Invesco Select Trust Plc - Statement re Scheme Entitlements

Invesco Select Trust Plc - Statement re Scheme Entitlements

PR Newswire

London, April 23

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.

23 April 2021

LEI: 549300JZQ39WJPD7U596

Invesco Select Trust plc

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 2021.

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 family trusts.

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 Woodhead.

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 otherwise requires.

Graham Kitchen, Chairman of the Company, commented:

"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 Ciaran Mallon.

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 Limited [phone]
Angus Pottinger
Will Ellis

Investec Bank plc [phone]
David Yovichic
Denis Flanagan

Important Information

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.