Interim Results
Henderson High Income Trust PLC
27 July 2005
27 July 2005
HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Highlights:
* Net asset value total return per ordinary share increased by 13.9% over
the half year to 30 June 2005
* Market price per ordinary share increased by 12.3% over the half year to
30 June 2005
Chairman's Statement:
Assets
The year has started well, despite a wobble in April. The stockmarket has
continued its momentum carrying share prices higher. The net asset value total
return per ordinary share was 13.9% while the FTSE All-Share Index returned
8.2%; both figures include the reinvestment of income. The Company's portfolio
has benefited from appreciation of both equities and bonds, the latter
performing well despite the inflationary trends in commodities such as oil.
The first half of the year was a busy period, encompassing a General Election in
the UK and a plethora of corporate and private capital bids in the market. The
market's view on interest rates changed substantially, from expecting a further
rise in January, to speculating when the Bank of England might be set to cut
rates. The prime reason for this sea change in opinion has been the weakness in
consumer spending and house prices. The sharp deterioration in consumer
sentiment has affected many companies and prompted a significant number to warn
that profits will be reduced. Our portfolio is light in consumer related shares
as we have happily reduced our exposure over the last year.
Earnings and Dividends
Over the first half of the year the revenue earnings of the Company amounted to
4.93p compared with 5.07p a year ago. The slight drop masks an improving trend
of dividend growth from equities, due to rising profitability and managements
more willing to distribute unutilised cash to shareholders. We expect that the
majority of UK companies will struggle to redeploy corporate cashflow, in terms
of acquisitions or capital expenditure on new projects at economic rates and
therefore believe that the current market dividend growth of just below 10% can
be sustained. The drop in income in the first half compared to last year is
primarily attributable to costs already incurred relating to the reconstruction
of the Company, when the zero dividend preference (ZDP) shares expire in
September.
The Board indicated in their last annual accounts that, due to the
reconstruction, the dividend payment rate will reduce in the second half of the
year. The Board has declared an unchanged second interim dividend of 2.475p and
expects to pay two further dividends of 1.9375p in the full year to 31 December
2005.
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HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Chairman's Statement cont'd
Prospects
In early September we will be writing to all holders of our units and ZDP
shares, outlining the redemption process for the ZDP shares. We intend to offer
these shareholders a purchase facility to reinvest their proceeds, without
paying stamp duty, into new ordinary shares should they wish to.
Although we intend to maintain the overall investment profile of the Company, we
expect to reduce our exposure to bonds within the portfolio. The comparative
valuation of equities and bonds currently appears to favour the former, with
dividend growth strong and profits still rising, albeit at a slower rate than
last year. A period of weaker sterling should be beneficial to multi-national
UK companies.
The current malaise on the High Street should be countered by a cut in interest
rates from the Bank of England, which should at least stabilise sentiment. The
rise in the market over the first half of the year leaves overall valuations
only moderately higher than last year, and as corporate profits are still
rising, we believe that there is scope for share prices to make further
progress.
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HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Review Report of the Independent Auditors
to the members of Henderson High Income Trust plc
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2005 which comprises the Group statement of total
return, the Group and Company balance sheets, the Group cash flow statement and
the related notes 1 to 7. We have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.
This report is made solely to the Company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the Company, for our review work, for this report, or for the conclusions we
have formed.
Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review Work Performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2005.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
London
27 July 2005
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HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Group Statement of Total Return (incorporating the profit and loss account)
for the half year ended 30 June 2005
(Unaudited) (Unaudited and restated) (Audited and restated)
Half year ended 30 June 2005 Half year ended 30 June 2004 Year ended 31 December 2004
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Net capital gains from - 8,115 8,115 - 3,325 3,325 - 13,991 13,991
investments
Income from fixed
asset investments 3,386 - 3,386 3,336 - 3,336 6,311 - 6,311
Other interest
receivable
and similar income 14 - 14 19 - 19 54 - 54
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Gross revenue and
capital gains 3,400 8,115 11,515 3,355 3,325 6,680 6,365 13,991 20,356
Management fee (144) (216) (360) (129) (193) (322) (257) (386) (643)
Performance fee - (715) (715) - (561) (561) - (653) (653)
Other administrative (184) (190) (374) (114) - (114) (247) - (247)
expenses
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Net return on
ordinary activities
before interest
payable 3,072 6,994 10,066 3,112 2,571 5,683 5,861 12,952 18,813
and taxation
Interest payable (170) (511) (681) (136) (408) (544) (275) (824) (1,099)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Net return on
ordinary activities
before taxation 2,902 6,483 9,385 2,976 2,163 5,139 5,586 12,128 17,714
Taxation on net
return on ordinary
activities (142) 134 (8) (133) 126 (7) (269) 257 (12)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Net return on
ordinary activities
after taxation 2,760 6,617 9,377 2,843 2,289 5,132 5,317 12,385 17,702
Provision for
redemption of the zero
dividend preference
shares in the
subsidiary - (1,480) (1,480) - (1,375) (1,375) - (2,821) (2,821)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Net return
attributable to
the ordinary
shareholders 2,760 5,137 7,897 2,843 914 3,757 5,317 9,564 14,881
Dividends - ordinary
shares (1,387) - (1,387) (2,773) - (2,773) (5,547) - (5,547)
(note 5)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Transfer to/(from)
reserves 1,373 5,137 6,510 70 914 984 (230) 9,564 9,334
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Return per
ordinary share 14.09p 6.70p 26.56p
(note 2a)
---------- ---------- ----------
Return per zero dividend
preference
share in the subsidiary 2.81p 2.61p 5.36p
---------- ---------- ----------
Return per unit 16.90p 9.31p 31.92p
---------- ---------- ----------
The total columns of this statement represent the profit and loss accounts of
the Group.
As permitted by Section 230 of the Companies Act 1985, the Company has not
presented its own profit and loss account.
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HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Group and Company Balance Sheets at 30 June 2005
Group Company Group Company Group Company
(Unaudited) (Unaudited) (Unaudited (Unaudited (Audited (Audited
and and
restated) restated) and restated) and restated)
30 June 30 June 30 June 30 June 31 December 31 December
2005 2005 2004 2004 2004 2004
£'000 £'000 £'000 £'000 £'000 £'000
Non current assets
Investments held at fair value 141,881 141,881 122,013 122,013 130,598 130,598
Subsidiary undertaking - - - - - -
---------- ---------- ---------- ---------- ---------- ----------
141,881 141,881 122,013 122,013 130,598 130,598
Current assets
Debtors 1,112 1,112 1,645 1,645 1,061 1,061
Cash and cash equivalents 156 156 140 140 1,665 1,665
---------- ---------- ---------- ---------- ---------- ----------
1,268 1,268 1,785 1,785 2,726 2,726
Current liabilities (65,851) (65,851) (25,675) (25,675) (62,536) (62,536)
---------- ---------- ---------- ---------- ---------- ----------
Net current liabilities (64,583) (64,583) (23,890) (23,890) (59,810) (59,810)
---------- ---------- ---------- ---------- ---------- ----------
Non current liabilities
Amounts owed to group undertaking - - - (35,685) - -
Zero dividend preference shares
in the subsidiary - - (35,685) - - -
---------- ---------- ---------- ---------- ---------- ----------
Total net assets 77,298 77,298 62,438 62,438 70,788 70,788
====== ====== ====== ====== ====== ======
Capital and reserves
Called-up share capital:
ordinary shares 2,801 2,801 2,801 2,801 2,801 2,801
Capital redemption reserve 26,302 26,302 26,302 26,302 26,302 26,302
Other capital reserves:
Share premium 9,034 9,034 9,034 9,034 9,034 9,034
Realised reserves 12,845 12,845 14,793 14,793 13,726 13,726
Unrealised reserves 24,152 24,152 8,417 8,417 18,134 18,134
Revenue reserve 2,164 2,164 1,091 1,091 791 791
---------- ---------- ---------- ---------- ---------- ----------
Equity shareholders' funds 77,298 77,298 62,438 62,438 70,788 70,788
====== ====== ====== ====== ====== ======
Net asset value per ordinary 137.96p 137.96p 111.44p 111.44p 126.34p 126.34p
share
(note 3) ====== ====== ====== ====== ====== ======
Funds attributable to the:
Ordinary shares 77,298 62,438 70,788
Zero dividend preference shares
in
the subsidiary 38,611 35,685 37,131
---------- ---------- ----------
115,909 98,123 107,919
====== ====== ======
Net asset value per:
Ordinary share 137.96p 111.44p 126.34p
Zero dividend preference share in
the subsidiary 73.40p 67.84p 70.59p
---------- ---------- ----------
Unit 211.36p 179.28p 196.93p
====== ====== ======
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HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Group Cash Flow Statement
for the half year ended 30 June 2005
(Unaudited) (Unaudited) (Audited)
Half year ended Half year ended Year ended
30 June 2005 30 June 2004 31 December 2004
£'000 £'000 £'000
Net cash inflow from operating activities 1,936 2,487 5,085
Net cash outflow from servicing of finance (788) (637) (1,092)
Net tax recovered 10 - 11
Net cash (outflow)/inflow from financial investment (3,209) 1,098 3,758
Equity dividends paid (2,773) (2,773) (5,547)
--------- --------- -----------
Net cash (outflow)/inflow before financing (4,824) 175 2,215
Net cash inflow/(outflow) from financing 3,291 (364) (909)
--------- --------- ----------
(Decrease)/increase in cash (1,533) (189) 1,306
====== ====== ======
Notes to the Group Cash Flow Statement
Reconciliation of operating revenue to net cash inflow
from operating activities
Net revenue before interest payable and taxation 3,072 3,112 5,861
(Increase)/decrease in accrued income (29) (7) 16
Increase in other debtors - (2) -
Increase in creditors 37 149 277
Tax deducted at source (23) (11) (30)
Management, performance and administrative fees
charged
(1,121) (754) (1,039)
to capital
--------- --------- --------
Net cash inflow from operating activities 1,936 2,487 5,085
====== ====== ======
Reconciliation of net cash flow to movement in net debt
(Decrease)/increase in cash (1,533) (189) 1,306
Net (drawdown)/repayment of loans (3,291) 364 909
Exchange movements 24 59 44
--------- --------- ----------
Movement in net funds in the period (4,800) 234 2,259
Net debt at the beginning of the period (19,835) (22,094) (22,094)
--------- --------- -----------
Net debt at the end of the period (24,635) (21,860) (19,835)
====== ====== ======
Represented by:
Cash at bank and short term deposits 156 140 1,665
Debt falling due within one year (24,791) (22,000) (21,500)
--------- --------- -----------
Total (24,635) (21,860) (19,835)
====== ====== ======
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HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Notes:
1. Accounting policies
a) Basis of Accounting
The accounts have been prepared on the historical cost basis of accounting, modified to include the
revaluation of investments. The accounts have been prepared in accordance with applicable accounting
standards and as per the last annual financial statements, except as follows:-
• Investments are now held at fair value (previously mid-market). This is either the bid price or
the last traded price, depending on the convention of the exchange on which the investment is quoted.
• Dividends payable are now recognised in the period in which they are declared. The prior year
comparatives have been restated in respect of this change in accounting policy.
All of the Company's operations are of a continuing nature.
b) Group accounts
The Group accounts consolidate the accounts of the Company and of its wholly-owned subsidiary,
Henderson High Income Trust Securities plc.
c) Expenses
All expenses are accounted for on an accruals basis. The Board's expectation is that over the long
term three quarters of the Group's investment returns will be in the form of capital gains. On this
basis, the Group charges to capital 75% of its finance costs and management fees (to the extent that the
management fees relate to the maintenance or enhancement of the valuation of investments).
2. Returns per share
a) Returns per ordinary share
The return per ordinary share is based on the net gain attributable to the ordinary shares of
£7,897,000 (30 June 2004: £3,757,000; 31 December 2004: £14,881,000) and on the 56,028,865 ordinary shares
in issue.
Revenue return per ordinary share amounting to 4.93p (30 June 2004: 5.07p; 31 December 2004: 9.49p)
is based on the earnings attributable to the ordinary shares of £2,760,000 (30 June 2004: £2,843,000; 31
December 2004: £5,317,000) and on the 56,028,865 ordinary shares in issue.
Capital return per ordinary share amounting to 9.16p (30 June 2004: 1.63p; 31 December 2004: 17.07p)
is based on the net capital gains for the period of £5,137,000 (30 June 2004: £914,000; 31 December 2004:
£9,564,000) and on the 56,028,865 ordinary shares in issue.
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HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Notes cont'd:
b) Return per zero dividend preference share
The return per zero dividend preference share reflects the predetermined growth in capital
entitlement for the period of £1,480,000 (30 June 2004: £1,375,000; 31 December 2004: £2,821,000) based on
the 52,603,865 zero dividend preference shares in issue.
c) Returns per unit
The return per unit, each unit consisting of one ordinary share of 5p in the Company and one zero
dividend preference share of 50p in the subsidiary, amounts to 16.90p per unit (30 June 2004: 9.31p; 31
December 2004: 31.92p).
Revenue return per unit, each unit consisting of one ordinary share of 5p in the Company and one zero
dividend preference share of 50p in the subsidiary, amounts to 4.93p per unit (30 June 2004: 5.07p; 31
December 2004: 9.49p).
Capital return per unit, each unit consisting of one ordinary share of 5p in the Company and one zero
dividend preference share of 50p in the subsidiary, amounts to 11.97p per unit (30 June 2004: 4.24p; 31
December 2004: 22.43p).
3. Net asset value per ordinary share
The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of
£77,298,000 (30 June 2004: £62,438,000; 31 December 2004: £70,788,000) and on the 56,028,865 ordinary
shares in issue.
4. Net revenue
The net revenue after taxation of the Company dealt with in the interim accounts of the Group was
£2,760,000 (30 June 2004: £2,843,000; 31 December 2004: £5,317,000).
5. Dividends
A first interim dividend of 2.475p (2004: 2.475p) will be paid on 29 July 2005 on 56,028,865 ordinary
shares (including ordinary shares held within units), being the number of ordinary shares in issue at the
record date of 24 June 2005.
A second interim dividend of 2.475p (2004: 2.475p) has been declared payable on 31 October 2005 to
shareholders registered at the close of business on 23 September 2005. In accordance with FRS21, no funds
have been accrued for payment of the second interim dividend.
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HENDERSON HIGH INCOME TRUST PLC
Unaudited Interim Results for the half year ended 30 June 2005
Notes cont'd:
6. Comparative information
The financial information contained in this interim statement does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985. The financial information for the six months ended 30
June 2004 and 30 June 2005 has not been audited. The figures and financial information for the year ended
31 December 2004 are extracted from the latest published accounts of the Group and do not constitute the
statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and
included the Report of the Independent Auditors, which was unqualified and did not include a statement
under either section 237(2) or section 237(3) of the Companies Act 1985.
7. Interim Report
The Interim Report will be posted to shareholders in August and will be available from the Registered
Office at 4 Broadgate, London EC2M 2DA thereafter.
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HENDERSON HIGH INCOME TRUST SECURITIES PLC
Unaudited Interim Results for the half year ended 30 June 2005
Review Report of the Independent Auditors
to the members of Henderson High Income Trust Securities plc
Introduction
We have been instructed by the Company to review the financial information for
the six months ended 30 June 2005 which comprises the statement of total return,
the balance sheet and related notes 1 to 8. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
This report is made solely to the Company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the Company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the Company, for our review work, for this report, or for the conclusions we
have formed.
Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review Work Performed
We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.
Review Conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2005.
Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
London
27 July 2005
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HENDERSON HIGH INCOME TRUST SECURITIES PLC
Unaudited Interim Results for the half year ended 30 June 2005
Statement of Total Return
for the half year ended 30 June 2005
(Unaudited) (Unaudited and restated) (Audited and
restated)
Half year ended 30 June 2005 Half year ended 30 June Year ended 31 December
2004
2004
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Accrued redemption
premium
receivable
from parent company - 1,480 1,480 - 1,375 1,375 - 2,821 2,821
(note 2)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Gross revenue and
capital gains - 1,480 1,480 - 1,375 1,375 - 2,821 2,821
Administrative expenses - - - - - - - - -
(note 3)
Finance cost
Appropriations in respect of
zero dividend preference - (1,480) (1,480) - (1,375) (1,375) - (2,821) (2,821)
shares
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Net return on ordinary
activities
before taxation - - - - - - - - -
Taxation on net return on
ordinary
activities - - - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Net return on ordinary
activities
after taxation - - - - - - - - -
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------
Transfer to reserves - - - - - - - - -
====== ====== ====== ====== ====== ====== ====== ====== =====
Return per share:
Ordinary - - -
====== ====== =====
Zero dividend preference 2.81p 2.61p 5.36p
(note 4)
====== ====== =====
The total columns of this statement represent the profit and loss account of the
Company.
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HENDERSON HIGH INCOME TRUST SECURITIES PLC
Unaudited Interim Results for the half year ended 30 June 2005
Balance Sheet
at 30 June 2005
(Unaudited) (Unaudited (Audited
and restated) and restated)
30 June 30 June 31 December 2004
2005 2004 £'000
£'000 £'000
Current assets
Debtors 38,611 35,685 37,131
Current liabilities due within one year
Zero dividend preference shares (38,611) - (37,131)
Current liabilities due in more than one
year
Zero dividend preference shares - (35,685) -
---------- ---------- ----------
Net current assets - - -
---------- ---------- ----------
Total net assets - - -
===== ===== =====
Capital and reserves
Called-up share capital - - -
Reserve for redemption premium - - -
---------- ---------- ----------
- - -
===== ===== =====
Net asset value per:
Ordinary share - - -
===== ===== =====
Zero dividend preference share (note 5) 73.40p 67.84p 70.59p
===== ===== =====
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HENDERSON HIGH INCOME TRUST SECURITIES PLC
Unaudited Interim Results for the half year ended 30 June 2005
Notes:
1. Accounting policy
Basis of accounting
The accounts have been prepared on the historical cost basis of accounting. The accounts have been
prepared in accordance with applicable accounting standards and as per the last annual financial
statements except that, in accordance with FRS26, the zero dividend preference shares have been classified
as a liability. The comparative figures have been restated in respect of this change in accounting
policy.
2. Accrued redemption premium receivable from parent company
Amount due from Henderson High Income Trust plc accrued in respect of the subscription for ordinary shares
to be made in September 2005 at the redemption of the Company's zero dividend preference shares.
3. Administrative expenses
All the expenses of Henderson High Income Trust Securities plc are met by Henderson High Income Trust plc.
4. Return per share
Capital return per zero dividend preference share is based on the finance cost in respect of non-equity
shares of £1,480,000 (30 June 2004: £1,375,000; 31 December 2004: £2,821,000) and on the 52,603,865 zero
dividend preference shares in issue.
5. Net asset value per zero dividend preference share
The net asset value per zero dividend preference share is based on the funds attributable to the zero
dividend preference shares of £38,611,000 (30 June 2004: £35,685,000; 31 December 2004: £37,131,000) and
on the 52,603,865 zero dividend preference shares in issue.
6. Parent undertaking
The Company is a wholly-owned subsidiary undertaking of Henderson High Income Trust plc, an investment
company registered in England and Wales and operating in the United Kingdom.
7. Comparative information
The financial information contained in this interim statement does not constitute statutory accounts as
defined in section 240 of the Companies Act 1985. The financial information for the six months ended 30
June 2004 and 30 June 2005 has not been audited. The figures and financial information for the year ended
31 December 2004 are extracted from the latest published accounts of the Company and do not constitute the
statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and
included the Report of the Independent Auditors which was unqualified and did not include a statement
under either section 237(2) or section 237(3) of the Companies Act 1985.
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HENDERSON HIGH INCOME TRUST SECURITIES PLC
Unaudited Interim Results for the half year ended 30 June 2005
Notes cont'd:
8. Interim Report
The Interim Report will be posted to shareholders in August and will be available from the Registered
Office at 4 Broadgate, London EC2M 2DA thereafter.
- ENDS -
For further information please contact:
Alex Crooke
Fund Manager
Henderson High Income Trust plc
Telephone: 020 7818 4447
James de Sausmarez
Head of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349
Sarah Gibbons-Cook
Investor Relations & PR Manager
Henderson Global Investors
Telephone: 020 7818 3198
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