High Court approves Henderson Group move

The High Court has approved the Henderson Group’s scheme to quit the UK because of its uncompetitive tax regime. This morning, following a 10-minute hearing, Lewison J sanctioned the asset manager’s scheme of arrangement through which it is creating a new holding company for the group. The scheme will mean that the group will become tax-resident in Ireland, thereby protecting its tax position. Lawyers for Henderson told the court that the shareholders had overwhelmingly supported the scheme. Giving his approval, Lewison J said: “I am satisfied that the scheme is one that intelligent shareholders voting in their own interest would have inevitably voted in favour of.” The court adjourned until Friday the approval of the reduction in capital element of the scheme.