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Annual Financial Report

Released 15:01 28-Dec-2016

RNS Number : 8895S
Henderson Alternative Strat Tst PLC
28 December 2016
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW

 

 

HENDERSON INVESTMENT FUNDS LIMITED

 

HENDERSON ALTERNATIVE STRATEGIES TRUST PLC

 

28 December 2016

 

 

HENDERSON ALTERNATIVE STRATEGIES TRUST PLC

 

Annual Report for the year ended 30 September 2016 and Tender Offer

 

The Annual Report for the year ended 30 September 2016 has been sent to shareholders, together with the Notice of Annual General Meeting and Tender Offer Circular (the "Circular").

 

The Circular provides details of the tender offer for up to 10% of the outstanding shares of the Company at a discount of 5% to net asset value, less the costs associated with the tender offer.  The procedure for tendering shares is set out in the Circular and will be conditional upon shareholder approval at the Company's Annual General Meeting ("AGM") to be held on 25 January 2017.

 

Copies of the Annual Report for the year ended 30 September 2016, the Notice of Annual General Meeting, Form of Proxy, Circular and Tender Offer form have been submitted to the National Storage Mechanism and will shortly be available for inspection at


www.morningstar.co.uk/uk/nsm and on the Company's website:  www.hendersonalternativestrategies.com.

 

The Tender Offer

The key points of the Tender Offer are as follows:

·     the Tender Offer will be restricted to 10 per cent. of the Shares in issue (excluding any Shares held in treasury) on the Record Date;

·     each Shareholder (other than Restricted Shareholders) will be able to tender up to 10 per cent. of their holdings (rounded down to the nearest whole number of Shares), with such tenders being satisfied in full;

·     each Shareholder will also be able to tender Shares in excess of its basic 10 per cent. entitlement, but such excess tenders will only be satisfied on a pro rata basis to the extent that other Shareholders tender less than (or none of) their basic 10 per cent. entitlement;

·     the Tender Price per Share will be at a discount of 5 per cent. to the unaudited NAV per Share on the Calculation Date and with the costs and expenses of the Tender Offer divided by the number of Shares successfully tendered further deducted.

The Tender Offer will be implemented by means of on-market purchases by Stifel, which will, as principal, purchase the Shares tendered (subject to the overall limit of the Tender Offer) at the Tender Price and, following completion of those purchases and in accordance with the Repurchase Agreement, sell them on to the Company at the Tender Price by way of an on-market transaction (all of these transactions will be carried out on the London Stock Exchange's Main Market). The Shares that the Company purchases from Stifel will be cancelled and the number of Shares in issue carrying voting rights reduced accordingly. The Company will fund that purchase from its existing cash resources.

The Tender Offer is conditional on the Tender Offer Resolution being passed at the AGM. It is also subject to certain conditions, and may be terminated in certain circumstances, as set out in the Circular.

Shareholders should note that, notwithstanding a decision to tender some or all of their holding in the Company, Shareholders will be entitled to receive both the final dividend of 3.8 pence per Share for the financial year ended 30 September 2016 and the special dividend of 2.6 pence per Share, both payable on 3 February 2017 to Shareholders on the register at close of business on 13 January 2017 (subject to approval of the same at the forthcoming AGM). The Tender NAV per Share, which will be calculated prior to payment of these dividends, will include a liability for these dividends.

Expected timetable


2017

Calculation Date

 

as at close of business on 20 January

Annual General Meeting

 

11.30 a.m. on 25 January

Latest time and date for receipt of Tender Forms and TTE Instructions in CREST for Tender Offer

 

3.00 p.m. on 25 January

Record Date for Tender Offer

 

close of business on 25 January

NAV per Share on Calculation Date announced

 

26 January

Result of Tender Offer and Tender Price announced

 

26 January

Payments through CREST made in respect of Shares held in uncertificated form successfully tendered

 

30 January

CREST accounts settled in respect of unsold tendered Shares held in uncertificated form

 

30 January

Cheques despatched in respect of Shares held in Certificated form successfully tendered

 

Week commencing 6 February

Balancing certificates despatched in respect of unsold Tendered Shares held in certificated form

 

Week commencing 6 February

 

Overseas Shareholders

The making of the Tender Offer to persons outside the United Kingdom may be prohibited or affected by the relevant laws of the overseas jurisdiction. It is the responsibility of all Overseas Shareholders to satisfy themselves as to the observance of any legal requirements in their jurisdiction, including, without limitation, any relevant requirements in relation to the ability of such persons to complete and return a Tender Form.

 

Definitions in this announcement are the same as those used in the Circular.

 

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.

 

 

For further information, please contact:

 

Stifel

Neil Winward / Mark Bloomfield

Corporate Brokers

Telephone:  020 7710 7600

James de Sausmarez

Director and Head of Investment Trusts

Henderson Investment Funds Limited

Telephone:  020 7181 3349

 

Ian Barrass

Fund Manager

Henderson Alternative Strategies

Telephone:  020 7818 2964

 

Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Investment Funds Limited

Telephone: 020 7818 3198

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Annual Financial Report - RNS