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HENDERSON INVESTMENT FUNDS LIMITED
HENDERSON ALTERNATIVE STRATEGIES TRUST PLC
LEGAL ENTITY IDENTIFIER: 213800J6LLOCA3CUDF69
This announcement contains inside information.
16 January 2020
HENDERSON ALTERNATIVE STRATEGIES TRUST PLC (the ″Company″ or ″HAST″)
In our interim results for the half-year to 30 September 2019, we reported that Alex Barr, the senior portfolio manager of the Company, had undertaken a root-and-branch review of the portfolio and our Company's competitive positioning. In addition, he had been meeting shareholders and listening to their views. We undertook to share any recommendations and consequent proposals with shareholders early in 2020.
This review concluded that the best way to improve performance, and therefore to reduce the persistent discount, would be to change the Company's investment policy to enable the Company to own more illiquid alternative investment strategies not readily available for direct investment, and which would reward skilled selection and demand enhanced due diligence. However, the review also concluded that there was little appetite from larger shareholders for any increase in the illiquidity of the portfolio and, for many, a preference for realising their investment in an orderly fashion.
Accordingly, your Board has been in discussions with its manager regarding proposals to realise the Company's assets in an orderly manner that achieves a balance between returning cash to shareholders promptly and maximising their value.
The Board expects to post a circular to shareholders in the coming weeks which will seek approval for a change in investment policy that will enable our manager to sell the portfolio over a time period that will give it every opportunity to maximise asset realisation value. Subject to shareholder approval of the proposals, the Board will seek to return cash to shareholders through the realisation process and may consider a tender offer or offers as the portfolio is realised and will seek to adopt the most efficient method of returning that capital to shareholders.
The Company intends to maintain its investment trust status during this managed realisation process which is not expected to last longer than two years. At the conclusion of the realisation process, the Board intends to propose that the Company enter into voluntary liquidation.
The Board acknowledges the proactive manner in which the manager has shaped this proposal with the Board.
For further information please contact:
Chairman: Henderson Alternative Strategies Trust plc
Telephone: 020 7818 2025
James de Sausmarez
Director and Head of Investment Trusts
Telephone: 020 7818 3349
Senior Portfolio Manager
Telephone: 020 7818 2824
Corporate Broker: Stifel Nicolaus Europe Ltd
Telephone: 020 7710 7600
Investor Relations and PR Manager
Henderson Investment Funds Limited
Telephone: 020 7818 2636
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