Proposed merger of Henderson European Special Situations

17 April 2015 - Richard Pease, the manager of the Henderson European Special Situations fund since its launch in October 2009, and James Milne, the assistant fund manager, are leaving Henderson Global Investors to join Crux Asset Management. When they join the company, they will become managers of the newly-established FP Crux European Special Situations fund.

As a result, Henderson are proposing that the existing fund moves with the managers and is merged into the newly-created fund. This will mean investors can have continuity of both manager and approach, as the investment objective, policy and process are expected to remain unchanged.

Investors in the fund will receive information about the proposal and proxy voting forms shortly. All votes must be received by 9am on 26th May 2015 and, subject to shareholder approval, the merger will go ahead on 4th June 2015.

Regular monthly savers in the fund can expect their investments to continue until 1st June 2015, at which point they will need to complete new direct debit instructions in order for their investment to continue.

If the merger is approved, all ISA holdings will be moved automatically, preserving the tax status of the investments.

Investors who do not wish to have their money moved into the Crux Asset Management fund could switch into another Henderson fund, switch into a fund managed by a different company, or sell their holdings.

Darius McDermott, Chelsea's managing director, said: “If the merger goes ahead, the new fund will retain the original buy rating as the manager and process remain unchanged.”