The group says it has had a number of bidders for the fund, which closed in February due to liquidity issues in sub-Saharan markets.
New Star managing director of retail business development Stewart Cazier says: “This is still subject to some logistical and legal processes within individual African markets, however, subject to satisfactory completion of these processes, we anticipate being able to return the proceeds towards the end of April.
“As we said in February, disposing of the fund’s holdings individually would be a lengthy process given some of the highly illiquid stocks in the fund and, as such, would prevent a full return of proceeds in the relatively short term.
“The final value of the proceeds of sale cannot be confirmed until the caveats and formalities mentioned have been completed. We currently anticipate, however, that they will represent the equivalent of approximately 18p per share held.”
Meanwhile, heart of Africa fund manager Jamie Allsopp will not be joining Henderson at the conclusion of their expected merger on April 9.