.10p for the year ended 2013	8 February 2013	28 February 2013	4,217		-
	Second interim dividend 4.10p for the year ended 2013	10 May 2013	31 May 2013	4,278		-
	Third interim dividend 4.40p for the year ended 2013	9 August 2013	30 August 2013	4,591		-
				-------		-------
				17,251		15,972
				======		======
	The fourth interim dividend for the year ended 31 August 2013 has not been included as a liability in these financial statements as it was announced and paid after the year end. The table which follows sets out the total dividends paid and to be paid in respect of the financial year and previous year. The revenue available for distribution by way of dividend for the year is £18,579,000 (2012: £17,495,000).
				2013	2012
				£'000	£'000
	First interim dividend for 2013 - 4.10p (2012 : 3.90p)			4,217	3,930
	Second interim dividend for 2013 - 4.10p (2012 : 3.90p)			4,278	3,958
	Third interim dividend for 2013 - 4.40p (2012 : 4.10p)			4,591	4,165
	Fourth interim dividend for 2013 - 4.40p (2012 : 4.10p) (payable 29 November 2013 based on 104,570,564 shares in issue at 8 November 2013)			4,601	4,165
				---------	----------
				17,687	16,218
				=====	======
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	-12 - HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2013
7.	Net asset value per share
	The basic net asset value per ordinary share and the net asset value attributable to ordinary shareholders at the year end calculated in accordance with the Articles of Association were as follows:
			Net asset value per share 2013 pence		Net asset value attributable 2013 £'000		Net asset value per share 2012 pence		Net asset value attributable 2012 £'000
	Ordinary shares		312.23		325,798		295.82		300,500
			======		======		======		======
	The basic net asset value per ordinary share is based on 104,345,564 (2012: 101,580,564) ordinary shares, being the number of ordinary shares in issue.
8.	Stated share capital
		Authorised		Issued and fully paid		2013 £'000		Issued and fully paid		2012 £'000
	Opening balance at 1 September Ordinary shares of no par value	Unlimited		101,580,564		67,727		100,105,564		63,470
	Issued during the year			2,765,000		9,833		1,475,000		4,276
	Share issue costs			-		(49)		-		(19)
				---------------		---------		--------------		--------
	Closing balance At 31 August                                                                                           ---------------                                                      ---------                                                --------------                                                        --------			104,345,564 =========		77,511 =====		101,580,564 =========		67,727 =====
	The holders of Ordinary shares are entitled to all the capital growth in the Company and all the income from the Company that is resolved by the Directors to be distributed. Each shareholder present at a general meeting has one vote on a show of hands and on a poll every member present in person or by proxy has one vote for each share held. During the year, the Company issued 2,765,000 (2012: 1,475,000) shares for proceeds of £9,784,000 (2012: £4,257,000) net of costs.             .
9.	Going concern statement
	The Directors believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements as the assets of the Company consist mainly of securities which are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future. In reviewing the position as at the date of this statement, the Board has considered the going concern and liquidity risk: 'Guidance for Directors of UK Companies 2009' issued by the Financial Reporting Council in October 2009.
10.	2013 Financial information
	The figures and financial information for the year ended 31 August 2013 are compiled from an extract of the latest financial statements and do not constitute statutory accounts. These financial statements included the report of the auditors which was unqualified. -MORE- -13- HENDERSON FAR EAST INCOME LIMITED Annual Financial Report for the year ended 31 August 2013
11.	2012 Financial information
	The figures and financial information for the year ended 31 August 2012 are compiled from an extract of the latest published accounts and do not constitute the statutory accounts for that period.
12.	Company Status
	The Company is a Jersey domiciled closed-end investment company, number 95064, which was incorporated in 2006 and which is listed on the London and New Zealand Stock Exchanges. The Company is a Jersey fund with its registered office at Liberté House, 19-23 La Motte Street, St. Helier, Jersey, JE2 4SY and is regulated by the Jersey Financial Services Commission.
13.	Annual Report and Annual Review
	The Annual Report and Financial Statements will be available for posting to those shareholders who have requested a copy in Mid November 2013 and copies will be available on the Company's website (www.hendersonfareastincome.com) or in hard copy format from the Company's registered office, Liberté House, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY. Shareholders who did not in 2010 indicate that they wish to receive the full Annual Report in future years will receive an abbreviated report on the Company's results for the year, the Annual Review. The Annual General Meeting will be held at the registered office on Wednesday 18 December 2013 at 12 noon. The Notice of the Annual General Meeting will be sent to shareholders with the Annual Report.
	For further information please contact:
	Mike Kerley
	Portfolio Manager, Henderson Far East Income Limited
	Telephone: [phone]
	James de Sausmarez
	Director and Head of Investment Trusts, Henderson Global Investors
	Telephone: [phone]
	Sarah Gibbons-Cook
	Investor Relations and PR Manager, Henderson Global Investors
	Telephone: [phone]
	Jeremy Hamon
	BNP Paribas Securities Services. S.C.A., Jersey Branch, Company Secretary
	Telephone: [phone]
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.

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