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Share Name Share Symbol Market Type Share ISIN Share Description
Invesco Enhanced Income Limited LSE:IPE London Ordinary Share GB00B05NYM32 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 73.80 72.80 74.80 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 8.9 7.9 4.5 16.3 128

Invesco Enh Inc Results of Scheme

19/05/2021 2:45pm

UK Regulatory (RNS & others)


 
TIDMIPE 
 
19 May 2021 
 
                        Invesco Enhanced Income Limited 
 
                               Results of Scheme 
 
Further to the publication of the circular dated 22 April 2021 (the "Circular") 
relating to the proposed merger with City Merchants High Yield Trust Limited (" 
CMHY") to be effected by way of a shareholder approved contractual scheme of 
reconstruction (the "Scheme"), the Board of Invesco Enhanced Income Limited (" 
IPE" or the "Company") is pleased to announce that the Company will transfer 
approximately £130.2 million of net assets to CMHY under the terms of the 
Scheme in consideration resulting in the issue of 66,836,392 New CMHY Shares. 
The number of New CMHY Shares to be issued was calculated based on a Company 
FAV per Share of 74.6470 pence and a CMHY FAV per Share of 194.8580 pence, 
producing a conversion ratio of approximately 0.383084, each calculated in 
accordance with the Scheme. As set out in the Circular, the New CMHY Shares 
which would otherwise be issued to Restricted Shareholders pursuant to the 
Scheme will instead be issued to the Liquidators as nominees on behalf of such 
Restricted Shareholders who will arrange for such shares to be sold promptly by 
a market maker. The proceeds of such sales will be paid to relevant Restricted 
Shareholders entitled to them within ten Business Days of the date of sale, 
save that entitlements of less than £5.00 per Restricted Shareholder will be 
retained by CMHY for its own account. 
 
Applications have been made for the New CMHY 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 20 May 2020. 
 
Applications have also  been made for the existing Ordinary Shares in the 
Company to be suspended and cancelled from the premium segment of the Official 
List of the Financial Conduct Authority and trading on the main market for 
listed securities of the London Stock Exchange (together, "Cancellation"). It 
is expected that Cancellation will take place at 8.00am on 20 May 2020. 
 
No value shall be attributable to Ordinary Shares held in treasury by the 
Company. Fractions of New CMHY Shares will not be issued under the Scheme and 
entitlements to such New CMHY Shares will be rounded down to the nearest whole 
number. Any assets representing a fraction of the entitlements of holders of 
Ordinary Shares and whose holding of New CMHY Shares is rounded down shall be 
retained by CMHY and represent an accretion to its assets. 
 
Capitalised terms used but not defined in this announcement will have the same 
meaning as set out in the Circular unless the context otherwise requires. 
 
For further information please contact: 
 
JTC Fund Solutions (Jersey) Limited 
+44 (0) 15 3470 0000 
 
Hilary Jones 
 
Invesco Asset Management Limited 
+44 (0) 20 3753 1000 
 
Will Ellis 
 
Guy Short 
 
J.P. Morgan Cazenove (Financial Advisor to IPE)+44 (0) 20 7742 4000 
 
William Simmonds 
 
Alexis Owuadey 
 
Important Information 
 
The person responsible for arranging for the release of this announcement on 
behalf of IPE is Hilary Jones of JTC Fund Solutions (Jersey) Limited. 
 
 
 
END 
 
 

(END) Dow Jones Newswires

May 19, 2021 09:45 ET (13:45 GMT)

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