Henderson EuroTrust and Henderson European Focus Trust Announce Merger Plan

On March 14, the boards of Henderson European Focus Trust (HEFT) and Henderson EuroTrust (HNE) disclosed their plan to merge, aiming to establish the Henderson European Trust. The merged entity will be steered by Janus Henderson Investors’ European equities team, with Tom O’Hara and Jamie Ross as co-managers. Both bring distinct expertise but share a fundamental investment philosophy, promising to pool their top ideas for the fund. The anticipated completion of this merger is by the end of June 2024.

The newly formed trust plans bi-annual dividend payments, expecting normalization by FY25's end (September 30). Furthermore, a five-year conditional performance-related tender offer will be introduced to manage the trading premium or discount effectively, alongside potential share repurchases and issuances as market conditions permit. The merged trust will also inherit HEFT’s strategic long-term debt and short-term gearing strategies. Initially, the combined company’s board will consist of seven directors from both trusts, downsizing to five over two years.