Invesco Income Growth Share Discussion Threads

[frazboy] 24/11/2020 14:04

HP - could be, not sure. The buybacks have never really got going. At times in the last few weeks the discount has briefly (intraday) hit 18%. It's been a good rally so I've stepped out. Possibly not too wise as already have plenty of cash looking for a home, but I feel there will be opportunities here over the next few months.

[essentialinvestor] 20/11/2020 09:07

Looking for a move near £2.50

[hugepants] 20/11/2020 08:36

Discount is now over 16% fraz. Possibly buybacks have stopped because the company is now in a closed period before interims

[frazboy] 12/11/2020 08:40

Yep, HP, but twas always so! Https://www.trustnet.com/factsheets/t/bw13/invesco-income-growth-trust-plc The discount narrowed significantly in the expectation that the wind-up vote may have passed, but now it seems to be heading back to the mid-teens. It's never sustained a discount much above the current level (16% as I write), so that's a positive, I guess. And there is of course meant to be a share buyback programme - I don't know what happened to that!

[hugepants] 11/11/2020 13:26

The discount here is over 14% which looks high compared to the peer group eg EDIN is on a 7.5% discount.

[essentialinvestor] 28/9/2020 22:03

Had a few today zt 2.227 and 2.23.

[frazboy] 28/9/2020 20:01

Looking at the trades, I only count ~60,000. So, are they off-book. I've never understood this - anyone care to explain?

[essentialinvestor] 28/9/2020 17:56

Buyback started.

[frazboy] 25/9/2020 07:38

So, the vote for wind up was 20%. The number of shares which they have authority to buy back is a maximum of ~15% of the issued capital. Typical daily volumes are 50,000, so they have a maximum of 160 working days of supply - if no one else bought a share. There will clearly be keen sellers, some PI, and some, institutional, but I can't help but think (judging by my own view, obviously), that most folk will see the current valuations as on the low side so there won't be keen to sell at the current share price and discount. And of course we have a 5.5% dividend yield at the 220p mark to keep us on board. I look forward to seeing how this plays out in the next few days/weeks/months.

[north sea boy] 24/9/2020 15:20

Perhaps, but only if they start buying immediately at these low prices. Will be counter-productive if they wait till prices rise significantly again? Best wishes, NSB

[essentialinvestor] 24/9/2020 14:02

15% discount atm.

[essentialinvestor] 24/9/2020 11:05

Good move.

[frazboy] 24/9/2020 10:55

"The buyback may be funded from the Company's resources (including cash, portfolio sales and borrowing facilities)." I'm assuming the BB will mainly be funded from Portfolio sales but maybe a little more gearing too. It was 3% last time it was mentioned on the thread.

[essentialinvestor] 24/9/2020 08:44

Had a few this AM.

[essentialinvestor] 17/9/2020 13:56

Discount back to Over 14%.

[cousin jack] 15/9/2020 20:46

Today’s Citywire comment on the vote makes gloomy reading for those of us who hoped that at least the sizeable vote against continuation might bring about some change. hxxps://citywire.co.uk/investment-trust-insider/news/big-questions-for-invesco-income-growth-after-low-turnout-at-continuation-vote/a1401052?re=77974&ea=513123&utm_source=BulkEmail_Investment+Trust+Insider+Daily&utm_medium=BulkEmail_Investment+Trust+Insider+Daily&utm_campaign=BulkEmail_Investment+Trust+Insider+Daily

[wskill] 15/9/2020 07:06

Yes that is why I invested in ivi also do like the holdings will be hold ivi for the long term,also saw the same in egl they were out of favour for a long time also but came good after selling down the oil holdings. Pleased they did then concentrate on utilities after the sale made a very good profit there and invested here.

[essentialinvestor] 14/9/2020 16:00

Dont know the Manager personally and apologies if I gave that impression. IVI offers something a little different in terms of sector holdings, utilities being a heavy weighting. Also happen to like most of what they hold. If the % discount did push out again it may be worth a look.

[topvest] 13/9/2020 13:46

Well I am pleased to see continuation.

[cousin jack] 11/9/2020 08:41

I’ve held these for close to 5 years. Paid 275 so down 16% at the moment. However when I factor in dividends received I’m up 3% pa. That’s not too bad for as Lopsided indicates there have been many points over the period when the figures would be much better. However I voted against continuation as I felt a return of the capital at closer to NAV would enable me to take advantage of better income opportunities elsewhere ( such as current positions I’m building in L&G & N. Grid).The board has said it notes the vote against continuation so I hope they do so tangibly.

[aurelius5] 11/9/2020 05:08

Not sure where your info is coming from. The price rose Feb 2015 - Feb 2020. Maybe you to look at growth funds, not income funds.

[lopsidedgit1] 10/9/2020 18:38

It sounds like you know him personally so on what basis is it well deserved? Even before the corona virus the share price was down 30% over a 5 year period.

[essentialinvestor] 10/9/2020 18:28

Pleased for Ciaran, well deserved.

[toniopro] 10/9/2020 18:13

Continuation succeeded on back of large broker nominee accounts. 1607 Capital Partners are the largest shareholder with 14.5% and prob voted against. IMO, IVI will offer to buy in say 20 - 30% of shares near nav to get rid of 1607CP. If they don't then the discount will slide back over 15%

[frazboy] 10/9/2020 11:12

‘The Board is delighted by the shareholder support for the continuation of the Company while acknowledging the proportion of the vote against resolution 12. The Board will, as set out in the recent Chairman's Statement, assess with its advisors the votes cast and engage with shareholders as appropriate, to determine what, if any, action to take, Not sure they need to offer a sweetener with 80% for continuation?