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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Inv.Perp.Sel Hd | LSE:IVPH | London | Ordinary Share | GB00B1DQ6696 | HEDGE FD SHS 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 90.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Invesco Perpetual Select Trust plc (`the Company') HEADLINE: Proposals for authorisation to allot New Shares of 1p each The Company has today published a circular (`the Circular') with details of recommended proposals for authorisation to allot New Shares of 1p each. Capitalised terms in this announcement have the same meaning as set out in the Circular. Introduction In the Company's prospectus dated 13 October 2006, the Directors expressed a view that the structure of the Company, which gives investors the opportunity to switch between different classes of shares is likely to be attractive to a wide range of investors. The Directors continue to hold this view and believe that it is in the Company's interests to be able to issue further shares from time to time when opportunities arise. The Proposals The Company is seeking authority to issue up to 400 million New Shares and to disapply pre-emption rights over a number of Shares equivalent to the current issued share capital of the Company. The disapplication of pre-emption rights will apply for a period of 5 years from the date of the EGM. At the Company's annual general meeting on held 19 September 2007, Shareholders approved the issue of Shares representing up to one third of the issued share capital of each class of Shares and disapplied pre-emption rights over 5 per cent. of the issued share capital of each class of Shares. The Proposals seek to revise those amounts in order to permit the Company to issue New Shares in a timely manner when there is demand for them. In putting forward the Proposals the Board has been mindful of the following: * any restriction on the Company's ability to issue New Shares during periods of demand is likely to have a significant effect on any premium to NAV at which the Shares are available in the secondary market; and * the cost and time involved in convening extraordinary general meetings of the Company in order to renew the Board's share issuance authorities. The authority will be used from time to time to issue New Shares to existing Shareholders and new investors at the discretion of the Directors and at times when the Directors consider it in the best interests of existing Shareholders. The Board's current intention is that New Shares will only be issued on terms which, after the payment of the costs of the issue and costs of investing the proceeds of the issue, will not dilute the interests of existing Shareholders. The Proposals are conditional upon the resolutions set out in the Notice of Extraordinary General Meeting being approved by Shareholders. Reasons for the Proposals The Directors consider that it is in the best interests of the Shareholders as a whole that the price of the Shares reflects, as closely as possible, the NAV per Share. The Directors consider that the issue of New Shares will help to manage the volatility of any premium to NAV at which the Shares may trade. In addition, the Directors consider that the issue of New Shares may lead to: * the Company potentially being able to meet demand from Shareholders and new investors for New Shares; * a broadening of the Shareholder base which should improve the liquidity in the market for Shares; and * the Company's costs being spread over a greater number of Shares, which should result in the Company's total expense ratio reducing. Enquiries Invesco Asset Management Limited Angus Pottinger 020 7065 3714 Winterflood Investment Trusts Jane Lewis 020 3100 0295 20 March 2008 END
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