Share Name Share Symbol Market Type Share ISIN Share Description
Invesco Perpetual Enhanced Income 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
  +0.00p +0.00% 75.70p 74.60p 76.80p 75.70p 75.50p 75.70p 266,458 11:00:28
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 7.5 6.5 4.5 16.8 124.52

Invesco Perpetual Income Share Discussion Threads

Showing 51 to 73 of 75 messages
Chat Pages: 3  2  1
DateSubjectAuthorDiscuss
22/5/2018
08:33
Just in case anyone had missed yesterday's after hours announcment of results:- https://www.investegate.co.uk/invesco-perp-enh-inc--ipe-/rns/half-year-report/201805211648507811O/ In which, amongst other things, this was said:- Termination of Management Agreement Shareholders will be aware of the announcement released by the Company on 23rd April 2018 stating that Invesco had decided to step down from the management of the Company. The announcement also acknowledged the good service provided to the Company by Invesco over the years. I would like to take this opportunity to provide some further context around this development and the Board's role in relation to it. It is a key responsibility, indeed, duty of an independent board to keep the commercial terms under which the investment manager is engaged under review to ensure that they fairly reflect current market circumstances and practice. This is precisely what your Board has been doing. Shareholders will also be aware that the Directors together own 1,282,227 shares in the Company providing strong alignment with shareholders' interests generally. In reviewing the terms of the investment management agreement which were last changed in 2014, the Board has noted the following particular matters: i) The elevated level of the high yield market has created an environment where costs inevitably absorb an increasing proportion of gross returns. The results for this period demonstrate the point. Investment management costs constitute the largest proportion of total costs. ii) A detailed review of fee structures for comparable vehicles, supported by our advisers, demonstrated that since 2014 commercial terms for managers have been moving distinctly to favour shareholders more. In addition, performance fees have been eliminated by many investment companies. iii) The FCA review of the asset management industry has made it very clear to those charged with the governance of investment vehicles that they must be able to satisfy themselves that investment management fees represent good value for money for investors. Having taken relevant advice and carried out detailed research, the Board concluded that the current arrangements with Invesco needed to be adjusted. A further point in tackling the Company's cost structure rests on the improvement to dividend cover which cost reductions can be expected to make. This will improve the long term sustainability of the income which can be offered. This point is particularly relevant in that our dividend is not currently fully covered by earnings albeit that the Company has significant levels of revenue reserves. The Board and the Management Engagement Committee sought to reach a suitable accommodation with Invesco which we believed would reflect current market conditions. Despite detailed efforts by the Board and its advisers over an extended period, it was not possible to reach a satisfactory agreement and Invesco decided to step down and have subsequently declined an invitation to participate in the investment manager replacement process described below. Invesco will continue to manage the portfolio until a replacement is appointed under the 12 month notice period provided under the existing agreement. Investment Manager Recruitment Process The Board and its advisers believe that improved terms from suitably qualified managers will be available in the market. JP Morgan Cazenove has been retained to co-ordinate this process and I am able to confirm that in addition to the planned approaches being made to a number of leading bond managers, significant unsolicited interest from a variety of experienced bond managers has already been expressed and will be considered as part of the detailed process being carried out. Board Composition Had negotiations with Invesco, which commenced in November of last year, been successfully concluded it would have been my intention to retire from the Board. However, given the difficulties experienced I have remained as Chairman in order to see this very important matter completed in the interests of all shareholders. In any event, I will stand down on or before the next Annual General Meeting of the Company Outlook The market outlook is as earlier described. The Board is optimistic that with the recruitment of a high quality and experienced bond manager and a lower cost structure, the prospects for the future will be significantly improved with enhanced dividend cover and higher net returns for any given level of portfolio return. Donald Adamson
cwa1
22/5/2018
07:31
Requisition for a General Meeting - HTTPS://www.investegate.co.uk/invesco-perp-enh-inc--ipe-/rns/requisition-for-a-general-meeting/201805220700077968O/ Invesco Perpetual Enhanced Income Limited (the "Company") announces that it has received a requisition on behalf of shares the Board understands are managed by Invesco Perpetual, Practical Investment Fund and GAM Star Credit Opportunities GBP. The shares are held by Bank of New York (Nominees) Limited, on behalf of Invesco Perpetual and Practical Investment Fund, and GAM Star Credit Opportunities GBP. The requisition requires the directors to call a general meeting of the Company's shareholders. The object of the general meeting is to consider certain resolutions. First, that Mr. Donald Adamson, Chairman, and that Mr. Richard Williams, Chairman of the Management Engagement Committee, be removed as directors of the Company. Second, that Ms. Hazel Adam, and that Mr. Howard Myles, be appointed as directors of the Company. No further resolutions or specific proposals were provided. The Company will send a notice convening a general meeting to its shareholders in due course. The process previously announced by the Board to seek proposals from potential alternative managers of the Company continues unaltered. Shareholders are recommended to take no further action at this time.
speedsgh
11/5/2018
21:36
I've been picking a few up down here, on the expectation of the managers being re-instated.
tiltonboy
11/5/2018
12:24
Tim...I'm in that. I wanted a fund with similar investments as IPI
petewy
11/5/2018
10:50
Hi petewy Have you looked at NYCF,consistent dividend I bought in recently. hxxps://quoteddata.com/2018/03/cqs-new-city-high-yield-conservative-boring/?utm_medium=email&utm_campaign=New%20City%20High%20Yield%20-%20QD&utm_content=New%20City%20High%20Yield%20-%20QD+CID_5ab59e993e1cbb0691c892eaf463dcf0&utm_source=&utm_term=view%20report
tim 3
11/5/2018
09:01
I got out this morning. Any similar fund recommended? Help gratefully received
petewy
01/5/2018
12:08
This is actually the lowest premium since January 2014.However, the current coupons are being replaced by lower yielding ones, which could reduce the income. In addition, shareholders will vote next year whether to continue with the fund or close it down. While it trades at a premium it makes sense to vote for it to continue, but with the premium now around 2%, that could change if it becomes a discount.
andyj
01/5/2018
09:54
It is an interesting situation. Often a board gets slated for giving the manager a free ride. If tilts is right, in this case the board could be slated for holding the manager to account. No pleasing some folk!
mad foetus
01/5/2018
09:44
I think Invesco will be re-engaged, and the board sacked.
tiltonboy
01/5/2018
09:25
A small premium on a fund like this is of no great concern. They have 12 months to find a new manager.
rcturner2
01/5/2018
09:14
Seems brave to buy at a premium when you don't know who the manager will be.
mad foetus
01/5/2018
09:12
Do you think you've caught the bottom ?
my retirement fund
01/5/2018
08:44
I have bought back in today.
rcturner2
23/4/2018
12:22
but was priced at well over NAV for a while ?
mister md
23/4/2018
11:27
WOW some effing battering today, just on a management change
nerja
03/4/2018
13:02
Dividend Declaration (26/3) - HTTPS://www.investegate.co.uk/invesco-perp-enh-inc--ipe-/prn/dividend-declaration/20180326102728P54A3/ HEADLINE: 2nd Interim Dividend The Directors of the Company are pleased to announce the 2nd interim dividend, in respect of the period from 1 January 2018 to 31 March 2018, of 1.25 pence per Ordinary share. This dividend will be paid on 30 April 2018, to shareholders on the register on 6 April 2018. Shares will be quoted ex-dividend on 5 April 2018.
speedsgh
12/3/2018
17:10
HTTPS://www.invescoperpetual.co.uk/uk/products/invesco-perpetual-enhanced-income-limited excerpt from Factsheet (as at 31/1/18)... Market and economic review European high yield bond markets began the year with positive returns. The financial sector was the best performing part of the European market while in the US utility companies delivered the highest return. The premium over government bonds that European high yield companies need to pay to borrow fell from 294 basis points (bps) at 31 December 2017 to 267bps at 31 January 2018. Barclays report that European currency high yield bond issuance was 40% lower than for January 2017 with €3.6bn of new supply this month. Issuers continued to push the envelope on what can be achieved in the new issue market. However, there was push back on some deals. For example, British debt recovery company, the Lowell Group and Swiss vending machine manufacturer, Selecta were both forced to strengthen credit protections within bonds they were offering to the market. Portfolio review The portfolio holds a core (around 34%) of non-financial high yield corporate bonds, focused on seasoned issuers that we consider have a low likelihood of default. In addition, we have significant exposure to areas of the market, which we believe offer relatively attractive yield. Approximately 20% of the portfolio is invested in bank capital, predominantly in the debt of large European banks. We also have around a 10% allocation to subordinated bonds in the insurance sector. Elsewhere we have holdings in nonfinancial corporate hybrid capital instruments. (These are bonds with some equity like characteristics). These instruments are held across various sectors including telecoms and utilities. We currently use borrowing to try to enhance the portfolio’s income. This means we can hold quality corporate bonds to achieve our income objectives. As at 31 January borrowing was 22% of the NAV.
speedsgh
03/6/2017
15:27
Good rise in share price over the past few months, but it looks a little frothy for me. I don't see much upside but more downside currently. However, IPE has done me well over the last year.
warrior boy
05/4/2017
20:22
Yes, Probably time to pile in for some more!
noiseboy
04/4/2017
07:21
They seem to be very late announcing dividend this quarter?
noiseboy
04/1/2017
14:33
Nudging higher
badtime
19/8/2016
10:50
We're on the wrong thread {apologies}, but yes, BIST has tanked since they announced suspension of buybacks. It's NAV has held steady, can't get any at 111p currently will will keep watching.
colonel a
19/8/2016
10:46
That trust is under review though, isn't it? Not sure I would want to buy with that uncertainty.
rcturner2
Chat Pages: 3  2  1
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