Henderson Private Equity Investment Trust plc
In September 2010 the Board of Directors and the Portfolio Manager (Henderson Global Investors Limited) have proposed a change of investment strategy for Henderson Private Equity Investment Trust plc. The strategy involved the orderly realisation of the portfolio over a reasonable period, expected to be in the region of two years, to maximise value for shareholders. A General Meeting was held on 27 June 2013 regarding the members' voluntary liquidation.
Result of General Meeting
Further to the circular published by the Company on 30 May 2013 in connection with the recommended proposals for the members’ voluntary liquidation of the Company, the special resolution was duly passed at the General Meeting of the Company held on 27 June 2013.
Appointment of Liquidators
Gareth Morris and Andrew Sheridan of FRP Advisory LLP have been appointed as joint Liquidators, the Board has stood down and the Liquidators will be responsible for the winding up of the Company’s affairs. The Liquidators will be retaining the Manager to assist in in concluding the realisation of the Company’s investments and
concluding the liquidation.
Cancellation of listing of the shares
It is expected that the listing of the Company’s shares will be cancelled at 8.00 am on 28 June 2013.
First cash distribution to Shareholders
All Shareholders on the register at close of business on 26 June 2013 will be entitled to liquidation distributions. The Liquidators currently anticipate making the first cash distribution during July 2013. Based on the Company’s assets net of its liabilities as at 30 April 2013 Shareholders should receive approximately 113.05 pence per Share in the first cash distribution. Further amounts will be returned to Shareholders in due course with a second distribution of a similar size expected within a few months. Shareholders should note that the actual amount available for distribution to Shareholders may vary depending on the net realisation value of the Company’s underlying portfolio of assets during the liquidation process.
The Board would like to thank the Manager, Henderson Global Investors and in particular Ian Barrass, for the extremely effective way they have managed the Realisation Process. Assuming the Liquidators pay a first cash distribution of approximately 113.05 pence per Share in July 2013, the Company will have returned in aggregate £64 million, since 25 August 2010, the day before the Realisation Strategy was announced, compared to the market capitalisation on that date of £24.4 million.
Previous announcements in relation to the Realisation Strategy
Please note that a change to the investment objective and policy for Henderson Private Equity was proposed and approved by Shareholders at a General Meeting held on 27 September 2010. Further information can be found in the FAQ Document.
An announcement was made on 30 May 2013 relating to the publication of a Shareholder Circular regarding members' voluntary liquidation to be proposed at the General Meeting to be held at 11.30am on Thursday, 27 June 2013.
Third Tender Offer
On 8 November 2012, the Company announced the Third Tender Offer to Shareholders under its Realisation Strategy. Full details are provided in the Shareholder Circular of the same date.
View the results of the General Meeting and the Third Tender Offer. The timetable for the capital return to Shareholders can be found on page 5 of the Circular.
Second Tender Offer
On 20 July 2012, the Company announced the Second Tender Offer to Shareholders under its Realisation Strategy. Full details were provided in the Letter to Shareholders and the associated Circular of the same date. An announcement was made on 26 July 2012 of a correction to a typographical error in the Circular.
View the results of the General Meeting and the Second Tender Offer. The timetable for the capital return to Shareholders can be found on page 3 of the Circular.
Initial Tender Offer
The initial Tender Offer in relation to the Realisation Strategy was announced on 14 November 2011 and full details were provided in the Shareholder Circular of the same date.
Henderson Global Investors
Manager, Henderson Private Equity Investment Trust plc
Tel: 0800 856 5656
Gareth Morris/Andrew Sheridan
FRP Advisory LLP
Tel: 0117 203 3700