Edison issues review on Henderson Intl Income T'

RNS Number : 6844Z

Henderson Intl. Income Trust PLC

21 May 2019

 

London, UK, 21 May 2019

Edison issues review on Henderson International Income Trust (HINT)

Henderson International Income Trust (HINT) has been proposed as the default rollover vehicle in the forthcoming planned liquidation of the Establishment Investment Trust, further cementing its position as a trust with a commitment to achieving the benefits of scale (its assets have grown sevenfold since launch in 2011). It has also recently locked in €30m of long-term borrowing with a low interest rate of 2.43%, which may allow the manager, Ben Lofthouse, to be more adventurous with gearing in his search for income and growth from sustainably financed non-UK companies trading at unwarranted discounts. HINT's NAV has recovered well from the Q418 market sell-off, and the shares currently yield 3.4%.

At 17 May 2019, HINT's shares traded at a 1.1% premium to cum-income net asset value. This compares with an average premium of 0.7% since launch in April 2011, over which period the trust's assets have grown from c £40m to c £280m through a combination of performance, share issuance to manage the premium, and corporate actions such as the issue of subscription and C shares, and the rollover of Henderson Global Trust in 2016. HINT has a prospective dividend yield of 3.5%.  

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