Invesco Perpetual Uk Sma... Share Discussion Threads

[keyno] 19/7/2024 13:01

Further to its announcement on 22 May 2024, the Board is pleased to offer a return of capital to Shareholders in respect of up to 10 per cent. of the Company's issued shares (excluding treasury shares). The return of capital will be effected by way of an elective Special Dividend together with the cancellation of the shares on which the dividend is paid.

[brwo349] 19/7/2024 12:52

Shareholders may elect to receive the Special Dividend on a number of Shares in excess of their Basic Entitlement, but any such excess elections will be satisfied pro rata in proportion to the amount elected in excess of the Basic Entitlement (rounded down to the nearest whole number of Shares), to the extent that other Shareholders elect to receive the Special Dividend on a number of Shares which is less than their aggregate Basic Entitlement, or do not elect to receive the Special Dividend at all.

[carpingtris] 19/7/2024 12:30

Isn't the limit 10% of your holding?

[brwo349] 19/7/2024 11:22

nav just out of 526p so if that was the nav on the record date then the tender price would be 97.5% of that which would be 513p.

[brwo349] 19/7/2024 11:15

There is no limit to the number of shares you can tender for the special dividend which imo is a bonus.

[2wild] 19/7/2024 10:51

Very convoluted. Buying back shares for cash and paying in the form of a dividend for some obscure reason.

[keyno] 19/7/2024 10:34

My gut feeling is to do nothing but I have not come across this type of thing before.

[brwo349] 19/7/2024 07:08

Invesco Perpetual UK Smaller Companies Investment Trust PLC
Return of Capital by way of a proposed elective Special Dividend


Subject to all conditions of the Special Dividend Offer being satisfied (or waived), Shareholders (other than Restricted Shareholders) will be entitled to receive the Special Dividend on a number of Shares up to their Basic Entitlement. The Basic Entitlement is such number of Shares, rounded down to the nearest whole number, as represents 10 per cent. of the Shares they held as at the Special Dividend Record Date. Shareholders may elect to receive the Special Dividend on a number of Shares in excess of their Basic Entitlement, but any such excess elections will be satisfied pro rata in proportion to the amount elected in excess of the Basic Entitlement (rounded down to the nearest whole number of Shares), to the extent that other Shareholders elect to receive the Special Dividend on a number of Shares which is less than their aggregate Basic Entitlement, or do not elect to receive the Special Dividend at all.

Under the Special Dividend Offer, all Shareholders will have the choice either to:

do nothing and therefore continue to hold all their Shares and benefit from any increase in capital value delivered by the Company's future investment performance, alongside any future income from regular dividends on their holding; or
elect to receive the Special Dividend, which will provide an opportunity to participate in the one-off return of funds by the Company, on the basis that they give up a part of their holding and the entitlement to future regular dividends on such part of their holding.
The Special Dividend will be paid to electing Shareholders in Sterling and in the same manner as other dividends paid by the Company, including for the purposes of UK taxation. Any Shareholder who is in any doubt about their tax position is recommended to seek appropriate independent professional advice without delay.

All Shareholders are being given the chance to elect to receive the Special Dividend. However, it is up to Shareholders to decide whether they wish to elect to receive the Special Dividend or not, and there is no obligation to do so. Shareholders may make this choice in the light of their own circumstances and individual tax considerations.

The amount of the Special Dividend per Share will represent an amount equal to 97.5 per cent. of the Net Asset Value per Share as at the Net Asset Value Certification Date (expected to be 6.00 p.m. on 17 September 2024). Shareholders should note that this date will be after the end of the Special Dividend election period, so Shareholders will not know the precise amount of the Special Dividend they will receive at the time that they make their elections. The Net Asset Value per Share will be calculated in accordance with the provisions set out in paragraph 3 of Part III of the Circular.

[2wild] 18/7/2024 14:47

The Directors of Invesco Perpetual UK Smaller Companies Investment Trust plc are pleased to declare a First Interim Dividend for the year ending 31 January 2025 of 3.85p per share (2024:3.85p), payable 30 August 2024 to ordinary shareholders on the register on 2 August 2024. The shares will be quoted ex-dividend on 1 August 2024.



Shareholders are reminded that the Company's dividend policy is to pay out all income earned within the portfolio and to enhance it annually through the use of realised capital profits with a target dividend yield of 4% of the year end (31 January) share price.

[2wild] 18/7/2024 09:51

Good point bitgold. although I think 40% is a bit optimistic. Picked up 500 at 446p this morning. Currently the top 10 holdings are up just over 1%, on average, so far today.

[bitgold] 17/7/2024 18:17

I'd guess that if and when this tender occurs, many will not cash in their 10%, leading to a very good deal where those in nominee accounts could cash in a lot more than 10% - say 30-40%

[its the oxman] 13/7/2024 08:54

Finally moving up, more catch up required here v similar trusts as discount remains excessive.

[2wild] 12/7/2024 13:16

Hopefully they are very gradually selling down 10% of the portfolio and will make an announcement once completed. Best done on the QT.

[brwo349] 12/7/2024 12:00

It's almost 8 weeks since they released this so there should be an update soon.


Invesco Perpetual UK Smaller Co's Investment Trust Plc - Proposed Return of Capital
22/05/2024 4:01pm

Invesco Perpetual UK Smaller Companies Investment Trust PLC

Proposed Return of Capital

The Board of Invesco Perpetual UK Smaller Companies Investment Trust PLC (the "Company") announces that the Board intends to bring forward proposals after the upcoming annual general meeting to offer shareholders an elective return of capital for up to 10 per cent of the Company's issued share capital.

The Board is considering options for the structure of the return of capital, which may include an elective dividend. The pricing of the return of capital is expected to be at the prevailing NAV per share less 2.5 per cent., in order to defray the costs of such an exercise.

The Board will be writing to shareholders as soon as reasonably practical with further details.


For further information, please contact:

James Poole/Naomi Rogers
For and on behalf of Invesco Asset Management Limited
Corporate Secretary to Invesco Perpetual UK Smaller Companies Investment Trust plc
Email: [e-mail]
[phone]

Will Ellis
Head of Specialist Funds - Invesco
Email: [e-mail]
[phone]
22 May 2024

[2wild] 12/7/2024 11:37

524p Including lunchtime games. Almost topped up myself today. Decided to buy 5000b SEIT at 63..08p instead. On 9.9% dividend yield and 30% discount nav. Adifferent type of trust into energy efficiency projects.

[brwo349] 12/7/2024 10:43

NAV 522p now. I'm still topping up.

[brwo349] 11/7/2024 10:28

NAV up to 516p. I've added 1,500

[chc15] 10/7/2024 18:41

Ok, interesting. I sold out of this last month for higher, the share price just doesn't move. I may buy back in, am monitoring.

[2wild] 10/7/2024 13:54

Obviously depends on whether you think discounts will narrow or increase.

When discounts were narrow, with many ITs trading above nav, on premiums, it made sense to switching to ETFs or Unit trust. now is a good time to do exact opposite, as discounts narrow. It's easy to think disscounts will remain wide forever. But they never do. They always come in eventually.

[brwo349] 10/7/2024 13:43

Not when there is a 10% capital return coming. I think this alone will reduce the discount to net assets value to under 10%

[chc15] 10/7/2024 13:38

Any MSCI World tracker, ishares,hsbc. Total return smashes this dog.

[brwo349] 10/7/2024 12:38

what etf do you recommend? what's the ticker.

[chc15] 10/7/2024 12:08

Don't waste yr money on this dog of a trust, it will never get close to nav. Much better off in an etf tracker.

[2wild] 08/7/2024 11:52

Yep NAV 512.7p at Fridays close.
At 430p discount is 16 1%.

[2wild] 05/7/2024 15:06

Good call brwo3494. Yesterday's closing NAV was 506.4p and perhaps 512p with today's gains.