Henderson to take over e684m Charter Trust

UK – Henderson Global Investors is to take over the £420m (€684m) trust company, Charter European Trust (Charter), following the requisition of a general meeting of Charter, which calls for a change of asset manager and board of directors, and which will effectively create a new investment trust worth £100m (€162.8m).

The shareholders that have requisitioned the meeting would like to see the removal of Dresdner RCM Global Investors as the company’s asset manager, to be replaced by Henderson Global Invesors, and the approval of three new directors. They have also called a subsequent scheme to be set up providing a substantial cash exit for shareholders.

The proposals are the result of discussions between Henderson and Intelli Corporate Finance, Henderson’s advisers, and Charter’s larger institutional shareholders.

Other than the change of directors and asset manager, the main objective of the deal is to merge Charter European with Henderson’s own Henderson EuroTrust, whilst simultaneously providing a 75% cash exit for ordinary shareholders in both companies. This will result in the creation of a new trust worth some £100m to be managed solely by Henderson.