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Henderson European Trust PLC on Monday announced a lower dividend as net asset value declined, ahead of its proposed merger with Fidelity European Trust PLC.
The Europe-focused investment firm reported its net asset value total return for the six months that ended March 31 was negative 0.2%, against a positive 3.5% return for its benchmark index, the FTSE World Europe excluding UK.
NAV per share at March 31 was 199.73 pence, down 0.8% from 201.39p at September 30.
Danish pharmaceutical maker Novo Nordisk AS was the most notable single stock detractor, Henderson European highlighted. Novo Nordisk shares fell due to a supply issue in the US, disappointing trial results for its new weight loss drug CagriSema, and heightened competition.
The trust declared an interim dividend of 1.4p per share, down 54% on-year from 3.05p, and noted that a further pre-liquidation dividend may be paid ahead of its proposed merger with Fidelity European Trust.
The two companies previously said they expect to complete the merger by the end of September.
‘From world leading luxury brands to drug delivery systems, European companies continue to offer robust returns for their shareholders and yet even today remain valued at a discount to their US counterparts,’ said Chair Vicky Hastings.
Henderson European Trust shares were up 1.0% to 202.58 pence each on Monday morning in London for a market capitalisation of £626.2 million. Fidelity European Trust was up 0.1% to 404.50p for a £1.65 billion market cap.
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