Henderson International Income Trust - International (ex UK) Income and Growth

By Edison Investment Research, PRNE
Thursday, March 24, 2011

Edison Investment Research pre-IPO Report

LONDON, March 25, 2011 - 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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