TIDMHGPC
RNS Number : 0082D
Henderson Global Property Companies
15 March 2011
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Recommended Proposals
The Board of Henderson Global property Companies Limited today
announces recommended proposals for the reconstruction and
voluntary winding-up of the Company.
Under the proposals, Shareholders can elect to:
- roll their investment over into shares (with subscription
shares attached on a one for five basis) in Henderson International
Income Trust plc ("HINT"), a newly-formed UK incorporated
investment trust to be listed on the Official List, managed by
Henderson Global Investors Limited;
- roll their investment over into Henderson Global Property
Equities Fund ("GPEF"), a sub-fund of The Henderson Horizon Fund,
an investment company with variable capital authorised under Part 1
of the Luxembourg law of 20 December 2002, managed by Henderson
Global Investors Limited; and/or
- receive cash on the winding-up of the Company.
Shareholders who do not make an election will be deemed to have
elected for HINT Shares.
Shareholders may elect for a mixture of the above options, as
suits their personal investment requirements.
Full details of the proposals are set out in a Shareholder
circular dated today incorporating notices of shareholder meetings
necessary to implement them, and will shortly be posted to
Shareholders together with personalised Forms of Election and a
copy of the prospectuses for HINT and GPEF. Capitalised terms used
in this announcement shall, unless the context requires otherwise,
bear the meanings given to them in the Circular. The information in
this announcement should be read in conjunction with the full text
of the Circular. Copies of the Circular have been submitted to the
National Storage mechanism and will shortly be available for
inspection at www.hemscott.com/nsm.do.
For further information, please contact:
Sara Bourne Company Secretary BNP Paribas Fund Services
(Guernsey) Limited Telephone: 01481 750858
James de Sausmarez Director and Head of Investment Trusts
Henderson Global Investors Telephone: 020 7818 3349
Sarah Gibbons-Cook Investor Relations and PR Manager Henderson
Global Investors Telephone: 020 7818 3198
Paul Fincham or Jonathan Becher Matrix Corporate Capital LLP
Telephone: 020 3206 7000
Recommended Proposals for the Reconstruction and Voluntary
Winding-up of the Company
The Company announced on 16 December 2010 that at its annual
general meeting held on the same date, the ordinary resolution for
the continuation of the Company as a closed-ended investment
company had been defeated. Accordingly, having considered the
options available to the Company in consultation with the Company's
advisers, the Directors are putting forward proposals to
Shareholders for the reconstruction and voluntary winding-up of the
Company which will enable Shareholders to roll over their
investment into either of the Rollover Funds or to receive a cash
alternative. Shareholders may elect for a mixture of these options
to suit their personal requirements.
The purpose of this letter is to explain the Proposals, the
actions required to be taken in order for them to be implemented
and to convene meetings of Shareholders to approve the Proposals.
Shareholders' approval is required under the provisions of the Law
and the Articles to implement parts of the Proposals which will
involve reclassification of the Company's existing Shares to give
effect to the respective options that each Shareholder has elected
for, the voluntary winding up of the Company and the appointment of
the Liquidators. Shareholders' consent is also required under the
Listing Rules to approve the cancellation of the listing of the
Company's Shares.
The Proposals are inter-related and should be implemented as a
package by voting in favour of the Resolutions at the Meetings. In
the event that the Proposals are approved, the Company will be
wound up voluntarily and the listing of the Shares on the Official
List and admission to trading on the London Stock Exchange will be
cancelled. If the Proposals are not approved by Shareholders, the
Third GM will be held at which Shareholders will be able to vote on
a resolution to proceed to a simple liquidation of the Company,
which, if approved, will also result in the cancellation of the
listing of the Shares on the Official List and admission to trading
on the London Stock Exchange.
Shareholders (other than Overseas Holders) who make no valid
Election will be deemed to have elected for the HINT Option,
provided that Admission becomes effective by no later than 12 May
2011. In the event that Admission does not become so effective, all
Shareholders who have elected for, or who are deemed to have
elected for HINT Shares will, instead, be deemed to have elected
for cash. Overseas Holders will receive cash only. By their nature,
the Proposals are complex and, therefore, Shareholders are strongly
advised to seek independent financial advice before making an
Election.
The Options
Shareholders may elect, in accordance with their personal
investment requirements, for any combination of the following
options:
-- the default HINT Option - to receive ordinary shares in HINT
(with subscription shares attached on a one for five basis), a
newly-formed investment trust to be listed on the Official List and
whose ordinary and subscription shares will be admitted to trading
on the main market of the London Stock Exchange. The investment
objective of HINT will be to generate a high and rising level of
dividends as well as capital appreciation over the long term from a
focused and internationally diversified portfolio of securities
outside the UK. HINT will be managed by Henderson Global Investors
Limited, the Company's existing investment manager. The issue of
HINT Shares is subject to certain conditions including, among
others, Admission becoming effective by 8.00 a.m. on 21 April 2011
(or such later date as HINT and Matrix may agree). In the event
that Admission does not become effective, all Shareholders who have
elected for, or who are deemed to have elected for HINT Shares
will, instead, be deemed to have elected for cash; and/or
-- the GPEF Option - to receive class A shares in GPEF, a fund
which aims to provide income and medium-level capital growth
through exposure to property-related securities. GPEF is a sub-fund
of The Henderson Horizon Fund, an FSA-recognised UCITS fund
structured as a Luxembourg SICAV. Its shares have been granted "UK
Distributing Fund" status by HMRC. The GPEF Shares are admitted to
listing on the Luxembourg Stock Exchange; and/or
-- the Cash Option - to receive cash in the liquidation of the
Company.
Overseas Holders
Overseas Holders should read the section headed "Overseas
Holders" in Part IV of the Circular. Overseas Holders will not
receive a Form of Election and will (unless the Directors determine
otherwise) be deemed to have elected for the Cash Option and,
accordingly, will receive cash from the Company in respect of their
entire holding of Shares.
Interim dividend
A first interim dividend for the year ended 31 August 2011 of
0.8 pence per Share was paid on 28 January 2011 to Shareholders on
the register on 24 December 2010.
No further dividends are to be declared in view of the expected
liquidation of the Company.
Proposals
Under the Proposals the Company will be placed into voluntary
liquidation on 19 April 2011.
Subject to the restrictions described in Part IV of the Circular
relating to Overseas Holders and to the Scheme becoming
unconditional in all respects, Shareholders will have a choice
between continuing their investment by electing for one or both of
the Rollover Options listed above and/or realising some or all of
their investment for cash under the Cash Option. Shareholders will
be entitled to receive their Residual Net Asset Value per Share in
respect of the Rollover Options. The Residual Net Asset Value per
Share for these purposes is an amount equal to the net asset value
of the Company at the Calculation Date minus the Retention after
providing for the liabilities to be discharged out of the
Liquidation Pool, divided by the number of Shares in issue. HINT
has agreed, conditional on Admission, to pay to the Company for the
benefit of the HINT Rollover Pool an amount in cash equal to one
per cent. of the net asset value of the HINT Rollover Pool at the
Calculation Date. This will be paid as a result of Matrix and
Henderson Global Investors Limited waiving commission to which they
are entitled under the Placing and Offer and, therefore, will not
be a cost to HINT. This will increase the HINT Rollover Pool for
the purposes of increasing entitlements to HINT Shares but shall
not form part of the Residual Net Asset Value per Share.
Accordingly, those Shareholders who have elected, or are deemed to
have elected, for the HINT Rollover Option will receive
proportionately more HINT Shares.
For illustrative purposes only, had the Scheme become effective
on 11 March 2011 (being the latest practicable date prior to the
publication of this document), the Directors estimate that the
Residual Net Asset Value per Share would have been 67.22p. This is
based on the following figures and estimates: the net assets of the
Company as at 10 March 2011 (published on 11 March 2011) which were
approximately GBP25,513,000, the anticipated costs of the Proposals
and of liquidating the Company, estimated at approximately
GBP255,000, and the retention anticipated to be required by the
Liquidators (to meet contingent and unknown liabilities) of
GBP50,000.
(i) Based on the illustrative Residual Net Asset Value per Share
set out above, and assuming that:
(ii) there is no change in those net assets between now and 20
April 2011;
(iii) that HINT Shares are issued at 100p (being the
subscription price under the Placing and Offer);
(iv) that the net asset value of the HINT Rollover Pool is
effectively enhanced by the contribution by HINT of one per cent.
of the value of the HINT Rollover Pool; and
(v) that GPEF Shares are issued at GBP8.14 (being their
subscription price as at close of business on 10 March 2011),
this would give rise to the following initial entitlements under
the Proposals for every 1,000 Shares held:
678.94 HINT Shares; or
82.58 GPEF Shares; or
GBP672.21 in cash.
The above figures are for illustrative purposes only and do not
represent forecasts. The Residual Net Asset Value per Share and
Shareholders' entitlements under the Proposals may change
materially up to the Transfer Date as a result of, inter alia,
changes in the value of the Company's investments or, in the case
of the GPEF Option, the price of the GPEF Shares.
In view of the interval between the Calculation Date (5.00 p.m.
on 18 April 2011) and 12.00 noon on the Transfer Date (20 April
2011), being the date and time on which the value of the Rollover
Pools will be calculated for the purpose of determining the number
of Rollover Shares which Shareholders who elect, or are deemed to
elect, for the Rollover Options will receive, those Shareholders
will be exposed to any movement in the value of the Rollover Pools
between the Calculation Date and 12.00 noon on the Transfer Date.
However, if the resolutions at the First GM are passed, the Company
will seek to implement an orderly liquidation of the portfolio so
that, as at the Transfer Date, the portfolio will consist,
primarily, of near cash assets and cash thereby reducing
Shareholders' exposure to such risk.
In the event that any funds retained in the Liquidation Pool are
not required to meet costs or liabilities of the Company, further
distributions will be made in cash to all Shareholders regardless
of the Rollover Option they choose.
Advantages of the Proposals
The Directors believe that the Proposals are in the best
interests of Shareholders because they provide flexibility and,
specifically:
-- they allow Shareholders who elect to roll over into HINT to
have exposure to an investment trust which will be listed on the
Official List and whose shares will be admitted to trading on the
main market of the London Stock Exchange, managed by Henderson
Global Investors Limited with the objective of generating a high
and rising level of dividends as well as capital appreciation over
the long term from a focused and internationally diversified
portfolio of securities outside the UK. The HINT Shares will be
eligible for inclusion in ISAs and SIPPs;
-- those Shareholders who roll over their Shares into HINT will
receive proportionately more HINT shares as part of the Proposals
than they would receive on the Placing and Offer since HINT will,
conditional on Admission, pay an amount equal to one per cent. of
the value of the HINT Rollover Pool into that pool for the purpose
of determining entitlements to HINT Shares pursuant to the
Scheme;
-- they allow Shareholders who elect to roll over into GPEF to
continue their investment in a fund which seeks to provide income
and medium-level capital growth through exposure to property
related securities;
-- GPEF Shares are being offered to Shareholders without an
initial subscription fee or requirement for minimum investment
levels which are usually applied to direct subscriptions. As GPEF
is an open-ended investment vehicle, GPEF Shares can be redeemed on
any business day in Luxembourg, without penalty, at the prevailing
net asset value per share;
-- they should allow Shareholders who elect to receive shares in
one or more of the Rollover Funds to retain an investment exposure
without triggering a disposal for UK capital gains purposes until
disposing of such shares at a time of their choosing; and
-- Shareholders who elect for the Cash Option will be able to
receive cash in the liquidation of the Company.
Rollover Options
HINT Option
The key features of HINT are set out in Part II of the Circular.
HINT's investment objective is to generate a high and rising level
of dividends as well as capital appreciation over the long-term
from a focused and internationally diversified global portfolio of
securities outside the UK. HINT will seek to achieve its investment
objective by investing in a diversified global portfolio consisting
of predominantly listed equities, and fixed interest asset classes
(including investment grade bonds, high yield corporate bonds and
secured loans). The portfolio is expected to be diversified by
factors such as geography, industry sub-sector and investment size.
HINT will not invest in issuers whose securities are, at the time
of investment, listed only in the United Kingdom. Elections for
HINT under the Scheme will be satisfied in priority to applications
under the Placing and Offer. The attention of Shareholders is drawn
to pages 20 and 21 of the Circular for details of the risk factors
relating to an investment in HINT. A prospectus for HINT
accompanies, but does not form part of, the Circular.
GPEF Option
The key features of GPEF are set out in Part III of the
Circular. GPEF aims to provide income and medium-level capital
growth through exposure to property related securities. The
attention of Shareholders is drawn to pages 25 to 28 of the
Circular for details of risk factors relating to an investment in
GPEF. A simplified prospectus for GPEF accompanies, but does not
form part of, the Circular. The full prospectus for The Henderson
Horizon Fund is available via Henderson's website at
www.henderson.comand on request at the registered office of the
Henderson Horizon Fund at 33 rue de Gasperich, L-5826 Hesperange,
Grand Duchy of Luxembourg and from Henderson Global Investors
Limited at 201 Bishopsgate, London EC2M 3AE.
Cash Option
Shareholders who elect for the Cash Option will be sent a cheque
in respect of their entitlement if they hold Shares in certificated
form or receive payment through CREST in respect of their
entitlement if they hold Shares in uncertificated form.
General
Overseas Holders will not receive a Form of Election and will
(unless the Directors determine otherwise) be deemed to have
elected for the Cash Option and, accordingly, will receive cash
from the Company in respect of their entire holding of Shares.
Shareholders who hold their Shares in a savings plan or an ISA
should read the section headed "Savings Plans and ISAs" in the
Circular. The deemed Election if no valid Election is made may be
superseded by any other arrangements made by a savings plan or ISA
plan administrator.
Failure to make an Election
Shareholders (other than Overseas Holders) who make no valid
Election will be deemed to have elected for the HINT Option. In the
event that Admission does not become effective, all Shareholders
who have elected for, or who are deemed to have elected for HINT
Shares will, instead, be deemed to have elected for cash.
Liquidation Pool
Under the Proposals, the Company will be wound up by means of a
members' voluntary liquidation. In consultation with the
Liquidators, the Directors will set aside sufficient assets in the
Liquidation Pool to meet all estimated liabilities and
contingencies, including the costs of implementing the Scheme. The
Directors will also provide in the Liquidation Pool for a Retention
which they, together with the Liquidators, consider sufficient to
meet any contingent and unknown liabilities of the Company. The
Retention is currently expected to amount to approximately
GBP50,000. To the extent that funds in the Liquidation Pool are not
required they will be distributed by the Liquidators at a later
date, in cash, pro rata to all Shareholders that hold Shares on the
Record Date, regardless of the option(s) they choose.
Details of the Proposals
Shareholders' approval is required under the provisions of the
Law, the Articles and the Listing Rules to implement the
Proposals.
As part of the reconstruction and winding-up of the Company it
is necessary to amend the Articles in order to reorganise its share
capital. The amendments will have the effect of reclassifying the
Company's existing Shares into shares with either "A" rights, "B"
rights or "C" rights to determine the distribution Shareholders
will receive on a winding-up of the Company. The shares will be
reclassified in such proportion as is necessary to reflect
Elections made under the Scheme. Set out at the end of the Circular
are the notices convening the General Meetings. The Scheme is
conditional upon the passing of the Resolutions at the First GM and
the Second GM which require (whether on a poll or a show of hands)
approval by a majority of not less than 75 per cent. of those
attending and voting at each meeting.
At the First GM, special resolutions will be proposed to (i)
re-classify the rights attaching to the Shares such that those
Shareholders who elect (or are deemed to elect) to roll over some
or all of their Shares into HINT will, in respect of such Shares,
hold Shares with "A" rights giving them the right to receive HINT
Shares on a winding-up of the Company, those Shareholders who elect
to roll over some or all of their Shares into GPEF will, in respect
of such Shares, hold Shares with "B" rights giving them the right
to receive GPEF Shares on a winding-up of the Company, and those
Shareholders who elect to receive cash in respect of some or all of
their Shares will, in respect of such Shares, hold Shares with "C"
rights giving them the right to receive cash on a winding-up of the
Company; (ii) authorise the implementation of the Scheme by the
Liquidators including the cancellation of the listing of the
Company's Shares from the Official List; and (iii) amend the
Articles for the purposes of implementing the Scheme.
Conditional on the passing of the Resolutions at the First GM, a
special resolution will be proposed at the Second GM to wind the
Company up voluntarily, to appoint the Liquidators, to confer
certain powers on the Liquidators, to fix the remuneration of the
Liquidators and to instruct the Secretary to hold the books of the
Company to the Liquidators' order.
In the event that the special resolutions are not passed at the
First GM or the Second GM, a special resolution will, instead, be
proposed at the Third GM to proceed to a simple voluntary
liquidation of the Company, to appoint the Liquidators, to confer
certain powers on the Liquidators, to fix the remuneration of the
Liquidators and to instruct the Secretary to hold the books of the
Company to the Liquidators' order. In the event that the special
resolution at the Third GM is not passed, the Company will continue
as a closed-ended investment company.
At each of the Meetings, Shareholders may attend and vote, or
appoint one or more proxies to vote on their behalf. Every member
(whether present in person or by proxy) shall, on a show of hands,
have one vote and, on a poll, have one vote for every Share held by
him.
In order to implement the Scheme, the assets of the Company will
be divided into four Pools on the Calculation Date: the HINT
Rollover Pool, the GPEF Rollover Pool, the Cash Pool and the
Liquidation Pool. The assets of the Company, will comprise cash and
securities. The division of these assets will be on the basis of
the value attributable to Elections (and deemed Elections) for each
of the Rollover Options and the value attributable to Elections for
the Cash Option as a proportion of the total value attributable to
Elections (and deemed Elections). In order to make the division
between the four Pools, the Manager, in consultation with the
proposed Liquidators, will calculate for the purposes of
determining Residual Net Asset Value the aggregate value of the
Company in accordance with the Scheme as at 5.00 p.m. on the
Calculation Date. Conditional upon Admission, HINT will pay an
amount equal to 1 (one) per cent. of the value of the HINT Rollover
Pool into that pool for the purpose of determining entitlements to
HINT Shares pursuant to the Scheme.
Costs and expenses
The total costs in connection with the Proposals including the
liquidation are estimated to be approximately GBP255,000 (inclusive
of the Liquidators' estimated costs but excluding the
Retention).
Conditions to the Proposals
The Proposals which provide for, and which will effect, the
Rollover Options, are conditional upon the Resolutions at the First
GM and the Second GM being passed. In the event that the Proposals
do not become unconditional, the Company will proceed to a simple
voluntary winding up pursuant to the Resolutions contained in the
notice of the Third GM, which would constitute a disposal for UK
capital gains tax purposes.
Certain considerations relating to the Proposals
The implementation of, and an Election for one or more options
under, the Proposals carry with them certain considerations for
Shareholders as described below:
-- in the event that any of the Resolutions to be proposed at
the First GM and the Second GM are not passed, the Scheme will not
be implemented and Shareholders will be able to vote on Resolutions
at the Third GM to proceed to a simple liquidation. If the
Resolutions at the Third GM are not passed, the Company will
continue as a closed-ended investment company;
-- Shareholders who elect for, or are deemed to have elected
for, the Cash Option should be treated as disposing of their Shares
for the purposes of UK taxation of chargeable gains and this may
lead to a chargeable gain which creates a UK tax liability,
depending on the Shareholder's circumstances;
-- Shareholders who elect, or who are deemed to have elected, to
roll over some or all of their investment into HINT will receive
such number of HINT Shares as is produced by dividing their
proportion of the HINT Rollover Pool by the HINT Share Issue Price,
being 100 pence per share. Any movement in the value of the HINT
Rollover Pool between the Calculation Date and 12.00 noon on the
Transfer Date, will be at the risk of the Shareholder
concerned;
-- Shareholders who elect, or are deemed to have elected to roll
some or all of their investment into HINT should note that HINT
Shares are assets within the scope of UK inheritance tax,
regardless of the investor's jurisdiction of residence or
domicile;
-- Shareholders who elect to roll over some or all of their
investment into GPEF will receive such number of GPEF Shares as is
produced by dividing their proportion of the GPEF Rollover Pool by
the GPEF Share Subscription Price, being the published net asset
value per GPEF Share as at 12.00 noon on the Transfer Date. Any
movement in the value of the GPEF Rollover Pool between the
Calculation Date and 12.00 noon on the Transfer Date, will be at
the risk of the Shareholder concerned;
-- if Shareholders elect to roll over some or all of their
entitlement into Rollover Shares, any subsequent disposal by such
Shareholders of such shares may constitute a disposal for the
purposes of crystallising a liability to UK capital gains tax;
-- Shareholders electing to receive GPEF Shares will be required
to supply evidence of their identity to comply with anti-money
laundering regulations. The HHF administrator, BNP Paribas
Securities Services, Luxembourg Branch, will write to the relevant
holders of GPEF Shares following the Effective Date, requesting the
relevant documentation. Those holders are advised that, for the
purposes of anti-money laundering laws, they will not be permitted
to deal (transfers, redemptions, subscriptions or conversions) in
any new shares received in GPEF until the anti-money laundering
procedure has been completed;
-- if the HINT Shares allotted pursuant to the Scheme are not,
for whatever reason, admitted to the Official List, Elections by
Shareholders for such shares will instead be deemed to be Elections
by such Shareholders for cash (being the cash realisation proceeds
from a sale of the HINT Rollover Pool, less the costs of
realisation). For the avoidance of doubt, if Admission does not
take place, HINT will not be obliged to pay an amount equal to one
per cent. of the value of the HINT Rollover Pool into that pool;
and
-- an investment in either or both of the Rollover Funds entails
certain risks for Shareholders. Shareholders are advised to read
the risk factors relating to an investment in the Rollover Funds as
set out on pages 20, 21 and 25 to 28 of the Circular.
Management Agreement
If the Resolutions are passed, the Company will, pursuant to the
Management Agreement, give notice in writing to the Manager that
the Management Agreement is terminated forthwith. No compensation
shall be payable to the Manager in connection with such
termination.
United Kingdom taxation
As explained more fully in the section headed "Taxation" in
paragraph 4 of Part VI of the Circular, the receipt of Rollover
Shares under the Proposals should not, on the basis of current
legislation and HM Revenue and Customs practice, trigger a disposal
of shares for the purposes of capital gains tax where these are
held as an investment. The receipt of cash under the Cash Option or
a subsequent sale, redemption or other disposal of Rollover Shares
acquired may constitute a disposal for capital gains tax purposes
and may, depending on a Shareholder's particular circumstances,
give rise to a liability to capital gains tax.
Action to be taken
Details of the action to be taken by Shareholders in relation to
the Proposals are set out in Part IV of the Circular. It is
important that Shareholders read Part IV carefully and those
Shareholders who wish to elect for the GPEF Option or the Cash
Option should return their Forms of Election or TTE Instructions so
as to be received no later than 1.00 p.m. on 7 April 2011.
Failure to return a Form of Election or a TTE Instruction or the
return of a Form of Election which is not validly completed will
result in the relevant Shareholder (other than an Overseas Holder)
being deemed to have elected for the HINT Option, provided that
Admission takes place. If Admission does not take place, failure to
return a Form of Election which is not validly completed will
result in the relevant Shareholder being deemed to have elected for
the Cash Option.
Savings plans and ISAs
Shareholders who hold their Shares within a savings plan or ISA
should, before making any Election for the Rollover Options or the
Cash Option, consult with their savings plan or ISA plan
administrator as regards their own position.
The deemed election if no valid Election is made may be
superseded by any other arrangements made by your savings plan or
ISA plan administrator.
Expected Timetable
2011
6 April 9.00 a.m. Latest time and date for receipt of Forms of Proxy
for the First GM
7 April 1.00 p.m. Latest time and date for receipt of the Forms
of Election from Shareholders and TTE Instructions
from CREST Shareholders
7 April 5.00 p.m. Record Date for entitlement to the Scheme and
Company's Register closes
8 April 7.30 a.m. Listing of Shares suspended
8 April 9.00 a.m. First GM and Shares reclassified into Reclassified
Shares
8 April Results of First GM and Elections announced
15 April 9.00 a.m./ Latest time and date for receipt of Forms of Proxy
9.10a.m. for the Second GM (9.00 a.m.) and the Third GM
(9.10 a.m.)
18 April 5.00 p.m. Calculation Date
19 April Second GM and, if the Scheme becomes unconditional,
Effective Date for the implementation of the
Proposals and commencement of the liquidation
19 April 9.10 a.m. In the event the resolutions are not passed at
the Second GM, Third GM is held
20 April Transfer Date
20 April 12.00 noon GPEF Shares issued pursuant to the Scheme
21 April 8.00 a.m. HINT Shares admitted to listing and issued pursuant
to the Scheme and CREST accounts credited
During week commencing
25 April Cheques expected to be dispatched to Shareholders who
hold their Shares in certificated form who elect for
the Cash Option
Contract notes expected to be dispatched in respect
of GPEF Shares issued pursuant to the Scheme
CREST Shareholders who elect for the Cash Option to
be credited through the CREST system
2 May Certificates expected to be dispatched in respect of
HINT Shares issued in certificated form
This information is provided by RNS
The company news service from the London Stock Exchange
END
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