Half Yearly Report

RNS Number : 4564D

Henderson Intl. Income Trust PLC

29 April 2013

 



29 April 2013                                                                                                                       Page 1 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

This announcement contains regulated information

FINANCIAL HIGHLIGHTS and PERFORMANCE

(unaudited) As at 28 February 2013 (unaudited) As at 29 February  2012 (audited) As at 31 August 2012 Net asset value per Ordinary share (basic) 111.9p 95.6p 97.2p Net asset value per Ordinary share (diluted) 110.1p 95.6p 97.2p Market price per Ordinary share 113.5p 98.5p 100.5p Premium (basic)  1.4% 3.0% 3.4% Premium (diluted) 3.1% 3.0% 3.4% Subscription share price 17.3p 6.0p 7.5p

(unaudited) Half-Year to 28 February 2013 (unaudited) Half-Year to 29 February 2012 (audited) Since incorporation (2 March 2011) to 31 August 2012 Dividends per Ordinary share 2.0p 2.4p 5.4p Net asset value per Ordinary share total return (basic) (1) 17.5% 9.3% 13.3% Net asset value per Ordinary share total return (diluted) (1) 15.5% 9.3% 13.4% Ordinary share price total return (1) 15.0% 8.0% 12.4% Revenue return per Ordinary share (basic) (1) 1.59p 1.21p 6.08p Capital return/(loss) per Ordinary share (basic) (1) 15.15p 7.09p (2.23)p Total return per Ordinary share (basic) (1) 16.74p 8.30p 3.85p Total return per Ordinary share (diluted) (1)           MSCI World ex UK Index (sterling adjusted) (2) 16.60p 16.6% 8.30p 10.6% 3.85p 11.6%

Source: (1) FundData (2) Datastream

Total return assumes net dividends are reinvested and excludes transaction costs

Page 2 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

CHAIRMAN'S STATEMENT

Interim Management Report

Market

Global equity markets made significant gains over the last six months as the US economic recovery continued to gather pace and Chinese economic growth stabilised after slowing in previous quarters. During the period investor sentiment was aided by a series of announcements made by global policy makers. In Europe, the European Central Bank detailed its Outright Monetary Transactions (OMT) programme, which will result in purchases of distressed government bonds. In the US the Federal Reserve declared its intention to launch an open ended asset purchase programme in mortgage backed securities, while the Bank of England and Bank of Japan also announced further rounds of asset purchases.

Company performance

During the six months to 28 February the Net Asset Value ("NAV") per Ordinary Share (total return) was 17.5% and the Ordinary share price total return was 15.0%. The diluted NAV total return per Ordinary share, which accounts for the subscription shares in issue, was 15.5%. These returns compare with the total return for the MSCI World ex UK Index of 16.6%.

The Company's share price traded at a premium to the NAV per ordinary share during the period and finished at a premium of 3.1% to the diluted NAV per Ordinary share.

The Company took advantage of ongoing demand from investors to issue 1,680,500 shares during the period.

Earnings and dividend

The revenue return per Ordinary share was 1.59p. For the year ended 31 August 2013 a first interim dividend of 1p per Ordinary share was paid to shareholders on 28 February 2013. The Board has declared a second interim dividend of 1p per Ordinary share, which is due to be paid on 31 May 2013 to shareholders registered at the close of business on 10 May 2013. The shares will be quoted ex-dividend on 8 May 2013. Future dividends are expected to be paid on or around 28 February, 31 May, 31 August and 30 November in each year.

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

·     Portfolio and market price risk

·     Tax and regulatory risk

·     Operational risk

Outlook

Equity markets have risen significantly over the last six months, driven by a combination of central bank actions designed to promote growth and companies reporting stronger results than the market expected earlier in the year. The economic recovery in Western economies is still fragile, and in some cases is yet to start. Despite this tough environment many companies continue to strengthen their balance sheets with strong cash accumulation as well as dividend growth. This indicates the potential upside should economic conditions improve.

Christopher Jonas CBE

Chairman

29 April 2013

Page 3 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

PORTFOLIO MANAGER'S REVIEW

Market Review

The portfolio has achieved strong returns over the last six months, generating capital returns whilst delivering the Company's income objective.

Whilst economic growth has remained subdued in many economies the portfolio's dividend income has been in line with expectations, and in some cases the dividend growth from our holdings has been better than expected. Some of the most significant dividend increases have come from the Company's US investments, such as General Electric and United Parcel Services, which increased their dividends by 12% and 9% respectively year on year. Many US companies have relatively low payout ratios because their historic dividend growth has lagged their earnings growth over the years and we are seeing them surprise the market with larger than expected dividend increases. Conversations with companies suggest that these increases are a signal that management are confident in their companies' balance sheet strength and ability to maintain a good level of profitability despite the subdued economic conditions. The Company has a significant exposure to European listed companies and whilst dividend growth has been more moderate for these companies it has been solid, with holdings such as pharmaceutical company Roche reporting 8% growth, non-life insurer Scor Se 9% and satellite operator SES 10% year on year.

The Company's undiluted NAV has kept up with the market rally, despite the fact that for much of the period higher beta, low yielding stocks such as European banks led the market. The most significant positive contributors to performance included Australian department store operator Myer, which was bought early in the period at a very low valuation and has rallied considerably on better than expected results, and exchange operator NYSE which received a bid from rival InterContinental Exchange Inc at a 30% premium to the prevailing share price. Many of the Company's Asian holdings performed strongly on positive Chinese economic data. Notable performers included Bank of China, Hong Kong property company Link REIT and Korean telecoms company SK Telecom. The most significant underperformers in the portfolio included more defensive companies that have performed well over the last few years, such as tobacco company Reynolds American, and the German telecoms holdings of Deutsche Telekom and O2 Deutschland due to uncertainty regarding the competitive environment in the German market.

Portfolio positioning and activity

During the period there were a number of significant political events, including elections or leadership changes in the United States, Japan and China, and central bank actions. As these milestones were passed the investment team became more confident in the stability of the economic outlook and took the opportunity of low equity valuations and attractive interest rates to increase the Company's borrowing.  The Company's gearing was increased to 12.5% from an ungeared position at the start of the period. Positions were added to across the portfolio and the biggest geographical change was to increase the exposure to European listed companies from 29% to 32%. New positions were initiated during the period in companies with attractive, sustainable dividend yields, including Zurich Insurance Group, media company Wolters Kluwer, consumer goods manufacturer Electrolux, Swedbank and leisure group, Las Vegas Sands. Positions were closed where the dividend outlook was uncertain, or significant appreciation had reduced the upside potential, including New York Community Bancorp, Abbot Laboratories, Home Depot, BASF, and Allianz.

Ben Lofthouse

Fund Manager

29 April 2013

Page 4 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

INVESTMENT PORTFOLIO

as at 28 February 2013

Sector/Company	£'000	% of portfolio		Sector/Company	£'000	% of portfolio
Financials				Consumer Goods
Zurich Insurance	1,302	2.2		Reynolds	1,697	2.8
PNC Financial Services Group	1,068	1.8		Ambev De Bebidas	1,528	2.5
Scor Se	1,051	1.8		Electrolux	1,011	1.7
Bank of Montreal	905	1.5		Mattel	980	1.6
Bank of China	860	1.4		Kraft Foods	898	1.5
				Charoen Pokphand Food	741	1.3
Australian and New Zealand Banking	794	1.3			6,855	11.4
Och-Ziff Capital Management	715	1.2
Delta Lloyd	645	1.1		Oil and Gas
Cheung Kong Holdings	645	1.1		Kinder Morgan Delaware	1,132	1.9
Swedbank	541	0.8		Total	1,093	1.8
	8,526	14.2		Statoil	994	1.7
				ENI	986	1.6
				Seadrill	912	1.5
				Linn Company	863	1.4
				Sembcorp Marine	801	1.4
Consumer Services					6,781	11.3
Vivendi	1,048	1.8
Myer Holdings	1,046	1.7		Health Care
Tabcorp	987	1.6		Pfizer	1,503	2.5
Time Warner	896	1.5		Roche	1,411	2.4
Casino Guichard Perrachon	821	1.4		Novartis	1,176	2.0
Time Warner Cable	797	1.3		Merck & Co	929	1.5
Six Flags Entertainment	792	1.3			5,019	8.4
Las Vegas Sands	746	1.2
Wolters Kluwer	727	1.2
SES	697	1.2
Grand Korea Leisure	692	1.2
	9,249	15.4		Technology
				Microsoft	1,071	1.8
Industrials				Taiwan Semiconductor	991	1.7
Deutsche Post	1,282	2.1		Digital China	692	1.1
General Electric	1,147	1.9			2,754	4.6
United Parcel Services	1,127	1.9		Property
Amcor	1,048	1.8		Eurocommercial CVA	956	1.6
NWS Holdings	980	1.6		New World Development Co	895	1.5
CCR Com	959	1.6		Mapletree Greater China	792	1.3
Taiwan Cement	796	1.3			2,643	4.4
Emerson Electric	729	1.2
Shanghai Industrial	635	1.1
	8,703	14.5		Utilities
				Dominion Resources	1,144	2.0
Telecommunications				Perusahaan Gas Negara	681	1.1
Verizon Communications	1,386	2.3		Snam	554	0.9
Deutsche Telekom	1,067	1.8			2,379	4.0
SK Telecom	1,050	1.8
Telefonica Deutschland	973	1.6
Telecom Corporation of New Zealand	882	1.5
China Mobile	881	1.5
Singapore Telecommunications	812	1.3
	7,051	11.8
				Total Investments	59,960	100.0
				The ten largest investments are shown in bold.

 

Page 5 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

INCOME STATEMENT

For the Half-Year ended 28 February 2013

		(unaudited) Half-Year ended 28 February 2013			(unaudited) Half-Year ended 29 February 2012			(audited) Period since incorporation (2 March 2011) to 31 August 2012
	Notes	Revenue  return £'000	Capital return  £'000	Total £'000	Revenue  return £'000	Capital return  £'000	Total £'000	Revenue  return £'000	Capital return  £'000	Total £'000
Gains/(losses) from investments held at    fair value through profit or loss		-	7,343	7,343	-	3,662	3,662	-	(131)	(131)
Income from investments held at fair    value through profit or loss		1,047	-	1,047	651	-	651	3,339	-	3,339
Losses on foreign exchange		-	(172)	(172)	-	(556)	(556)	-	(495)	(495)
Option premium income and interest    received		33	-	33	54	-	54	75	-	75
Gross revenue and capital gains/    (losses)		1,080	7,171	8,251	705	3,106	3,811	3,414	(626)	2,788
Management fees		(48)	(145)	(193)	(38)	(116)	(154)	(109)	(327)	(436)
Other administrative expenses	3	(170)	-	(170)	(111)	-	(111)	(349)	-	(349)
Net return on ordinary    activities before finance costs    and taxation		862	7,026	7,888	556	2,990	3,546	2,956	(953)	2,003
Finance charges		(5)	(15)	(20)	-	(1)	(1)	(1)	(3)	(4)
Net return on ordinary      activities before taxation		857	7,011	7,868	556	2,989	3,545	2,955	(956)	1,999
Taxation on net return on    ordinary activities		(119)	-	(119)	(45)	-	(45)	(344)	-	(344)
Net return on ordinary    activities after taxation		738	7,011	7,749	511	2,989	3,500	2,611	(956)	1,655
Basic return/(loss) per    Ordinary share	4	1.59p	15.15p	16.74p	1.21p	7.09p	8.30p	6.08p	(2.23)p	3.85p
Diluted return/(loss) per Ordinary share	4	1.58p	15.02p	16.60p	1.21p	7.09p	8.30p	6.08p	(2.23)p	3.85p

The total column of this statement represents the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items derive from continuing operations. The Company had no recognised gains or losses other than those disclosed in the Income Statement.

The accompanying notes are an integral part of the financial statements.

Page 6 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS

For the Half-Year ended 28 February 2013

Half-Year ended 28 February 2013 (unaudited)

	Notes	Called up share capital £'000	Special reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
At 31 August 2012		539	43,988	(956)	697	44,268
Net return for the period		-	-	7,011	738	7,749
Dividends paid	5	-	-	-	(931)	(931)
Ordinary shares issued	8	17	1,765	-	-	1,782
Issue costs		-	(20)	-	-	(20)
As at 28 February 2013		556	45,733	6,055	504	52,848

Half-Year ended 29 February 2012 (unaudited)

		Called up share capital £'000	Share premium account £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
At 31 August 2011		415	40,308	(4,474)	782	37,031
Net return for the period		-	-	2,989	511	3,500
Dividends paid		-	-	-	(762)	(762)
Ordinary shares issued		15	1,388	-	-	1,403
Issue costs		-	(24)	-	-	(24)
As at 29 February 2012		430	41,672	(1,485)	531	41,148

Period since incorporation (2 March 2011) to 31 August 2012 (audited)

		Called up share capital £'000	Share premium account £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000
At the start of the period		-	-	-	-	-
Ordinary shares issued at launch		415	41,002	-	-	41,417
Subscription shares issued at launch		83	-	-	-	83
Issue costs		-	(790)	-	-	(790)
		498	40,212	-	-	40,710
Allotment of new ordinary shares in the period Issue costs Net (loss)/return for the period		41 - -	3,820 (44) -	- - (956)	- - 2,611	3,861 (44) 1,655
Dividends paid		-	-	-	(1,914)	(1,914)
As at 31 August 2012		539	43,988	(956)	697	44,268

Page 7 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

Balance Sheet

At 28 February 2013

	Note	(unaudited) As at 28 February 2013 £'000	(unaudited) As at 29  February 2012 £'000	(audited) As at 31 August 2012 £'000
Fixed Asset Investments held at fair value through profit or loss		59,960	40,494	43,997
Current assets
Debtors		479	212	981
Cash at bank		-	651	162
		479	863	1,143
Creditors: amounts falling due within one year		(7,591)	(209)	(872)
Net current (liabilities)/assets		(7,112)	654	271
Total net assets		52,848	41,148	44,268
Capital and reserves
Called up share capital	8	556	430	539
Special reserve / Share premium	9	45,733	41,672	43,988
Other capital reserves		6,055	(1,485)	(956)
Revenue reserve		504	531	697
Shareholders' funds		52,848	41,148	44,268
Net asset value per Ordinary share (basic)	6	111.9p	95.6p	97.2p
Net asset value per Ordinary share (diluted)	6	110.1p	95.6p	97.2p

Page 8 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

CASH FLOW STATEMENT

For the Half-Year ended 28 February 2013

	Note	(unaudited) Half-Year ended 28 February 2013 £'000	(unaudited) Half-Year ended 29 February 2012 £'000	(audited) Since incorporation (2 March 2011) to 31 August 2012 £'000
Net cash inflow from operating activities		531	579	2,234
Net cash outflow from servicing of finance		(12)	(1)	(4)
Net cash outflow from financial investment		(7,876)	(1,002)	(44,291)
Equity dividends paid	5	(931)	(762)	(1,914)
Net cash inflow from financing		1,757	1,379	44,532
Net taxation recovered/(suffered) on investments		19	(2)	-
(Decrease)/increase in cash		(6,512)	191	557
Reconciliation of operating revenue to net cash inflow from    operating activities
Net return before finance charges and taxation		7,888	3,546	2,003
Less: Capital (gain)/loss before finance and taxation		(7,026)	(2,990)	953
Net revenue return before finance costs and taxation		862	556	2,956
Movement in debtors		-	93	(228)
Movement in creditors		(55)	91	216
Expenses allotted  to capital		(145)	(116)	(327)
Overseas withholding tax suffered		(131)	(45)	(383)
Net cash inflow from operating activities		531	579	2,234
Reconciliation of net cashflow to movements in net (debt)/cash
(Decrease)/ increase in cash as above		(6,512)	191	557
Exchange movements		(96)	(159)	(555)
Net cash brought foward		2	619	-
Net (debt)/funds at period end		(6,606)	651	2
Represented by:
Cash at bank		-	651	162
Bank overdraft		(6,606)	-	(160)
		(6,606)	651	2

Page 9 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

Notes to the Financial Statements

The half-year financial statements cover the period from 31 August 2012 to 28 February 2013 and have not been either audited or reviewed by the Auditors.

1.	Principal activity
	The Company is an investment company as defined in section 833 of the Companies Act 2006 and operates as an investment trust in accordance with section 1158 of the Corporation Taxes Act 2010.
2.	Accounting policy - Basis of preparation The condensed set of financial statements has been prepared using the same accounting policies as set out in the Company's Annual Report and Financial Statements for the period ended 31 August 2012.
3.	Other administrative expenses (including irrecoverable VAT) Half-Year ended 28 February 2013 Half-Year ended 29 February 2012 Period since incorporation   (2 March 2011) to 31 August 2012 Revenue return £'000 Capital return £'000 Total £'000 Revenue return £'000 Capital return £'000 Total £'000 Revenue return £'000 Capital return £'000 Total £'000 Directors fees 50 - 50 50 - 50 148 - 148 Auditors remuneration - for audit services 12 - 12 14 - 14 22 - 22 Auditors remuneration - for other services - - - - - - 18 - 18 Other expenses 108 - 108 47 - 47 161 - 161 170 - 170 111 - 111 349 - 349

4.

Return/(loss) per Ordinary share

The total return can be further analysed as follows: (unaudited) Half-Year ended 28 February 2013 £'000 (unaudited) Half-Year ended 29 February 2012 £'000 (audited) Period  since incorporation   (2 March 2011) to 31 August 2012 £'000 Revenue return 738 511 2,611 Capital return/(loss) 7,011 2,989 (956) Total 7,749 3,500 1,655 Basic return per share Weighted average number of shares 46,283,594 42,153,571 42,947,148 Revenue return per Ordinary share 1.59p 1.21p 6.08p Capital return/(loss) per Ordinary share 15.15p 7.09p (2.23)p Total return/(loss) per Ordinary share 16.74p 8.30p 3.85p Diluted return per share Weighted average number of shares 46,690,784 42,153,571 42,947,148 Revenue return per Ordinary share 1.58p 1.21p 6.08p Capital return/(loss) per Ordinary share 15.02p 7.09p (2.23)p Total return per Ordinary share 16.60p 8.30p 3.85p

Page 10 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

5.	Dividends on Ordinary shares
		£'000
	6th and final interim dividend  of 1p for the period ended 31 August 2012 (paid 30 Nov 2012)	461
	1st interim dividend of 1p  for the period ending 31 August 2013 (paid 28 Feb 2013) Total	470 931
6.	The Board has declared a second interim dividend of 1p per Ordinary share to be paid on 31 May 2013 to Shareholders registered at the close of business on 10 May 2013. The shares will be quoted ex-dividend on 8 May 2013. Net asset value per Ordinary share The basic net asset value per Ordinary share of 111.9p is calculated on the net assets attributable to shareholders funds of £52,848,000 and on 47,230,500 Ordinary shares in issue. The subscription shares which are exercisable at a subscription price of 100p, thirty days prior to the subscription date of 31 August 2014 are dilutive at 28 February 2013.

7.	Bank Overdraft
	At 28 February 2013, the Company had an overdraft with HSBC of £6,606,000 (29 February 2012 Nil; 31 August 2012: £160,000).
8.	Called up share capital
		Number of shares  in issue £'000	£'000
	Ordinary shares of 1p each
	In issue at start of period	45,550,000	456
	Allotment of new shares in the period	1,680,500	17
	As at 28 February 2013	47,230,500	473
	Subscription shares of 1p each
	In issue during the period	8,300,000	83
	At 28 February 2013	8,300,000	83
	Since 28 February to 24 April 2013 a further 550,000 Ordinary shares were issued, proceeds, before expenses, amounted to £636,500.
9.	Cancellation of the Share Premium Account At the Annual General Meeting of the Company held on 12 December 2012, a special resolution was passed approving the cancellation of the amount standing to the credit of the Company's share premium account. On 28 February 2013, following approval of the Court Order with the Registrar of Companies, the cancellation has now become effective. Approximately £45.7 million, held in the share premium account has been transferred to the distributable reserves of the Company. No payments to Ordinary Shareholders will be made without prior consent of the Subscription Shareholders.
10.	Related Party Transactions
	The only related party arrangement currently in place is with Henderson Global Investors Limited for the provision of investment management, accounting, company secretarial and administration services. Other than fees payable in the ordinary course of business, there have been no material transactions with the related party affecting the financial position or performance of the Company during the six months.

11.	Page 11 of 12 HENDERSON INTERNATIONAL INCOME TRUST PLC Unaudited Results for the Half-Year ended 28 February 2013 Going concern
	The Directors consider that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The assets of the Company consist almost entirely of securities that are readily realisable and, accordingly, the Company has adequate financial resources to continue in existence for the foreseeable future.
12.	Comparative information
	The financial information contained in this half-yearly financial report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The financial information for the period ended 31 August 2012 has been audited.
13.	Investment Objective The Company seeks to provide a high and rising level of dividends as well as capital appreciation over the long-term from a focussed and internationally diversified portfolio of securities outside the UK.
14.	Half-Year Report
	The Half-Year Report will be available on the Company's website (www.hendersoninternationalincometrust.com) or in hard copy from the Company's registered office. An abbreviated version of this Report, the 'Update', will be circulated to shareholders in May 2013.
15.	Company Status Henderson International Income Trust plc is registered in England and Wales, No: 7549407, has its registered office at 201 Bishopsgate, London, EC2M 3AE and is listed on the London Stock Exchange. The SEDOL/ISIN number is B3PHC58/GB00B3PHC586.
16.	Directors and Secretary The Directors of the Company are Christopher Jonas (Chairman),  Simon Jeffreys (Chairman of the Audit Committee), Peregrine Banbury and William Eason. The Secretary is Henderson Secretarial Services Limited, represented by David Rice ACIS.

GEOGRAPHICAL ANALYSIS                                        

North and South America	38.4%
Far East and Australasia	29.5%
Continental Europe (excl. UK)	32.1 %
	100.0%

 SECTOR ANALYSIS

Consumer Services	15.4%
Industrials	14.5%
Financials	14.2%
Telecommunications	11.8%
Consumer Goods	11.4%
Oil and Gas	11.3%
Healthcare	8.4%
Technology	4.6%
Property	4.4%
Utilities	4.0%
	100.0%

Page 12 of 12

HENDERSON INTERNATIONAL INCOME TRUST PLC

Unaudited Results for the Half-Year ended 28 February 2013

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors confirm that, to the best of their knowledge:
(a)	the financial statements have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
(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 first six months 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).

For and on behalf of the Board of Directors

Christopher Jonas CBE,

Chairman

29 April 2013

For more information please contact:

Ben Lofthouse Fund Manager Henderson International Income Trust plc Telephone: [phone]
James de Sausmarez Director of Investment Trusts Henderson Global Investors Telephone: [phone]	Sarah Gibbons-Cook Investor Relations and PR Manager Henderson Global Investors Telephone: [phone]

- ENDS -

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) are incorporated into, or form part of, this announcement.

 

END

 

 

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