Subsequent Events

9 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

(11) Subsequent Events

On July 10, 2018, the Company announced that it has signed a definitive agreement with BP Capital Fund Advisors, LLC (“BP Capital”) to purchase the assets related to the management of the BP Capital TwinLine Energy Fund and the BP Capital TwinLine MLP Fund (the “BP Funds”). The Company filed a Current Report on Form 8-K regarding this transaction on July 11, 2018.

The definitive agreement includes customary representations, warranties, and covenants of the Company and BP Capital. It provides for payment by the Company to be made in two parts: (1) a payment upon closing equal to (A) $100,000 plus (B) 0.75% of the aggregate current net asset value of the BP Funds measured as of the close of business on the trading day immediately preceding the closing date of the transaction, and (2) a payment on the one-year anniversary of the closing date equal to 0.75% of the aggregate current net asset value of the successor funds to the BP Funds measured as of the close of business on the trading day immediately preceding the one-year anniversary of the closing date of the transaction. The Company expects to complete the transaction in the fourth calendar quarter of 2018.

Upon completion of the transaction, the assets related to the BP Capital TwinLine Energy Fund will be reorganized into a new series of Hennessy Funds Trust called the Hennessy BP Energy Fund, and the assets related to the BP Capital TwinLine MLP Fund will be reorganized into a new series of Hennessy Funds Trust called the Hennessy BP Midstream Fund (together with the Hennessy BP Energy Fund, the “Hennessy BP Funds”). The Company will become the investment advisor of the Hennessy BP Funds, and BP Capital will become the sub-advisor to the Hennessy BP Funds.

The transaction is subject to customary closing conditions, including the approval of the BP Funds’ shareholders.

The Company has evaluated subsequent events through the date these financial statements were issued and has concluded that no other material subsequent events occurred during this period that would require recognition or disclosure.