Investment Trusts

Shareholder Q&A

The answers below should be read in conjunction with the Henderson Diversified Income Trust plc (‘HDIV’) Circular and Henderson High Income Trust plc (‘HHI’) prospectus.  Defined terms used below shall, unless the context requires otherwise, have the meanings ascribed to them in the Circular.

• 1. What was the proposed combination?

  The Board announced on 4 October 2023 that it had agreed heads of terms for a combination of the assets of the Company with Henderson High Income Trust plc (“Henderson High Income” or “HHI”) by means of a scheme of reconstruction and members’ voluntary winding up of the Company under section 110 of the Insolvency Act. This included the issue of New HHI Shares to shareholders who elected or were deemed to have elected, to roll over their investment into Henderson High Income.

• 2. What were my options?

  Shareholders had the choice to receive, in respect of some or all of their shares;

  1. new HHI Shares; and/or
  2. a cash exit.

  The default option was for shareholders to receive new HHI shares meaning that shareholders who had not made a valid election or who did not make an election at all, will have been deemed to have elected for new HHI shares in respect of their holding.

• 3. What were the terms for the issue of new HHI shares?

  HDIV shares were valued at 72.055120 pence per share and exchanged for HHI shares which were valued at 170.245412 pence per ordinary share. This means HDIV shareholders will have received 0.423242 new HHI shares for each existing HDIV share. CREST accounts were credited with the new HHI shares on 17 January 2024 and share certificates were posted to shareholders during the week commencing 22 January 2024.

• 4. What were the terms of the cash option?

  In respect of the cash exist, each existing HDIV share tendered will have received 71.080106 pence per ordinary HDIV share. Payment was made during the week commencing 22 January 2024 via CREST and/or cheque.

• 5. Were shareholders paid a dividend before the Scheme was implemented?

  On 8 January 2024, the Board announced a pre-liquidation interim dividend of 0.55 pence per ordinary share payable to shareholders on the register at 5 January 2024. The dividend was paid to shareholders on 15 January 2024.

• 6. I elected for the Rollover Option or made no election, but now have a question. Who do I contact?

  For questions relating to your shares, share certificate, transferring your shares, grant of probate, setting up a dividend mandate and similar questions, contact the HHI registrar:

  Computershare Investor Services PLC
  The Pavillions, Bridgewater Road
  Bristol VS99 6ZZ
  Telephone: 0370 707 1039
  Email: web.queries@computershare.co.uk

  For copies of the annual report or queries regarding the HHI portfolio or performance, refer to the website: www.hendersonhighincome.com or contact the investment manager at:
  Telephone: 0800 832 832
  Email: support@janushenderson.com

• 7. I elected for the Cash Option, but now have a question. Who do I contact?

  For questions relating to the receipt of you cash, contact the liquidator at:

  Messrs Colman/Waring
  RE: Henderson Diversified Income Trust plc liquidation
  Ernst & Young LLP
  1 More London Place
  London SE1 2AF
  United Kingdom
  Telephone: +44 131 777 2065 / +44 131 240 2597
  Email: jamie.coleman@parthenon.ey.com /sean.waring@parthenon.ey.com