14th Oct 2021 16:19
TR European Growth Trust PLC - Janus Henderson-managed fund that seeks capital growth by investing in smaller companies in Europe outside the UK - Plans to change name to European Smaller Companies Trust PLC to better reflect its investment strategy and to split its shares on a 1-into-8 basis to improve share liquidity. Henderson Investment Funds Ltd, its manager, also agrees to a reduced management fee. This will be 0.55% of net assets up to GBP800 million and 0.45% thereafter, backdated to October 1, down from 0.60% and 0.50% respectively. Also will replace its current benchmark, the Euromoney Smaller European Cos (ex UK) index, with the MSCI Europe ex UK Small Cap index, starting from July 1, 2022. Says this change is for operational efficiency and the two benchmarks have a high correlation. The trust is seeking to improve its attraction to retail investors. The share split will be voted on at its annual general meeting on November 29.
Also reports results for financial year that ended June 30. Net asset value total return per share is 64%, as NAV per share rises to 1,677.70p from 1,044.48p. Pays annual dividend of 25.00 pence, up 14%.
Current stock price: 1,434.00 pence, up 1.3% on Thursday
Year-to-date change: up 12%
By Tom Waite; [email protected]
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