THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO, THE
UNITED STATES, AUSTRALIA,
CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE
SAME COULD BE UNLAWFUL.
Results of Scheme, Issue of New Shares
and Appointment of New Directors
The Board of Invesco Select Trust PLC (the "Company" or
“IST”) is pleased to announce that the Company will acquire
approximately £122.5 million of net assets from Invesco
Income Growth Trust plc ("IIGT") in consideration for the
issue of 66,628,879 New Shares of the UK Equity Share class in
connection with the reconstruction of IIGT (the "Scheme")
following the passing today of the resolution proposed at the
Second General Meeting of IIGT.
The number of New Shares to be issued was calculated based on a
FAV per UK Equity Share of 183.89
pence and a FAV per IIGT Ordinary Share of 299.96 pence, producing a conversation ratio of
1.63119256 UK Equity Shares per IIGT Ordinary Share rolling over,
each calculated in accordance with the Scheme.
Applications have been made for the New Shares to be admitted to
the premium segment of the Official List of the Financial Conduct
Authority and to trading on the main market for listed securities
of the London Stock Exchange (together, "Admission"). It is
expected that Admission will take place at 8.00am on 26 April
Following the issue of the New Shares noted above, the UK Equity
Portfolio’s share capital will consist of 90,443,771 Ordinary
Shares (excluding treasury shares), with each Ordinary Share
holding one voting right, and an additional 20,637,812 Ordinary
Shares held in treasury.
The figure of 90,443,771 Ordinary Shares may be used
by Shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest
in voting rights, or a change to their interest in the Company,
under the Disclosure, Guidance and Transparency Rules.
As set out in the Circular, New Shares which would otherwise be
issued to an Overseas Shareholder pursuant to the Scheme will
instead be issued to the Liquidators as nominees on behalf of such
Overseas Shareholder who will arrange for such shares to be sold
promptly by a market maker. The proceeds of such sales will be paid
to relevant Overseas Shareholders entitled to them within ten
Business Days of the date of sale.
As the Scheme has now been approved, the amendment of the
investment objective and the investment policy of the UK Equity
portfolio to more closely reflect the investment objective and
policy of IIGT, as set out in the Circular, has been adopted.
Additionally, following the passing of the special resolution in
relation to the UK Equity Share buyback authority and with the
expected admission of the New Shares of the UK Equity portfolio on
26 April 2021, the Company’s
authority to buy back UK Equity Shares will increase by 9,987,668
shares, representing 14.99% of the New Shares of the UK Equity
Share Class, to an aggregate amount of 10,052,199 shares.
The Board is also pleased to announce the appointments of
Davina Curling, Mark Dampier and Tim
Woodhead as non-executive directors of the Company with
effect from today. Alan Clifton is
stepping down from the Board at the same time.
Davina Curling was appointed to
the Board of IIGT on 1 March 2011.
She is a non-executive director of Henderson Opportunities Trust
plc. She is also a non-executive director of BlackRock Greater
Europe Investment Trust plc and is a member of the Investment
Committee of St James’s Place.
Mark Dampier was appointed to the
Board of IIGT on 1 March 2016. He
was, until August 2020, Head of
Investment Research at Hargreaves Lansdown, a position he had held
since 1998. He is also a non-executive director of Jupiter Emerging
& Frontier Trust plc
Tim Woodhead was appointed to the
Board of IIGT on 3 April 2018. He is
a senior Investment Director at Rathbone Brothers plc. Mr Woodhead
holds various trustee positions in charities and for a number of
There is no other information to be disclosed under UKLA Listing
Rule 9.6.13 (1) to (6) in relation to
any of Davina Curling, Mark Dampier or Tim
Capitalised terms used but not defined in this announcement will
have the same meaning as set out in the Company's Circular dated
30 March 2021 unless the context
Graham Kitchen, Chairman of the
"On behalf of the Board, I would like to welcome our new
shareholders and thank both sets of shareholders for their
support. Following completion of the Scheme, the UK Equity
portfolio will have net assets of approximately £165 million,
significantly increasing the size of the Company, and we look
forward to the implementation of the new investment policy, jointly
managed by James Goldstone and
Finally, the Board would like to thank Alan Clifton for his valued contribution to the
Company during his 13 years as a Director and we wish him all the
best in his future endeavours."
For further information please contact:
Invesco Asset Management
+44 (0) 20 3753 1000
Investec Bank plc
+44 (0) 20
This announcement contains information that is inside
information for the purposes of the retained UK law version of the
Market Abuse Regulation (EU) No. 596/2014. The person
responsible for arranging for the release of this announcement on
behalf of the Company is Shilla
Pindoria of Invesco Asset Management Limited.