Invesco Income Growth Share Discussion Threads

[wskill] 13/5/2021 09:02

Very poor service from AJ Bell Barclays paid up last week unfortunately I also have a SIPP with AJ Bell still nothing they will not even answer emails ,crest were sent cheques on 3rd so 10 days to complete a simple exercise good grief what if it was complicated .

[montyhedge] 12/5/2021 16:56

Change broker, interactive Investor same day.

[davebowler] 12/5/2021 16:55

Not received any cash on my AJ Bell account yet so I queried it -here's the reply!

''
Unfortunately, as we have received cash for each designation (ISA, SIPP, Dealing account etc) we don't have individual amounts for each
client so the team need to find out first if the amount we've received is correct or if we are due more/less cash and then reconcile for each
client within the designation. Until they have an answer from the registrar they're unable to pay the cash. I do apologise for the
inconvenience caused but I can assure you that the team are chasing this urgently and looking to pay at the earliest opportunity.''

[colonel a] 10/5/2021 12:33

Good luck Hittbe,

I have my SIPP with Barclays and it is AJ Bell who do the SIPP part, I have no idea who does the Crest part.

I don't think it would be legal for the managers to exercise discretion as to scaling back.

I've only had a couple of similar holdings in the past and am pretty sure that their cash options did not offer any profit.

[hittbe] 10/5/2021 11:44

Well dun Colonel a. I’m with AJ Bell and STILL haven’t received anything. Fully expect 100% cash though since my shareholding was much smaller than Clinton's. The managers have maybe tried to avoid leaving holders with just a “few” shares so have scaled back only for the larger holdings.

Comparing the two options:
- Net return per share for cash option = 291.25p + 8.35p dividend = 299.60p
- Current value of IVI share transferred to IVPU, @ current (10/05/21) price:
1.6312 * 1.72 = 280.5p + 8.35p dividend = 288.85p

So a small profit of about 3.7% for the cash option as at today's IVPU price.

I’m happy with getting out at breakeven from my purchase price & will move on to (hopefully) a more profitable trust.

Good luck to new holders of IVPU & to those investing their cash elsewhere.

[colonel a] 10/5/2021 09:23

Well, it was worth waiting.
Got 100% cash from Barclays.

[clinton baptiste] 04/5/2021 13:57

I had 20,000 IVI shares. I now have 17,395 IVI Scheme APR21 "B" rights for which I expect a cheque this week, and 4249 IVPU shares. Speak to your broker.
Held for 18 months and added a few in June last year. Consider myself well-shot of them with a TR of 11.7%

[colonel a] 04/5/2021 11:48

Congratulations, although I would like to see more detailed figures to be completely convinced.
How many IVI shares => how many IVPU shares + how much cash.

[clinton baptiste] 04/5/2021 11:37

After opting for 100% cash I ended up with 86.975%.

[davebowler] 27/4/2021 16:22

Following the passing of the special resolutions put forward at the Company's
First General Meeting and Second General Meeting, the Board of the Company is
pleased to announce that as at the Calculation Date and calculated in
accordance with the terms of the Scheme as set out in the circular published by
the Company dated 30 March 2021 (the "Circular"):

* the IIGT FAV per Share is 299.96 pence (being the amount per Share for
those IIGT Shareholders having elected, or deemed to have elected, for the
Rollover Option);

* the IST UK FAV per Share is 183.89 pence (being the amount per IST UK
Equity Share used in determining the number of new IST UK Equity Shares to
be issued to those IIGT Shareholders having elected, or deemed to have
elected, for the Rollover Option);

* the conversion ratio is 1.63119256 new IST UK Equity Shares for each Share
elected, or deemed to have elected, for the Rollover Option; and

* the Cash Pool NAV per Share is 291.25 pence (being the amount per Share for
those IIGT Shareholders having elected, or deemed to have elected, for the
Cash Option).

Accordingly, for Shareholders that elected, or are deemed to have elected, for
the Rollover Option:

* each Share with "A" Rights will roll over into approximately 1.63119256 new
IST UK Equity Shares.

And for Shareholders that elected, or are deemed to have elected, for the Cash
Option:

* each Share with "B" Rights will entitle the holder to 291.25 pence in cash.

Applications have been made by Invesco Select Trust plc to the Financial
Conduct Authority and the London Stock Exchange for the listing and admission
to trading of the new IST UK Equity Shares to be effective at 8.00 a.m. on 26
April 2021.

[colonel a] 22/4/2021 13:26

Indeed we will.
I will be happy, if somewhat embarrassed, to be wrong.

[hittbe] 22/4/2021 11:10

colonel a,
I still see 64.1% as a minimum cash return for those electing, since 27,293,289 shares elected for cash so making 8,187,986 (@ 30%) leaving a further 9,317,902 to distribute to electing shares which would surely more than double their shareholders’ 30% allocation to 64.1%.

Your point 2 doesn’t seem to take into account that more than half of shareholdings have already taken the option of “no cash.”

I am “almost confident” that I will receive between 64.1% and 100% cash. I did, however, give myself a headache thinking it through yesterday so set up a spreadsheet to try to convince myself!

Oh well ... guess we'll find out soon ..

[colonel a] 22/4/2021 08:34

Hittbe,
I'm afraid that I think you are being too optimistic.
As I see it, the allocation ranges between two extremes.

1, which you have described in post 125, where all holders either elect for 100% cash or 100% roll-over.
This is the best option for those wishing for cash and should result in the 64% return.

2. Where all holders have elected for at least 30% cash, with an average of not quite 47% requested.
Clearly unlikely, but if this were the case then everybody would receive exactly 30%

So 64% is the best we can expect, I'll be pleased if it's above 50.

[hittbe] 21/4/2021 17:31

As I understand the process, the excess shares over the 30%
So ... 17,505,889 – (27,293,289 * 30%) = 9,317,902 shares
will be allocated to holders electing for more than 30% pro rata to their initial holding.

[wskill] 21/4/2021 15:25

Will this not depend on the individual stockbrokers holdings for clients.

[hittbe] 21/4/2021 13:22

Result of election:
Rollover 31,059,677 Shares
Cash 27,293,289 Shares

Based on these figures and there being a maximum of 17,505,889 shares available for the cash option, if everyone who elected for cash also elected for 100% cash then about 64.1% of cash options would be met. The actual percentage, for those electing for maximum cash, should therefore be higher ... but dependent on how many elections were made for part-cash. IMO (I think!)

[hittbe] 16/4/2021 16:21

Closing NAV yesterday was 298.82p so x 0.975 = 291.35p + div 8.35p so 299.7p
This is the approximate cash value for those taking up the cash option.

I decided to elect for maximum cash, hopefully much greater than the 30%.
My reasons being:
- Both IVI and IVPU have performed poorly over the past few years.
- The IVI discount to NAV has narrowed considerably since the transfer to IVPU was announced and I fear it widening again now this exit option is gone
So I’ve taken the view “Get out while the getting’s good!”

[wskill] 05/4/2021 14:02

I suppose that the revenue reserves should be paid to IVI shareholders did think that this was partly due to the special dividend at Ferguson,but probably not as this will not be paid until May .
Still very happy with management here they have some excellent long term shares Next a major holding Croda ,Ferguson even Pennon which will come good when they return cash to shareholders.
Do really hope that these types of companies stay in the new trust.

[davebowler] 01/4/2021 09:33

NAV as at close of business on 30-March-2021

NAV per Ordinary share (unaudited) with Debt at Par & Fair Value

EXCLUDING undistributed current year revenue 298.53p

INCLUDING current year revenue 298.53p

[hugepants] 28/3/2021 20:04

8.35p special dividend


still no date for the tender offer

[wskill] 16/3/2021 11:26

The largest holding in the fund Ferguson has declared a special dividend after the sale of UK ops a decent 5.7% holding certainly done well from the lows of last year .

[hugepants] 02/12/2020 12:57

Correct. Hoping someone would pick up on that.
Well done.

[north sea boy] 02/12/2020 12:53

100p out there HP, nav is 281.85

NSB

[hugepants] 02/12/2020 12:41

Todays nav is 181.85p. Say that's the NAV at the tender date it means the tender price would be 175p ie. 2.5% less than NAV. Usually not everyone tenders so should be able to tender more than the 30% minimum but maybe not that much more.