Henderson Alternative Strat Tst PLC Annual Financial Report (8895S)

TIDMHAST

RNS Number : 8895S

Henderson Alternative Strat Tst PLC

28 December 2016

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH AFRICA OR INTO ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW

HENDERSON INVESTMENT FUNDS LIMITED

HENDERSON ALTERNATIVE STRATEGIES TRUST PLC

28 December 2016

HENDERSON ALTERNATIVE STRATEGIES TRUST PLC

Annual Report for the year ended 30 September 2016 and Tender Offer

The Annual Report for the year ended 30 September 2016 has been sent to shareholders, together with the Notice of Annual General Meeting and Tender Offer Circular (the "Circular").

The Circular provides details of the tender offer for up to 10% of the outstanding shares of the Company at a discount of 5% to net asset value, less the costs associated with the tender offer. The procedure for tendering shares is set out in the Circular and will be conditional upon shareholder approval at the Company's Annual General Meeting ("AGM") to be held on 25 January 2017.

Copies of the Annual Report for the year ended 30 September 2016, the Notice of Annual General Meeting, Form of Proxy, Circular and Tender Offer form have been submitted to the National Storage Mechanism and will shortly be available for inspection at

www.morningstar.co.uk/uk/nsm and on the Company's website: www.hendersonalternativestrategies.com.

The Tender Offer

The key points of the Tender Offer are as follows:

-- the Tender Offer will be restricted to 10 per cent. of the Shares in issue (excluding any Shares held in treasury) on the Record Date;

-- each Shareholder (other than Restricted Shareholders) will be able to tender up to 10 per cent. of their holdings (rounded down to the nearest whole number of Shares), with such tenders being satisfied in full;

-- each Shareholder will also be able to tender Shares in excess of its basic 10 per cent. entitlement, but such excess tenders will only be satisfied on a pro rata basis to the extent that other Shareholders tender less than (or none of) their basic 10 per cent. entitlement;

-- the Tender Price per Share will be at a discount of 5 per cent. to the unaudited NAV per Share on the Calculation Date and with the costs and expenses of the Tender Offer divided by the number of Shares successfully tendered further deducted.

The Tender Offer will be implemented by means of on-market purchases by Stifel, which will, as principal, purchase the Shares tendered (subject to the overall limit of the Tender Offer) at the Tender Price and, following completion of those purchases and in accordance with the Repurchase Agreement, sell them on to the Company at the Tender Price by way of an on-market transaction (all of these transactions will be carried out on the London Stock Exchange's Main Market). The Shares that the Company purchases from Stifel will be cancelled and the number of Shares in issue carrying voting rights reduced accordingly. The Company will fund that purchase from its existing cash resources.

The Tender Offer is conditional on the Tender Offer Resolution being passed at the AGM. It is also subject to certain conditions, and may be terminated in certain circumstances, as set out in the Circular.

Shareholders should note that, notwithstanding a decision to tender some or all of their holding in the Company, Shareholders will be entitled to receive both the final dividend of 3.8 pence per Share for the financial year ended 30 September 2016 and the special dividend of 2.6 pence per Share, both payable on 3 February 2017 to Shareholders on the register at close of business on 13 January 2017 (subject to approval of the same at the forthcoming AGM). The Tender NAV per Share, which will be calculated prior to payment of these dividends, will include a liability for these dividends.

Expected timetable

 
                                                             2017 
                                          as at close of business 
 Calculation Date                                   on 20 January 
 Annual General Meeting                  11.30 a.m. on 25 January 
 Latest time and date for receipt         3.00 p.m. on 25 January 
  of Tender Forms and TTE Instructions 
  in CREST for Tender Offer 
                                                close of business 
 Record Date for Tender Offer                       on 25 January 
 NAV per Share on Calculation                          26 January 
  Date announced 
 Result of Tender Offer and                            26 January 
  Tender Price announced 
 Payments through CREST made                           30 January 
  in respect of Shares held in 
  uncertificated form successfully 
  tendered 
 CREST accounts settled in respect                     30 January 
  of unsold tendered Shares held 
  in uncertificated form 
 Cheques despatched in respect                  Week commencing 6 
  of Shares held in Certificated                         February 
  form successfully tendered 
 Balancing certificates despatched              Week commencing 6 
  in respect of unsold Tendered                          February 
  Shares held in certificated 
  form

Overseas Shareholders

The making of the Tender Offer to persons outside the United Kingdom may be prohibited or affected by the relevant laws of the overseas jurisdiction. It is the responsibility of all Overseas Shareholders to satisfy themselves as to the observance of any legal requirements in their jurisdiction, including, without limitation, any relevant requirements in relation to the ability of such persons to complete and return a Tender Form.

Definitions in this announcement are the same as those used in the Circular.

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.

For further information, please contact:

 
 Stifel                            James de Sausmarez 
  Neil Winward / Mark Bloomfield    Director and Head of Investment 
  Corporate Brokers                 Trusts 
  Telephone: 020 7710 7600          Henderson Investment Funds 
                                    Limited 
                                    Telephone: 020 7181 3349 
 Ian Barrass                       Sarah Gibbons-Cook 
  Fund Manager                      Investor Relations and 
  Henderson Alternative             PR Manager 
  Strategies                        Henderson Investment Funds 
  Telephone: 020 7818 2964          Limited 
                                    Telephone: 020 7818 3198

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACSAKFDPQBDDOBB

(END) Dow Jones Newswires

December 28, 2016 10:01 ET (15:01 GMT)

Henderson Alternative St... (LSE:HAST)
Historical Stock Chart
From Mar 2024 to Apr 2024