LONDON, March 25, 2011 /PRNewswire/ --
- Edison Investment Research pre-IPO Report
Henderson International Income Trust plc (HINT) is a new UK registered investment trust targeting both a high and growing income as well as long-term capital growth, through investment in a diversified portfolio of international (ex UK) securities, primarily listed equities with optional fixed interest capability. The trust aims to pay quarterly dividends and targets a prospective yield at inception no less than 4.0% and income growth of 5-10% per annum. The ex UK mandate gives clarity to investors who wish to diversify their investments in equity income away from the highly concentrated UK market without risk of unwanted duplication of securities holdings. The manager also expects international dividend growth to outpace UK dividend growth.
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The trust's ordinary shares are being issued at GBP1.00 with subscription shares attached on a one for five basis. With issuance costs capped at 2%, HINT will begin trading with a minimum underlying NAV of 98p and, as such, shares are being issued at a maximum 2.0% premium to opening NAV. The trust does not have a fixed-life term but the board is committed to putting continuation to a tri-annual shareholder vote. It may also use buybacks to manage any discount. In the current interest rate environment a strong yield should bolster the rating of the shares, which should be attractive to investors seeking a high level of income combined with the prospect of capital growth.
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SOURCE Edison Investment Research