Miton Income Opportunities Trust

Moving to merge with DIVI

10 July 2013

On 2 July the boards of Miton Income Opportunities Trust (MIOT), formerly Henderson Fledgling Trust, and The Diverse Income Trust (DIVI) updated the market on progress towards the proposed merger. The investment manager of both companies, Miton Group, has advised the boards that MIOT’s portfolio is now over 90% aligned, by value, with the core strategy of DIVI. Reaching this threshold was a condition for the proposed merger to proceed earlier than the 15 February 2014 deadline. Under the terms of the merger, MIOT shareholders will receive new shares in DIVI, valued at a 2.5% premium to DIVI’s NAV, adjusted for costs incurred by DIVI in relation to the scheme. Progress in aligning MIOT’s portfolio will allow the process to accelerate and a formal proposal is expected to be sent to shareholders in early September. MORE »

New management house, same management team

28 September 2011

The move to Henderson Global Investors is now complete and Harmesh Suniara remains lead manager of Henderson Fledgling Trust (HFT). Formerly Gartmore Fledgling Trust, the name was changed in June 2011 to reflect the move. However, the team responsible for managing HFT remains intact, and a distinct unit within Henderson’s operations. We believe the uncertainty surrounding Gartmore and the trust’s management will have done nothing to help share price performance and Henderson now intends to step up the marketing of the trust. Valuations are attractive in a historical context based on consensus expectations and the manager also sees attractive M&A potential. MORE »