4th May 2012 16:12
HENDERSON EUROPEAN FOCUS TRUST PLC
Unaudited Results for the half year ended 31 March 2012
This announcement contains regulated information
Financial Highlights At At 31 March 30 September Change 2012 2011 %Shareholders' fundsNet assets (�'000) 112,419 103,913 +8.2(1)
Net asset value ("NAV") per ordinary 663.6p 580.0p +14.4 share
Share priceMarket capitalisation of ordinaryshares in issue, with full voting 95,888 88,488 +8.4rights (�'000)Middle market price 566.00p 493.88p +14.6
Average discount to NAV per share for 13.1% 9.1% the period
Gearing(2)
Actual gearing 16.1% 2.5%
Maximum gearing authorised by the Board 20.0% 15.0%
Half year to Half year to 31 March 31 March 2012 2011Total return to equity shareholders(�,000)Revenue return after taxation 976 786Capital return after taxation 15,721 11,499 ---------- ----------Total return after taxation 16,697 12,285 Total return per ordinary share(3)Revenue 5.62p 4.04pCapital 90.58p 59.13p ---------- ----------Total 96.20p 63.17p ====== ======
Total Return Performance to 31 March 2012
6 months 1 year 3 years 5 years 10
years
% % % % %
Net asset value per ordinary share +16.4 -3.5 +46.7 +46.7 +104.3 Ordinary share price
+18.8 -7.2 +34.3 +7.3
+81.9
FTSE World Europe ex UK Index in +13.5 -11.4 +41.7 +0.5 +64.3 sterling terms
(1) The Company's net assets were reduced during the half year by �5,109,000utilised in the repurchase of 975,655 ordinary shares to be held in treasury.In broad terms, this reduction reflects the difference between the increase of8.2% in net assets and the increase of 14.4% in net asset value per ordinaryshare for the half year to 31 March 2012.
(2) With effect from 25 November 2011 the maximum gearing limit was increased to 20.0%.
(3) Based on the weighted average number of shares in issue during the period.
Sources: Henderson Global Investors Limited, Funddata.
For further information contact:
James de Sausmarez Sarah Gibbons-Cook
Director of Investment Trusts Investor Relations and PR Manager Henderson Global Investors Henderson Global Investors Tel: 020 7818 3349
Tel: 020 7818 3198
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.
Chairman's StatementPerformanceOver the half year to 31 March 2012, the net asset value ("NAV") per ordinaryshare total return was +16.4% and the FTSE World Europe ex UK Index insterling terms ("the Benchmark Index") total return was +13.5%. Over the sameperiod, the share price total return was +18.8%.
Discount management policy
During the half year to 31 March 2012, the Company repurchased 975,655ordinary shares (5.4% of the shares in issue at the beginning of the reportingperiod), to be held in treasury, at a cost of �5.1million. Over the period,the ordinary shares traded at a daily average discount of 13.1%. Since 31March 2012 no further shares have been bought back. At 2 May 2012 the shareprice discount was 14.0%. The Board will continue to use its share buy-backpowers with the aim over the longer term to provide a reasonably strong andconsistent rating for the Company's shares, ideally better than the averagerating of the Company's selected peer group.
Outlook
As Europe's crisis intensified in the Autumn of 2011 it became clear thatfinancial markets were taking charge. As is often the case when a political ormonetary orthodoxy becomes unsustainable, a central bank's hand is forced.Thus the European Central Bank finally declared its hand and, in December, theLong Term Repurchasing Operations ("LTRO") was the result.We would caution against any belief that this operation provides a long termsolution. Rather, it offers some form of liquidity relief for a beleagueredEuropean banking sector and can be seen to have bought time. Meanwhile, astrict and forced diet of Germanic austerity fed to southern Europe can onlymean real and lasting pain in those economies. It also means that it will behighly unlikely that we do not see major social upheaval and further marketturbulence in coming months.Our Manager has long attested that the environment in which to find goodbargains is that provided by bad "macro". That is precisely the propositionthat out of favour Europe represents. Indeed our last annual report noted thatEuropean equity valuations had fallen to levels already discounting recession.The Company continues to adopt a disciplined, focused approach to itsselections. Being unconstrained by benchmarks means that we are able to avoidwhole areas of the market - for example telecoms and utilities - and focus ourcapital on those areas judged to offer the best risk/reward profile for ourinvestors. The latter is amply demonstrated by the portfolio's single largestsector weighting, pharmaceuticals.Rodney DennisChairman4 May 2012
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:
- Market price risk- Gearing- Other financial risksInformation on these risks and how they are managed is given in theannual report to 30 September 2011. In the view of the Board these principalrisks and uncertainties were unchanged over the last six months and are asapplicable to the remaining six months of the financial year as they were tothe six months under review.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge:
(a) the condensed set of financial statements has been prepared in accordance with the Accounting Standards Board's statement `Half-Yearly Financial Reports';
(b) this report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
(c) this report includes a fair review of the information required by the Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).
For and on behalf of the Board
Rodney DennisChairman4 May 2012Portfolio Managers' Report
Economic and market background
In last year's annual report we concluded with our belief that we had enteredthe end game in Europe's sovereign crisis. While Europe's Central Bank andpoliticians would like to believe that last December's LTRO fixes thesituation we continue to believe that the operation has, at best, bought timeas well as provided the conditions for a relief rally in financial assets. Wedo not share what has appeared to be a consensus belief among under-employedstockbrokers and investment bankers: we cannot identify anything resembling arobust recovery in the western world. The reason for this is of course thatthere is too much leverage yet to be worked out and the lesson from history isthat this takes time. A long time.
Investment strategy
Our strategy has remained broadly constant during the past six months. Inrecognising the potential for a sharp rally among the "high beta" areas of themarket we made some tactical alterations. Specifically we increased ourexposure to banks as well as selected cyclical names. The portfolio alsoemployed a level of leverage of between 9% and 16% of net assets during recentmonths. We would emphasise that these were tactical decisions, designed toensure that the portfolio had the ballast to capture what was looking like anoverdue rally. Since the period end we have sold much of this exposure and theportfolio once again has a low weighting in the banking sector.Our long term aversion to Europe's banking sector is based upon our beliefthat it remains undercapitalised and not very well managed. Meanwhile ourcaution towards capital goods reflects our view that margins for manyindustrial companies in the western world are at lofty levels and are likelyto be subjected to what we consider an iron law: mean reversion. This may welltake time but it is most likely to play out.By contrast we continue to favour an area of the market usually spurned byportfolio managers during times of what we would call "performance stress". Inan industry measured over ever shorter time horizons, there is nothing quitelike a beta rally to spur money managers driven by fear of trailing benchmarkindices. Thus while areas such as autos and banks can offer tempting shortterm gains, our most favoured sector - pharmaceuticals - is usually sold downby those in search of such temporary excitement. We have used recent months'weakness in the share prices of Sanofi and Novartis to add to our positions.We believe that the ingredients are falling into place to make pharmaceuticalsa lead candidate for a slow burn multi-year bull market.John BennettPortfolio ManagerPrincipal Investmentsas at 31 March 2012 Percentage Country of Valuation of listedCompany Sector listing �'000 investmentsNovartis Pharmaceuticals & Biotechnology Switzerland 9,636 7.5Sanofi Pharmaceuticals & Biotechnology France 7,376 5.7Roche Pharmaceuticals & Biotechnology Switzerland 6,962 5.4Dassault Software & Computer Services France 5,479 4.2SAP Software & Computer Services Germany 4,685 3.7Nestl� Food Producers Switzerland 4,529 3.5Reed Elsevier Media Netherlands 4,259 3.3SGS Supplier Switzerland 3,709 2.9Henkel Household goods Germany 3,179 2.5BIC Household goods France 2,909 2.3 ---------- ----------10 largest 52,723 41.0 Rexel Electronic & electrical equipment France 2,783 2.2Novo Nordisk Pharmaceuticals & Biotechnology Denmark 2,779 2.2AMSL Technology hardware & equipment Netherlands 2,668 2.1Akzo Nobel Chemicals Netherlands 2,608 2.0Volvo Automobiles & parts Sweden 2,428 1.9Total Oil & gas producers France 2,421 1.9Fuchs Petrolub Chemicals Germany 2,385 1.9Heineken Beverages Netherlands 2,272 1.8Renault Automobiles & parts France 1,985 1.5Subsea Oil equipment & services Luxembourg 1,901 1.5 ---------- ----------20 largest 76,953 60.0 Syngenta Chemicals Switzerland 1,864 1.5Elekta Health care equipment & services Sweden 1,853 1.4Getinge Health care equipment & services Sweden 1,721 1.3Beiersdorf Personal goods Germany 1,712 1.3Continental Automobiles & parts Germany 1,710 1.3DSM Chemicals Netherlands 1,701 1.3UBS Banks Switzerland 1,666 1.3Allianz Non-life Insurance Germany 1,665 1.3Fresenius Health care equipment & services Germany 1,656 1.3PPR General retailers France 1,644 1.3 ---------- ----------30 largest 94,145 73.3Other listed investments (26 stocks)
34,181 26.7
---------- ----------Total investments at fair value 128,326 100.0All securities are equity investments ====== ======Country analysisas at 31 March 2012 Valuation at Net Appreciation/ Valuation at 30 September 2011 Transactions (Depreciation) 31 March 2012 �'000 % �'000 �'000 �'000 %Belgium 1,108 1.0 138 350 1,596 1.4Cyprus - - 1,637 (106) 1,531 1.4France 22,656 21.8 5,195 3,868 31,719 28.3Germany 20,957 20.2 (4,455) 5,461 21,963 19.5Ireland 1,430 1.4 (478) 223 1,175 1.0Italy 2,588 2.5 (2,729) 1,295 1,154 1.0Luxembourg - - 1,671 230 1,901 1.7Netherlands 9,284 8.9 7,383 1,982 18,649 16.6Scandinavia 14,084 13.6 2,088 1,861 18,033 16.0Spain 3,386 3.3 (3,394) 8 - -Switzerland 23,538 22.6 5,735 1,332 30,605 27.2 ------- ---- ------- ------ ------- -----Total investments 99,031 95.3 12,791 16,504 128,326 114.1Net current(liabilities)/assets 4,882 4.7 (20,789) - (15,907) (14.1) ------- ---- ------- ------ ------- -----Net assets 103,913 100.0 (7,998) 16,504 112,419 100.0 ====== ====== ====== ====== ====== ======Attributable toequity shareholders'funds 103,913 100.0 (5,109)(1) 13,615(2) 112,419 100.0 ====== ====== ====== ====== ====== ======
(1) Represents the cost of 975,655 ordinary shares repurchased during the period.
(2) Comprises the total return, less dividends paid during the period.
Income Statement
for the half year ended 31 March 2012
(Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 31 March 2012 31 March 2011 30 September 2011 Revenue Capital Revenue Capital Revenue Capital return return Total return return Total return return Total �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Gains/(losses) oninvestments heldat fair valuethrough profit orloss - 16,504 16,504 - 11,749
11,749 - (10,518) (10,518)
Gains/(losses) onderivativeinstruments - 85 85 - - - - (1,832) (1,832) Exchange(loss)/gain oncurrencytransactions - (229) (229) - 171 171 - 10 10 Income frominvestments (note2) 1,527 - 1,527 1,225 -
1,225 4,549 - 4,549 Other income (note2) 28 - 28 1 - 1 8 - 8 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------Gross revenue andcapitalgains/(losses) 1,555 16,360 17,915 1,226 11,920 13,146 4,557 (12,340) (7,783) Expenses Management fee(note 5) (102) (305) (407) (87) (260) (347) (181) (545) (726) Other fees andexpenses (282) (295) (577) (189) (112) (301) (334) (317) (651) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------Net return onordinaryactivities beforefinance chargesand taxation 1,171 15,760 16,931 950 11,548 12,498 4,042 (13,202) (9,160) Finance charges (13) (39) (52) (16) (49) (65) (20) (59) (79) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------Net return onordinaryactivities beforetaxation 1,158 15,721 16,879 934 11,499 12,433 4,022 (13,261) (9,239) Taxation on netreturn on ordinaryactivities (182) - (182) (148) - (148) (511) - (511) ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------Net return onordinaryactivities aftertaxation 976 15,721 16,697 786 11,499 12,285 3,511 (13,261) (9,750) ====== ====== ====== ====== ====== ====== ====== ====== ======Return perordinary share(note 3) 5.62p 90.58p 96.20p 4.04p 59.13p 63.17p 18.29p (69.09p) (50.80p)The total columns of this statement represent the Income Statement.
The revenue return and capital return columns are supplementary to this and are prepared under guidance published by The Association of Investment Companies.
All items in the above statement derive from continuing activities. No operations were acquired or discontinued during the period.
The Company had no recognised gains or losses other than those disclosed in the Income Statement.
The accompanying notes are an integral part of these financial statements
Reconciliation of Movements in Shareholders' Funds
for the half year ended 31 March 2012
Special Merger Called-up distributable reserve CapitalHalf year ended 31 March share reserve �'000 redemption Capital Revenue2012 capital �'000 reserve reserve reserve(1) Total(Unaudited) �'000 �'000 �'000 �'000 �'000at 30 September 2011 9,852 24,981 61,344 8,671
(11,665) 10,730 103,913
Net return on ordinaryactivities after taxation - - 15,721 976 16,697 Ordinary dividend paid - - - -
- (3,082) (3,082)
Buy-backs of ordinary shares (5,109)and held in treasury - - - - (5,109) Cancellation of ordinaryshares from treasury (500) 500 - - - At 31 March 2012 9,352 19,872 61,344 9,171 4,056 8,624 112,419 Called-up Special Merger Capital share distributable reserve redemption Capital RevenueHalf year ended 31 March capital reserve �'000 �'000 reserve reserve reserve(1) Total2011 (Unaudited) �'000 �'000 �'000 �'000 �'000At 30 September 2010 12,352 53,001 61,344 6,171 1,596 10,481 144,945 Net return on ordinary - -activities after taxation - - 11,499 786 12,285 Ordinary dividend paid - - - - - (3,262) (3,262) Buy-backs of ordinary sharesand held in treasury - (22,978) - - - - (22,978) Cancellation of ordinary - -shares from treasury (2,000) 2,000 - - - At 31 March 2011 10,352 30,023 61,344 8,171 13,095 8,005 130,990 Called-up Special Merger Capital share distributable reserve redemption Capital RevenueYear ended 30 September 2011 capital reserve �'000 �'000 reserve reserve reserve(1) Total(Audited) �'000 �'000 �'000 �'000 �'00030 September 2010 12,352 53,001 61,344 6,171 1,596 10,481 144,945 Net return on ordinary - -activities after taxation - - (13,261) 3,511 (9,750) Ordinary dividend paid - - - - - (3,262) (3,262) Buy-backs of ordinary sharesand held in treasury - (28,020) - - - - (28,020) Cancellation of ordinary - -shares from treasury (2,500) 2,500 - - - At 30 September 2011 9,852 24,981 61,344 8,671 (11,665) 10,730 103,913
(1) The revenue reserve represents the amount of reserves distributable by way of dividend.
The accompanying notes are an integral part of these financial statements
Balance Sheetas at 31 March 2012 (Unaudited) (Unaudited) (Audited) 31 March 31 March 30 September 2012 2011 2011 �'000 �'000 �'000Fixed assetsInvestments held at fairValue through profit or loss 128,326 130,701 99,031 ---------- ---------- ---------- Current assetsDebtors 7,016 5,465 6,873Cash at bank and short-termdeposits 3,824 338 6,766 ---------- ---------- ---------- 10,840 5,803 13,639 ---------- ---------- ----------CreditorsAmounts falling due within oneyear (26,747) (5,514) (8,757) ---------- ---------- ----------Net current(liabilities)/assets (15,907) 289 4,882 ---------- ---------- ----------Net assets 112,419 130,990 103,913 ====== ====== ====== Capital and reservesCalled-up share capital 9,352 10,352 9,852Special distributable reserve 19,872 30,023 24,981Merger reserve 61,344 61,344 61,344Capital redemption reserve 9,171 8,171 8,671Capital reserve 4,056 13,095 (11,665)Revenue reserve 8,624 8,005 10,730 ---------- ---------- ----------Shareholders' funds 112,419 130,990 103,913 ====== ====== ======Net asset value per ordinaryshare (note 4) 663.6p 699.4p 580.0p ====== ====== ======
The accompanying notes are an integral part of these financial statements
Cash Flow Statement
for the half year ended 31 March 2012
(Unaudited) (Unaudited) Half year Half year (Audited) ended ended Year ended 31 March 2012 31 March 30 September 2011 2011 �'000 �'000 �'000Net cash inflow from operatingactivities 763 1,758 4,292 ---------- ---------- ----------Servicing of financeInterest paid (48) (65) (82) ---------- ---------- ----------Net cash outflow from servicing offinance (48) (65) (82) Financial investmentPurchases of investments (192,617) (133,633) (261,452)Sales of investments 181,432 164,834 303,018Gains/(losses) on index futurecontracts 85 -
(1,832)
---------- ----------
----------
Net cash (outflow)/inflow fromfinancial investment (11,100) 31,201 39,734 ---------- ---------- ----------Equity dividend paid (3,082) (3,262) (3,262)
Decrease in short-term deposits - 3
33
---------- ----------
----------
Net cash (outflow)/inflow beforefinancing activities (13,467) 29,635 40,715 ---------- ---------- ----------FinancingShares repurchased and held in (24,263)treasury (4,747) (27,896)Loans repaid - (5,690) (9,097) ---------- ---------- ---------- (4,747) (29,953) (36,993) ---------- ---------- ----------(Decrease)/increase in cash (note 7) (18,214) (318)
3,722
====== ======
======
The accompanying notes are an integral part of these financial statements
Notes
1. Accounting policies
The financial statements have been prepared on a going concern basis in
accordance with the Companies Act 2006, applicable UK Accounting Standards
(United Kingdom Generally Accepted Accounting Practices) and with the
Statement of Recommended Practice for Investment Trusts (`SORP') dated January
2009.
For the period under review the Company's accounting policies have not varied
from those described in the annual report and financial statements for the
year ended 30 September 2011. The financial statements have not been either
audited or reviewed by the Company's auditors.2. Income (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 31 March 2012 31 March 2011 30 September 2011 �'000 �'000 �'000 Income from listed investments: Overseas dividends 1,519 1,171 4,424 Stock dividends 8 54 125 ---------- ---------- ---------- 1,527 1,225 4,549 ---------- ---------- ---------- Other income: Deposit interest 28 1 8 ---------- ---------- ---------- 1,555 1,226 4,557 ====== ====== ======
3. Return per ordinary share
Return per ordinary share is based on the net profit attributable to the
ordinary shares of �16,697,000 (half year ended 31 March 2011: profit of
�12,285,000; year ended 30September 2011: loss of �9,750,000) and on the
17,356,761 weighted average number of shares in issue (half year ended 31 March 2011: 19,447,622; year ended 30 September 2011: 19,193,454). Revenue return per ordinary share is based on the net revenue return
attributable to the ordinary shares of �976,000 (half year ended 31 March
2011: �786,000; year ended 30 September 2011: �3,511,000) and on the 17,356,761 weighted average number of shares in issue (half year ended 31 March 2011: 19,447,622; year ended 30 September 2011: 19,193,454). Capital return per ordinary share is based on the net capital return
attributable to the ordinary shares of �15,721,000 (half year ended 31 March
2011: return of �11,499,000; year ended 30September 2011: capital loss of
�13,261,000) and on the 17,356,761 weighted average number of shares in issue
(half year ended 31 March 2011: 19,447,622; year ended 30 September 2011:
19,193,454).
4. Net asset value per ordinary share
Net asset value per ordinary share is based on the 16,941,385 (half year ended
31 March 2011: 18,729,543; year ended 30 September 2011: 17,917,040) ordinary
shares in issue. During the period ended 31 March 2012, 975,655 (half year
ended 31 March 2011: 3,712,317; year ended 30 September 2011: 4,524,820)
ordinary shares were repurchased for cancellation at a total cost of
�5,109,000 (half year ended 31 March 2011: �22,978,000; year ended 30
September 2011: �28,020,000). Since the period end no further shares have been
repurchased.
At 31 March 2012 the Company held 1,762,764 ordinary shares in treasury (at 31
March 2011: 1,974,606 and 30 September 2011: 1,787,109). 1,000,000 ordinary
shares held in treasury were cancelled during the period. 500,000 shares have
been cancelled since 31March 2012.5. Management
The Manager receives a fee of 0.75% per annum on the value of the Company's
net assets, calculated monthly in arrears. In determining the net assets on
which the management fee is calculated, the value of any securities held by
the Company in collective investment schemes managed by the Manager are
excluded. An additional management fee, based on performance, of up to 1.0%
per annum is payable if the Manager meets certain targets for the year.
Management fees and finance costs are allocated 25% to income and 75% to capital in the Income Statement. The performance fee (when payable) is allocated 100% to capital. Tax relief in respect of such allocations is
credited to capital to the extent that such relief can be utilised in reducing
the Company's overall liability to taxation.6. Going concern
The Directors believe that it is appropriate to adopt the going concern basis
in preparing the financial statements. The assets of the Company consist
mainly of securities that are readily realisable and, accordingly, the Company
has adequate financial resources to continue in operational existence for the
foreseeable future.7. Net cash (outflow)/inflow (Unaudited) (Unaudited) (Audited) Half year Half year Year ended ended ended 30 September 31 March 31 March 2011 2011 2012 �'000 �'000 �'000Reconciliation of net cash(outflow)/ inflow to movement innet (debt)/funds:Net cash (outflow)/inflow (18,214) (318) 3,722Net exchange (loss)/gain on (229) 171 10currency transactions
Decrease in short-term deposits - (3)
(33)Decrease in borrowings - 5,690 9,097 ---------- ---------- ---------- (18,443) 5,540 12,796Net funds/(debt) brought forward 4,187 (8,609)
(8,609)
---------- ----------
----------
Net (debt)/funds carried forward (14,256) (3,069) 4,187 ====== ====== ====== At 31 March At 31 March At 30 September 2012 2011 2011 �'000 �'000 �'000Analysis of net (debt)/fundsBalanceCash at bank 3,824 308 6,766Short-term deposits - 30 -Bank overdraft (18,080) (3,407) (2,579) ----------- ---------- ---------- (14,256) (3,069) 4,187 ====== ====== ======
8. Related party transactions
Henderson Global Investors Limited ("Henderson") is the Manager of the Company
(prior to 15 July 2011 the Manager was Gartmore Investment Limited
("Gartmore")). As such it is regarded as a related party. During the period,
�407,000 (half year ended 31 March 2011: �347,000 was payable to Gartmore;
year ended 30 September 2011: �726,000 payable to Gartmore and to Henderson),
was payable to Henderson for the provision of services to the Company.9. Comparative information The financial information contained in this half year report does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. The financial information for the half years ended 31 March 2011 and 31
March 2012 has not been audited or reviewed by the Company's auditors. The
figures and financial information for the year ended 30 September 2011 are an
extract based on the latest published consolidated accounts and do not
constitute statutory accounts for that year. Those accounts have been
delivered to the Registrar of Companies and included the report of the
auditors which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Companies Act 2006.10. General information a) Investment Objective and Style
The Company seeks to maximise total return from a focused portfolio of listed
Continental European stocks. The portfolio is unconstrained by benchmark and
contains between 50 to 60 holdings at any one time. The portfolio has a bias
to larger capitalised companies but it is able to invest in the equity of mid
and smaller capitalised companies. The exposure to smaller capitalised stocks
is limited to 10% of net asset value.
b) Company Status
Henderson European Focus Trust plc is registered in England and Wales, No.
427958, has its registered office at 201 Bishopsgate, London EC2M 3AE and is
listed on the London Stock Exchange. The SEDOL/ISIN number is GB0005268858.
The London Stock Exchange (EPIC) Code is HEFT.
c) Directors and Secretary
The Directors of the Company are Rodney Dennis (Chairman of the Board),
Alexander Comba (Chairman of the Audit Committee), Jean Claude Banon and
Michael Firth. The Secretary is Henderson Secretarial Services Limited,
represented by Debbie Fish ACIS.
d) Website
Details of the Company's share price and net asset value, together with
general information about the Company, monthly factsheets and data, profiles
of the Board, copies of announcements, reports and details of general meetings
can be found at www.hendersoneuropeanfocustrust.com
XLONRelated Shares:
HEFT.LHGG.L