Hansa Trust PLC Strategic Update (1950F)
22 Aprile 2014 - 8:31AM
UK Regulatory
TIDMHAN TIDMHANA
RNS Number : 1950F
Hansa Trust PLC
22 April 2014
HANSA TRUST PLC (the "Company")
Strategic Update
Investment Strategy Review
The Company's investment policy is to invest in a portfolio of
quoted and unquoted special situations, with the objective to
achieve growth of shareholder value. Historically the Investment
Manager, Hansa Capital Partners, has sought to implement this
policy on behalf of the Company through the identification of
special situations in UK equities and a strategic stake in Ocean
Wilsons Holdings Ltd ("OWHL").
The Board of Directors of the Company has conducted a review of
the way in which the Company executes its investment strategy and
its offering to shareholders. Whilst continuing to make investments
in special situation UK equities, the Board is broadening its
strategy to include exposure to other asset classes and geographies
through a dynamic asset allocation process.
As a consequence of this review the Board, in conjunction with
its Investment Manager, has begun making a number of changes to the
way in which the portfolio is invested. These changes, whilst not
new to the Company's investment approach, represent the exciting
next steps in the Company's evolution.
These changes have been driven by both developments in the
global marketplace and a desire to take better advantage of the
expertise and resource available to us at our Investment Manager.
The Company will retain its natural bias towards equities,
reflecting the Company's long-term investment horizon; however, the
flexibility to hold other asset classes that help preserve capital
will be increasingly valuable as valuations in equity markets from
time to time become extended and the business cycle matures.
Typically, the non-UK equity exposure will be through funds
managed by third party managers with whom the Investment Manager
has a well-developed network of contacts. Importantly, these funds
will complement our UK equity exposure, as we seek to identify
those managers whose funds have superior long term returns. Many of
these funds will not be readily available to the individual
investor. We are always on the lookout for unconventional
investments, which larger, more traditional funds do not normally
invest in. These more eclectic investments range from those sectors
benefiting from structurally higher growth to assets which we
believe stand on unwarranted discounts to their true intrinsic
value, including other investment trusts.
This investment approach has led us to consider our portfolio
across four different areas: UK Equities; Core Funds; Eclectic
& Diversifying Funds; and Strategic Assets, each of which is
expected to represent approximately 25% of the portfolio in due
course; the weightings will vary reflecting the opportunities that
exist at that time.
In light of this, the Company will in future show its holding in
OWHL as two separate investments. Our indirect investment in Wilson
Sons, the Brazilian maritime services provider, via our holding in
OWHL, will be shown as a Strategic Asset; our interest in the
investment portfolio held by OWHL's subsidiary, Ocean Wilsons
Investments Ltd, will be reported within the Eclectic &
Diversifying investment portfolio to give shareholders greater
clarity of their underlying exposure through the Company.
Dividends
The Company has always sought to enhance shareholder value by
distributing most of its net income annually by way of dividends.
As the portfolio profile changes, and in light of the fact that
some of the investments may not distribute any income, the level of
cash income received by the Company may vary.
The Board wishes to provide shareholders with a greater degree
of certainty in the level of dividends which they can expect to
receive, by declaring annually a minimum dividend which the Company
expects to pay, barring unforeseen circumstances, for the following
financial year and to pay it by way of two similar interim
dividends per year. The first will be paid in November during the
financial year with the second being paid in the May following the
end of the financial year. The Company expects the dividend to grow
over time reflecting the longer term returns of the portfolio. If
circumstances are such that the level of cash income generated by
the portfolio is insufficient to meet the dividend commitment, the
shortfall may be made up by the Company's reserves to maintain the
level of dividends. Under certain circumstances an extra, and
final, dividend may be proposed at the Company's Annual General
Meeting.
In light of this revised dividend policy, the Company will
propose, at the upcoming AGM, a resolution to change the Company's
Articles of Association, which will include a provision for the
payments of dividends from capital reserves to provide the
necessary flexibility.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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