15 January 2010
This announcement contains regulated information.
HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
|
31 October 2009 |
31 October 2008 |
||
|
£'000 |
per share |
£'000 |
per share |
Net asset value |
62,236 |
74.4p |
50,700 |
60.6p |
|
|
|
|
|
Market price |
- |
69.5p |
- |
68.0p |
|
|
|
|
|
|
Year ended 31 October 2009 |
Period 5 June 2007 to 31 October 2008 |
||
|
£'000 |
per share |
£'000 |
per share |
Revenue earnings |
4,525 |
5.41p |
5,248 |
9.59p |
(based on weighted average number of shares) |
|
|
|
|
|
|
|
|
|
Dividends (paid and payable) |
4,476 |
5.35p |
5,202 |
9.65p |
|
|
|
|
|
MANAGEMENT REPORT
Extracts from the Chairman's Statement
Market conditions have remained challenging throughout the year under review although the second half of the year has witnessed a strong recovery in prices as government intervention began to settle markets and some normality returned. At the start of the year, we took the opportunity to increase the portfolio weightings to investment grade and high yield bonds thereby locking in yields well above our income target of 1.25% over LIBOR and also creating capital gains as acquisitions were made at distressed prices. I am pleased, therefore, to report that the net asset value total return of your company increased by 38.19% during the year, and the dividends paid comfortably exceeded our income target.
Performance
The net asset value per share rose to 74.4p at the year end; up from 52.4p at the half year and 60.6p at 31 October 2008. The revenue return for the year was £4.525 million compared to £5.248 million in the period from June 2007 to October 2008, reflecting the fall in LIBOR as well as the shorter period.
Dividends and Dividend Policy
The Company paid four interim dividends for the year totalling 5.35p, each of which was significantly ahead of our income target of LIBOR plus 1.25%, which equated to 1.84% at the year end. The fluctuation level of the interim dividends reflects the actual amount of income earned each quarter as it is the Board's policy to distribute substantially all of the net income earned in the quarter and the amount of that net income earned is impacted by the level of LIBOR. However, with LIBOR at such an exceptionally low level, it is likely that it, and therefore the level of income earned, will rise over the coming year.
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HENDERSON DIVERSIFIED LIMITED
Annual Financial Report for the year ended 31 October 2009
MANAGEMENT REPORT (continued)
Extracts from the Chairman's Statement (continued)
Gearing
Your Board has recently renewed a loan facility which allows it to borrow up to £15.5 million for periods of one, two, three or six months. At the year end actual borrowings were £10.1 million meaning that your Company was 16.2% geared, compared to 15.3% a year earlier. These borrowings have been invested in bonds with coupons well above the cost of borrowing. In addition, the portfolio was further geared by exposure to credit default swaps totalling £10.7 million. Your Board keeps the level of gearing under constant review.
Outlook
The last six months have been very encouraging for credit markets and whilst we believe that this improved environment will persist there remains a risk that government bond markets will start to price in the costs of government action to date. There is no room for complacency and over the coming year our portfolio managers will be continuing to sustain their focus on maintaining the quality of the revenue stream and continuing the recovery in the net asset value of the shares back to the initial offer level of 100p per share.
Annual General Meeting
Our AGM will be held on Wednesday 24 February at 11.00am at Liberté House, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY. In addition, shareholders are welcome to attend a presentation to be held at Henderson's offices at 201 Bishopsgate, London EC2M 3AE on Monday 1 March at 3.00pm, when the Portfolio Managers will make a presentation and they and I will be happy to answer questions.
Paul Manduca
Chairman
15 January 2010
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HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
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 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 Managers 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 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. 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 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, BNP Paribas Securities Services Fund Administration Limited 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 controls section of the Corporate Governance Statement in the Annual Report.
• Financial
The financial risks faced by the Company include market price risk, interest rate risk, liability risk and credit risk. Further details are disclosed in the Annual Report. Disclosures are provided in accordance with IFRS 7, Financial Instruments: Disclosures.
Related Party Transactions
The contracts with Henderson and BNP Paribas are the only related party transactions currently in place. Other than the fees payable in the ordinary course of business, there have been no material transactions with these related parties which have affected the financial position or performance of the Company in the financial year.
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HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
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 and applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group; 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 Group
For and on behalf of the Board
Helen Green
Director
15 January 2010
Summary of Portfolio
|
% |
Secured Loans |
52.29 |
Investment Grade Bonds |
30.90 |
High Yield Bonds |
16.81 |
|
-------- |
|
100.00 |
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HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
Twenty Largest Holdings
These twenty investments total £27,036 million (2008: £23,364 million) representing 38.88% (2008: 40.06%) by value of the total investments.
Name of Investment |
Category |
Value £'000 |
|
|
|
Kabel BW |
Secured Loan |
1,692 |
Bausch & Lomb |
Secured Loan |
1,642 |
Mölnlycke |
Secured Loan |
1,626 |
XSYS Flint |
Secured Loan |
1,518 |
Infonxx |
Secured Loan |
1,497 |
Aviva |
Investment Grade Bond |
1,485 |
BNP Paribas |
Investment Grade Bond |
1,483 |
AZ Electronics |
Secured Loan |
1,428 |
Kabel Deutschland |
High Yield Bond |
1,415 |
Imperial Tobacco |
Investment Grade Bond |
1,409 |
Weetabix |
Secured Loan |
1,399 |
Barclays |
Investment Grade Bond |
1,330 |
Linde |
Investment Grade Bond |
1,254 |
TNT Logistics |
Secured Loan |
1,244 |
Pages Jaunes |
Secured Loan |
1,187 |
Springer |
Secured Loan |
1,098 |
Standard Chartered Bank |
Investment Grade Bond |
1,090 |
Doncaster |
Secured Loan |
1,086 |
Lloyds Banking Group |
High Yield Bond |
1,081 |
Avio |
Secured Loan |
1,078 |
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HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
Consolidated Income Statement
for the year ended 31 October 2009
|
|
|
||||
|
Year ended 31 October 2009 |
Period 5 June 2007 to 31 October 2008 |
||||
|
Revenue return |
Capital return |
Total |
Revenue return |
Capital return |
Total |
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Gains/(losses) on investments designated as fair value through profit or loss |
- |
16,661 |
16,661 |
- |
(22,083) |
(22,083) |
Losses on foreign exchange transactions |
- |
(4,226) |
(4,226) |
- |
(6,091) |
(6,091) |
Investment income (note 2) |
5,381 |
- |
5,381 |
5,027 |
- |
5,027 |
Other income (note 3) |
26 |
- |
26 |
1,252 |
- |
1,252 |
|
--------- |
----------- |
----------- |
--------- |
--------- |
--------- |
Total income/(loss) |
5,407 |
12,435 |
17,842 |
6,279 |
(28,174) |
(21,895) |
|
--------- |
----------- |
----------- |
--------- |
--------- |
--------- |
Expenses |
|
|
|
|
|
|
Management fee |
(215) |
(216) |
(431) |
(236) |
(236) |
(472) |
Other expenses |
(560) |
- |
(560) |
(652) |
- |
(652) |
|
--------- |
----------- |
----------- |
--------- |
--------- |
--------- |
Profit/(loss) before finance costs and taxation |
4,632 |
12,219 |
16,851 |
5,391 |
(28,410) |
(23,019) |
Finance costs |
(107) |
(106) |
(213) |
(117) |
(117) |
(234) |
|
--------- |
----------- |
----------- |
--------- |
--------- |
--------- |
Profit/(loss) before taxation |
4,525 |
12,113 |
16,638 |
5,274 |
(28,527) |
(23,253) |
Taxation |
- |
- |
- |
(26) |
- |
(26) |
|
--------- |
----------- |
----------- |
--------- |
--------- |
--------- |
Profit/(loss) for the period |
4,525 |
12,113 |
16,638 |
5,248 |
(28,527) |
(23,279) |
|
===== |
====== |
======= |
===== |
===== |
===== |
|
|
|
|
|
|
|
Earnings/(loss) per ordinary share (note4) |
5.41p |
14.48p |
19.89p |
9.59p |
(52.15)p |
(42.56)p |
|
===== |
====== |
====== |
===== |
===== |
===== |
The total column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.
All items in the above statement derive from continuing operations.
All income is attributable to the equity holders of Henderson Diversified Income Limited. There are no minority interests.
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HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
Consolidated and Parent Company Statement of Changes in Equity
for the year ended 31 October 2009
|
Stated capital |
Distributable reserve |
Capital reserves |
Revenue reserve |
Total |
Consolidated year ended 31 October 2009 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Balance at 31 October 2008 |
37,677 |
39,832 |
(28,527) |
1,718 |
50,700 |
Net profit from ordinary activities after taxation |
- |
- |
12,113 |
4,525 |
16,638 |
Ordinary dividends paid (note 5) |
- |
- |
- |
(5,102) |
(5,102) |
|
--------- |
--------- |
--------- |
--------- |
--------- |
At 31 October 2009 |
37,677 |
39,832 |
(16,414) |
1,141 |
62,236 |
|
===== |
===== |
===== |
===== |
===== |
|
|
|
|
|
|
|
Stated capital |
Distributable reserve |
Capital reserves |
Revenue reserve |
Total |
Company year ended 31 October 2009 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Balance at 31 October 2008 |
37,677 |
39,832 |
(24,792) |
(2,017) |
50,700 |
Net profit from ordinary activities after taxation |
- |
- |
14,691 |
1,947 |
16,638 |
Ordinary dividends paid (note 5) |
- |
- |
- |
(5,102) |
(5,102) |
|
-------- |
-------- |
---------- |
---------- |
-------- |
At 31 October 2009 |
37,677 |
39,832 |
(10,101) |
(5,172) |
62,236 |
|
===== |
===== |
====== |
====== |
===== |
Consolidated period 5 June 2007 to 31 October |
Stated capital |
Distributable reserve |
Capital reserves |
Revenue reserve |
Total |
2008 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Opening balance |
- |
- |
- |
- |
- |
Issue of shares |
78,917 |
- |
- |
- |
78,917 |
Share issue costs |
(1,408) |
- |
- |
- |
(1,408) |
Transfer to distributable reserve |
(39,832) |
39,832 |
- |
- |
- |
Net (loss)/profit from ordinary activities after taxation |
- |
- |
(28,527) |
5,248 |
(23,279) |
Ordinary dividends paid (note 5) |
- |
- |
- |
(3,530) |
(3,530) |
|
--------- |
--------- |
--------- |
--------- |
--------- |
At 31 October 2008 |
37,677 |
39,832 |
(28,527) |
1,718 |
50,700 |
|
===== |
===== |
===== |
===== |
===== |
|
|
|
|
|
|
|
Stated capital |
Distributable reserve |
Capital reserves |
Revenue reserve |
Total |
Company period 5 June 2007 to 31 October 2008 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
Opening balance |
- |
- |
- |
- |
- |
Issue of shares |
78,917 |
- |
- |
- |
78,917 |
Share issue costs |
(1,408) |
- |
- |
- |
(1,408) |
Transfer to distributable reserve |
(39,832) |
39,832 |
- |
- |
- |
Net (loss)/profit from ordinary activities after taxation |
- |
- |
(24,792) |
1,513 |
(23,279) |
Ordinary dividends paid (note 5) |
- |
- |
- |
(3,530) |
(3,530) |
|
-------- |
-------- |
---------- |
---------- |
-------- |
At 31 October 2008 |
37,677 |
39,832 |
(24,792) |
(2,017) |
50,700 |
|
===== |
===== |
====== |
====== |
===== |
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HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
Consolidated and Parent Company Balance Sheet
at 31 October 2009
|
Consolidated 2009 £'000 |
Company 2009 £'000 |
Consolidated 2008 £'000 |
Company 2008 £'000 |
Non current assets |
|
|
|
|
Investments designated as fair value through profit or loss |
69,537 |
33,174 |
58,305 |
18,257 |
|
---------- |
---------- |
---------- |
---------- |
Current assets |
|
|
|
|
Other receivables |
4,489 |
39,322 |
4,097 |
40,701 |
Cash and cash equivalents |
492 |
215 |
947 |
546 |
|
---------- |
---------- |
---------- |
---------- |
|
4,981 |
39,537 |
5,044 |
41,247 |
|
---------- |
---------- |
---------- |
---------- |
Total assets |
74,518 |
72,711 |
63,349 |
59,504 |
|
---------- |
---------- |
---------- |
---------- |
Current liabilities |
|
|
|
|
Other payables |
(12,282) |
(10,475) |
(12,649) |
(8,804) |
|
---------- |
---------- |
---------- |
---------- |
Net assets |
62,236 |
62,236 |
50,700 |
50,700 |
|
====== |
====== |
====== |
====== |
Equity attributable to equity shareholders |
|
|
|
|
Stated capital |
37,677 |
37,677 |
37,677 |
37,677 |
Distributable reserve |
39,832 |
39,832 |
39,832 |
39,832 |
Retained earnings: |
|
|
|
|
Capital reserves |
(16,414) |
(10,101) |
(28,527) |
(24,792) |
Revenue reserve |
1,141 |
(5,172) |
1,718 |
(2,017) |
|
---------- |
---------- |
---------- |
---------- |
Total equity |
62,236 |
62,236 |
50,700 |
50,700 |
|
====== |
====== |
====== |
====== |
|
|
|
|
|
|
|
|
|
|
Net asset value per ordinary share (note 6) |
74.4p |
74.4p |
60.6p |
60.6p |
|
====== |
====== |
====== |
====== |
|
|
|
|
|
The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2010 and were signed on its behalf by:
Helen Foster Green Nigel Robert Parker
Director Director
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HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
Consolidated and Parent Company Cash Flow Statement
for the year ended 31 October 2009
|
Consolidated year ended 31 October 2009 £'000 |
Company year ended 31 October 2009 £'000 |
Consolidated Period 5 June 2007 to 31 October 2008 £'000 |
Company Period 5 June 2007 to 31 October 2008 £'000 |
Net gain/(loss) before taxation |
16,638 |
16,638 |
(23,253) |
(23,279) |
Add back interest paid |
213 |
212 |
234 |
228 |
(Less)/add: (gains)/losses on investments designated as fair value through profit or loss |
(12,435) |
(15,013) |
28,174 |
24,442 |
Less: exchange movements on forward exchange contracts taken to revenue |
(12) |
(2) |
(435) |
(127) |
Increase in prepayments and accrued income |
(61) |
(424) |
(1,092) |
(607) |
Decrease/(increase) in other receivables |
143 |
143 |
(144) |
(144) |
(Decrease)/increase in other payables |
(167) |
(246) |
455 |
383 |
Net sales/(purchases) of investments |
4,468 |
(6,698) |
(80,699) |
(24,930) |
Decrease/(increase) in sales settlement debtor |
946 |
- |
(2,285) |
- |
(Decrease)/increase in purchase settlement creditor |
(770) |
253 |
2,665 |
12 |
|
---------- |
---------- |
---------- |
---------- |
Net cash inflow/(outflow) from operating activities before finance costs |
8,963 |
(5,137) |
(76,380) |
(24,022) |
Interest paid |
(213) |
(212) |
(234) |
(228) |
Taxation on investment income |
(12) |
- |
(50) |
- |
|
---------- |
---------- |
---------- |
---------- |
Net cash inflow/(outflow) from operating activities |
8,738 |
(5,349) |
(76,664) |
(24,250) |
|
---------- |
---------- |
---------- |
---------- |
Financing activies |
|
|
|
|
Equity dividends paid |
(5,102) |
(5,102) |
(3,530) |
(3,530) |
Issue of ordinary shares |
- |
- |
78,917 |
78,917 |
Issue expenses paid |
- |
- |
(1,408) |
(1,408) |
Drawdown of loan |
2,322 |
2,322 |
7,810 |
7,810 |
Amounts paid from/(to) subsidiary undertaking |
- |
9,251 |
- |
(55,813) |
|
---------- |
---------- |
---------- |
---------- |
Net cash (outflow)/inflow from financing |
(2,780) |
6,471 |
81,789 |
25,976 |
|
---------- |
---------- |
---------- |
---------- |
|
|
|
|
|
Increase in cash and cash equivalents |
5,958 |
1,122 |
5,125 |
1,726 |
Cash and cash equivalents at the start of the period |
947 |
546 |
- |
- |
Exchange movements |
(6,413) |
(1,453) |
(4,178) |
(1,180) |
|
---------- |
---------- |
---------- |
---------- |
Cash and cash equivalents at the period end |
492 |
215 |
947 |
546 |
|
====== |
====== |
====== |
====== |
|
|
|
|
|
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HENDERSON DIVERSIFIED INCOME LIMITED
Annual Financial Report for the year ended 31 October 2009
Notes:
1. |
Accounting Policies |
|||||||||||
|
Basis of preparation |
|||||||||||
|
This consolidated financial information for the year ended 31 October 2009 has been prepared in accordance with International Financial Reporting Standards ('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 by the European Union ('EU'). 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. |
|||||||||||
|
Derivative financial instruments |
|||||||||||
|
The Group's activities expose it primarily to the financial risks of changes in market prices, foreign currency exchange rates and interest rates. Derivative transactions which the Company may enter into include forward foreign exchange contracts (the purpose of which is to manage currency risk arising from the Company's investing activities) and interest rate futures and swaps (the purpose of which is to take a position in relation to government bond yields). The Company may also use credit derivatives, for example buying or selling credit default swaps in order to mange credit risk. The use of financial derivatives is governed by the Group's policies as approved by the Board, which has set written principles for the use of financial derivatives. Derivative financial instruments are initially recognised at fair value on the date on which the derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when fair value is positive and as liabilities when fair value is negative. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. Changes in the fair value of derivative financial instruments are recognised in the Consolidated Income Statement as they arise. If capital in nature, the associated change in value is presented as a capital item in the Consolidated Income Statement. |
|||||||||||
|
|
|||||||||||
2. |
Investment income |
|||||||||||
|
|
Year ended 31 October 2009 |
Period 5 June 2007 to 31 October 2008 |
|||||||||
|
|
£'000 |
£'000 |
|||||||||
|
Income from investments: |
|
|
|||||||||
|
Bond and loan interest |
5,193 |
4,949 |
|||||||||
|
Premiums on credit default swaps |
188 |
78 |
|||||||||
|
|
--------- |
--------- |
|||||||||
|
|
5,381 |
5,027 |
|||||||||
|
|
====== |
====== |
|||||||||
|
|
|
|
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-11 - HENDERSON DIVERSIFIED INCOME LIMITED Annual Financial Report for the year ended 31 October 2009 |
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3. |
Other income |
|||||||||||
|
Year ended 31 October 2009 |
Period 5 June 2007 to 31 October 2008 |
||||||||||
|
|
£'000 |
£'000 |
|||||||||
|
Bank and other interest |
14 |
817 |
|||||||||
|
Interest income from forward exchange contracts |
12 |
435 |
|||||||||
|
|
------- |
------- |
|||||||||
|
|
26 |
1,252 |
|||||||||
|
|
====== |
====== |
|||||||||
|
|
|||||||||||
4. |
Earnings/(loss) per ordinary share |
|||||||||||
|
The earnings/(loss) per ordinary share figure is based on the net profit for the year after taxation of £16.638 million (period ended 31 October 2008: loss of £23.279 million) and on 83,640,877 (2008: 54,697,104) being the weighted average number of ordinary shares in issue during the period. The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below. 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. |
|||||||||||
|
|
|||||||||||
|
|
Year ended 31 October 2009 |
Period 5 June 2007 to 31 October 2008 |
|||||||||
|
|
£'000 |
£'000 |
|||||||||
|
Net revenue earnings |
4,525 |
5,248 |
|||||||||
|
Net capital earnings/(loss) |
12,113 |
(28,527) |
|||||||||
|
|
------- |
------- |
|||||||||
|
Net total earnings/(loss) |
16,638 |
(23,279) |
|||||||||
|
|
====== |
====== |
|||||||||
|
|
|
|
|||||||||
|
Weighted average number of ordinary shares in issue during the period |
83,640,877 |
54,697,104 |
|||||||||
|
|
|
|
|||||||||
|
|
|
|
|||||||||
|
Revenue earnings per ordinary share |
5.41p |
9.59p |
|||||||||
|
Capital earnings/(loss) per ordinary share |
14.48p |
(52.15)p |
|||||||||
|
|
------- |
------- |
|||||||||
|
Total earnings/(loss) per ordinary share |
19.89p |
(42.56)p |
|||||||||
|
|
====== |
====== |
|||||||||
|
|
|||||||||||
|
- MORE - |
|||||||||||
|
-12 - HENDERSON DIVERSIFIED INCOME LIMITED Annual Financial Report for the year ended 31 October 2009 |
|||||||||||
5. |
Dividends |
|
|
|
|
|||||||
|
|
|
|
2009 |
2008 |
|||||||
|
|
Record date |
Pay date |
£'000 |
£'000 |
|||||||
|
First interim dividend - 1.50p |
14 December 2007 |
31 December 2007 |
- |
608 |
|||||||
|
Second interim dividend - 1.75p |
14 March 2008 |
31 March 2008 |
- |
709 |
|||||||
|
Third interim dividend - 3.40p |
23 May 2008 |
20 June 2008 |
- |
1,377 |
|||||||
|
Fourth interim dividend - 1.00p |
12 September 2008 |
30 September 2008 |
- |
836 |
|||||||
|
Fifth interim dividend - 2.00p |
12 December 2008 |
31 December 2008 |
1,672 |
|
|||||||
|
First interim dividend - 1.75p |
13 March 2009 |
31 March 2009 |
1,464 |
- |
|||||||
|
Second interim dividend - 1.25p |
12 June 2009 |
30 June 2009 |
1,046 |
- |
|||||||
|
Third interim dividend - 1.10p |
11 September 2009 |
30 September 2009 |
920 |
- |
|||||||
|
|
|
|
------- |
------- |
|||||||
|
|
|
|
5,102 |
3,530 |
|||||||
|
|
|
|
====== |
====== |
|||||||
|
|
|
|
|
|
|||||||
|
The fourth interim dividend has not been included as a liability in these financial statements as it was announced and paid after 31 October 2009. |
|||||||||||
|
The table below sets out the total dividends paid and to be paid in respect of the financial year. The revenue available for distribution by way of dividend for the year is £4.525 million (2008: £5.248 million). |
|||||||||||
|
|
|
2009 |
|||||||||
|
|
|
£'000 |
|||||||||
|
First interim dividend for 2009 - 1.75p |
|
1,464 |
|||||||||
|
Second interim dividend for 2009 - 1.25p |
|
1,046 |
|||||||||
|
Third interim dividend for 2009 - 1.10p |
|
920 |
|||||||||
|
Fourth interim dividend for 2009 - 1.25p |
|
1,046 |
|||||||||
|
|
|
-------- |
|||||||||
|
|
|
4,476 |
|||||||||
|
|
|
====== |
|||||||||
|
|
|||||||||||
6. |
Net asset value per share |
|||||||||||
|
The net asset value per ordinary share is based on the net asset value attributable to ordinary shareholders at the year end of £62.236 million (2008: period end of £50.700 million) and on 83,640,877 (2008: 83,640,877) ordinary shares, being the number of ordinary shares in issue at the period end. |
|||||||||||
|
|
|||||||||||
7. |
Stated capital |
Stated Capital £,000 |
Number of fully paid shares issued |
|||||||||
|
As at 31 October 2008 and 2009 |
37,677 |
83,640,877 |
|||||||||
|
|
====== |
========= |
|||||||||
|
- MORE - |
|||||||||||
|
-13 - HENDERSON DIVERSIFIED INCOME LIMITED Annual Financial Report for the year ended 31 October 2009 |
|||||||||||
7. |
Stated capital (continued) |
|||||||||||
|
On 18 July 2007 the Company issued 40,500,000 Ordinary shares of no par value for consideration value of £40.5 million, incurring £0.668 million of issue expenses. On 5 October 2007, in accordance with Jersey Company Law, the Company successfully applied for a reduction in the stated capital account and the creation of a distributable reserve. On 23 May 2008 the Company issued a further 43,140,877 Ordinary shares in the Company for a consideration value of £38.417 million incurring £0.74 million of issue expenses. |
|||||||||||
|
|
|||||||||||
8. |
2009 Financial information |
|||||||||||
|
The figures and financial information for the year ended 31 October 2009 are compiled from an extract of the latest financial statements and do not constitute statutory accounts. These accounts included the report of the auditors which was unqualified. |
|||||||||||
|
|
|||||||||||
9. |
2008 Financial information |
|||||||||||
|
The figures and financial information for the period ended 31 October 2008 are compiled from an extract of the latest published accounts and do not constitute the statutory accounts for that period. |
|||||||||||
|
|
|||||||||||
10. |
Annual Report |
|||||||||||
|
The Annual Report and Accounts will be posted to shareholders on 22 January 2010 and copies will be available on the Company's website (www.hendersondiversifiedincome.com) or in hard copy format from the Company's registered office, Liberté House, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY. |
|||||||||||
|
|
|||||||||||
|
For further information please contact: |
|||||||||||
|
|
|||||||||||
|
John Pattullo and Jenna Barnard |
|||||||||||
|
Portfolio Manager, Henderson Diversified Income Limited |
|||||||||||
|
Telephone: 020 7818 4770 |
|||||||||||
|
|
|||||||||||
|
James de Sausmarez |
|||||||||||
|
Head of Investment Trusts, Henderson Global Investors |
|||||||||||
|
Telephone: 020 7818 3349 |
|||||||||||
|
|
|||||||||||
|
Sarah Gibbons-Cook |
|||||||||||
|
Investor Relations and PR Manager, Henderson Global Investors |
|||||||||||
|
Telephone: 020 7818 3198 |
|||||||||||
|
|
|||||||||||
|
Jeremy Hamon |
|||||||||||
|
BNP Paribas Securities Services Fund Administration, Company Secretary |
|||||||||||
|
Telephone: 01534 709108 |
- ENDS -