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RNS Number : 3624D
Henderson Group plc
26 April 2017
2017 Extraordinary General Meeting and Annual General
Meeting
Opening Addresses and Slides
26 April 2017
Henderson Group plc holds its 2017 Extraordinary General Meeting
and Annual General Meeting today.
The scripts and accompanying slides for the opening addresses by
the Chairman and the Chief Executive are attached.
Part one: Henderson Group Chairman's address to Shareholders.
Part two: Henderson Group Chief Executive's address to Shareholders.
http://www.rns-pdf.londonstockexchange.com/rns/3624D_-2017-4-26.pdf
* * *
Investor enquiries
Miriam McKay +44 (0) 20 7818 2106
Head of Investor Relations miriam.mckay@henderson.com
Louise Curran +44 (0) 20 7818 5927
Investor Relations Manager louise.curran@henderson.com
Investor Relations +44 (0) 20 7818 5310
investor.relations@henderson.com
Media enquiries
Angela Warburton +44 (0) 20 7818 3010
Global Head of Communications angela.warburton@henderson.com
United Kingdom Asia Pacific:
FTI Consulting Honner
Andrew Walton Rebecca Piercy
+44 (0) 20 3727 1514 +61 (0) 2 8248 3740
About Henderson
Henderson is an independent global asset manager, specialising
in active investment. Named after its first client and founded in
1934, Henderson is a client-focused global business with over 1,000
employees worldwide and assets under management of GBP103.1bn (31
March 2017). Its core areas of investment expertise are European
equities, global equities, global fixed income, multi-asset and
alternatives.
Henderson is dual-listed on the Australian Securities Exchange
(ASX) and the London Stock Exchange (LSE) and has a market
capitalisation of approximately GBP2.6bn (April 2017).
Further information can be found at www.henderson.com/IR.
Forward-looking statements and other important information
This announcement contains forward-looking statements with
respect to the financial condition, results and business of
Henderson Group plc. By their nature, forward-looking statements
involve risk and uncertainty because they relate to events, and
depend on circumstances, that will occur in the future. Henderson's
actual future results may differ materially from the results
expressed or implied in these forward-looking statements. Nothing
in this announcement should be construed as a profit forecast.
The content of the websites referred to in this announcement is
not incorporated into and does not form part of this announcement.
Nothing in this announcement should be construed as, or is intended
to be, a solicitation for or an offer to provide investment
advisory services.
In connection with the proposed merger, Henderson has filed a
registration statement on Form F-4 with the SEC, containing a proxy
statement of Janus Capital Group and other documents regarding the
proposed merger. Before making any voting or investment decision,
the respective investors and shareholders of Henderson and Janus
Capital Group are urged to carefully read the entire registration
statement of Henderson, including the proxy statement of Janus
Capital Group, and any other relevant documents filed by either
company with the SEC, as well as any amendments or supplements to
those documents, because they contain important information about
Henderson, Janus Capital Group and the proposed merger. The
registration statement and other related documents filed by
Henderson and Janus Capital Group will be available electronically
without charge at the SEC's website, www.sec.gov. Materials filed
with the SEC may also be obtained without charge at Henderson's
website, www.henderson.com or at Janus Capital Group's website
www.janus.com, respectively.
Chairman's Address
Since 2013, we have been reporting to you on Henderson's
progress on its strategy of growth and globalisation. By the end of
last year, we were ahead of the ambitious targets we had set
ourselves to grow assets under management, and we had made
significant progress on globalising our investment management
capabilities and client base. 2016 itself was a tough year, with
political upheaval in the UK and the US creating highly volatile
market conditions. Against this difficult backdrop, I am pleased to
report that our financial performance remained resilient. We are
proposing a final dividend of 7.3p per share, to take our dividends
for the year to 10.5p per share - a 2% increase in Sterling terms.
This is consistent with the Board's continued confidence in our
business, and our progressive dividend policy.
In addition, we declared an extraordinary first quarter 2017
dividend of 1.85p per share, with a view to ensuring equality of
treatment of both Janus and Henderson shareholders.
Throughout the last three years, your Board has carefully
monitored our business's progress, in the context of changes in our
global marketplace which favour well-diversified companies with
global size and scale. In October 2015, we asked the executive team
to explore options to accelerate our growth and globalisation
strategy with a transformative corporate move. The merger which we
vote on today is the result of a thorough, well thought out and
diligently researched process. The similarities between the
strategies of Janus and Henderson are remarkable, and the two
businesses are deeply complimentary in terms of investment
management expertise, client base and distribution footprint. Your
board unanimously recommends the merger.
I'll just take a moment to remind you of the transaction
headlines. Janus Henderson Investors will have a global client base
and global investment management skills, and be responsible for
over $330bn of client money. The company will be formed through an
all stock merger, and have a combined market capitalisation of
around US$5.9bn. To maximise liquidity, Janus Henderson will be
listed in New York and Australia, but will de-list from the London
Stock Exchange. Andrew Formica of Henderson and Dick Weil of Janus
will work together as Co-CEOs, and will be based here in London.
The Board of the new company will have equal representation from
the current Janus and Henderson Boards, and will be chaired by me.
I expect the new Board to retain a progressive dividend policy with
a payout ratio in line with that currently delivered by Henderson.
I look forward to continuing to work with my non-executive
colleagues Sarah Arkle, Angela Seymour-Jackson, Kalpana Desai and
Kevin Dolan, and would like to take this opportunity to express my
enormous thanks to Tim How, our Senior Independent Director, and
Robert Jeens, our Chair of Audit, who will step down when the
merger completes. I congratulate Henderson executives Roger
Thompson, Phil Wagstaff, Jacqui Irvine and Rob Adams on their new
roles as members of the Janus Henderson executive committee. The
merged company has significant opportunities for value creation,
initially through cost synergies and more significantly, through
opportunities for revenue growth.
Andrew Formica will describe these opportunities for you in more
detail, after he has given you his perspective on Henderson's
progress in 2016.
Chief Executive's Address
2016 was a challenging year for our clients and our investment
managers, as politics moved markets to a degree unforeseen by most
of us. Against this backdrop, I'd echo the Chairman's description
of our financial performance as resilient. This reflects the
progress we have made strategically over the last couple of
years.
Despite significant Retail outflows, Assets under Management
reached record highs, supported by markets and foreign exchange
movements as well as institutional flows, which are building upon
the turnaround we started to see in 2015.
Management fee income was also at record levels, although lower
performance fees meant that underlying profit before tax was lower
than last year. EPS was also lower as our tax rate normalised at a
higher level.
When we look back at the objectives we set ourselves for our
Growth and Globalisation strategy, I am very pleased with the
progress we have made. We have expanded our investment
capabilities; demonstrably improved the support and approach we
take to client relationships; and improved the robustness and
resilience of our global operating model.
We have grown faster than the industry, delivered consistently
strong investment performance and deployed capital successfully on
behalf of our shareholders, with successful acquisitions and
integrations in the US and Australia.
Despite the more difficult picture for flows, we ended 2016
ahead of our target AUM growth, having achieved 59% in total or 17%
per annum since we set out our Growth and Globalisation
strategy.
The asset management industry faces challenges as well as
opportunities, and our strategic thinking needs to reflect both of
these. Major challenges for asset managers include the current
popularity of passive investing and the pressure this places on
active managers; volatile markets; global regulatory change and the
rising cost of doing business. Key to our response to these
pressures are diversification, global scale and excellence in our
chosen field of expertise - active investment management. Our
proposed merger with Janus to form Janus Henderson Investors gives
us the opportunity to develop the capabilities we need to respond
to industry challenges, and profit from future opportunities.
We are creating a global, active investment manager which is
client-focused, valuable to shareholders and a great place for our
people to work.
As the Chairman has already said, our two businesses are highly
complementary - with client-centric, collaborative cultures;
complementary investment capabilities and geographic footprints;
and well-matched corporate strategies. In combination with Janus,
Henderson will have new investment capabilities to share with our
clients; the scale we need to succeed in North America; and
exciting opportunities to grow in Japan, where Janus has built an
$18bn business which includes its strategic partnership with the
Dai-ichi Life Insurance Company.
Client feedback to the merger has been very positive. We look
forward to continuing to specialise in high performance, active
investment management; deepening and extending our client
relationships; and having the products and distribution to serve
our largest clients on a truly global basis.
Together, Janus and Henderson will be well-positioned for market
evolution. Diversification is the key to success in uncertain
times. With the cost of doing business rising in the asset
management industry, we need operations of sufficient size and
scale to defray the effect of rising costs without completely
blunting our capacity to innovate and invest. Scale,
diversification and strong client relationships put us on the front
foot to move our business forward.
We are confident in our ability to deliver compelling value to
our shareholders as we create this new business. Initially, we will
deliver significant cost synergies, but over the longer term, our
combined business will be capable of sustained growth, in excess of
what either of us would have been able to achieve on a standalone
basis.
I look forward to us having the freedom to innovate on behalf of
our clients, the scale and diversity to adapt as our markets
change, and the ability to be a destination employer for the most
talented people in global asset management.
Since I became Chief Executive, my ambition has been to
transform Henderson into a truly global asset manager. To be on the
cusp of achieving that is very exciting.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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