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IVI disappearing soon

Closed-end funds and OEICs
Dod101
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Re: IVI disappearing soon

#403888

Postby Dod101 » April 13th, 2021, 2:00 pm

The latest circular dated 30 March tells shareholders that 'they should be able to roll over their share into IST without triggering any requirement to be CGT. Sorry I cannot find a way to post the link but shareholders ought to read the circular(s) It also tells us that the receiving trust is proposing to alter its investment objects. I have not bothered to look because I have no interest in either of the Trusts.

It can all be found on the Invesco site.
Dod

buffetlunch
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Re: IVI disappearing soon

#407397

Postby buffetlunch » April 27th, 2021, 4:57 pm

I wonder if any other holders have been allocated their rollover shares yet? My broker has had my holding of IVI frozen since last Friday but no sign of my new shareholding as yet.

Instep
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Re: IVI disappearing soon

#407704

Postby Instep » April 28th, 2021, 2:59 pm

https://uk.finance.yahoo.com/news/inves ... 00919.html

Invesco Income Growth Trust Plc - Statement re Scheme Entitlements
23 April 2021

Scheme Entitlements

Following the passing of the special resolutions put forward at the Company's First General Meeting and Second General Meeting, the Board of the Company is pleased to announce that as at the Calculation Date and calculated in accordance with the terms of the Scheme as set out in the circular published by the Company dated 30 March 2021 (the "Circular"):

the IIGT (IVI) FAV per Share is 299.96 pence (being the amount per Share for those IIGT Shareholders having elected, or deemed to have elected, for the Rollover Option);

the IST UK FAV per Share is 183.89 pence (being the amount per IST (Invesco Select Trust) UK Equity Share used in determining the number of new IST UK Equity Shares to be issued to those IIGT Shareholders having elected, or deemed to have elected, for the Rollover Option);

the conversion ratio is 1.63119256 new IST UK Equity Shares for each Share elected, or deemed to have elected, for the Rollover Option; and

the Cash Pool NAV per Share is 291.25 pence (being the amount per Share for those IIGT Shareholders having elected, or deemed to have elected, for the Cash Option).

Accordingly, for Shareholders that elected, or are deemed to have elected, for the Rollover Option:

each Share with "A" Rights will roll over into approximately 1.63119256 new IST UK Equity Shares.


And for Shareholders that elected, or are deemed to have elected, for the Cash Option:

each Share with "B" Rights will entitle the holder to 291.25 pence in cash.


Applications have been made by Invesco Select Trust plc to the Financial Conduct Authority and the London Stock Exchange for the listing and admission to trading of the new IST UK Equity Shares to be effective at 8.00 a.m. on 26 April 2021.

Terms used and not defined in this announcement have the meanings given in the Circular unless the context otherwise requires.
My bold.

If you voted for cash, you have "B" rights.
Otherwise you have "A" rights and will get shares in Invesco Select Trust - UK Equity Share Portfolio (Ordinary Share) IVPU

I'm still not clear when this happens and neither Idealing or II have shed much light on the situation yet.

InStep

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Re: IVI disappearing soon

#407714

Postby buffetlunch » April 28th, 2021, 3:30 pm

Thanks for replying. The whole situation strikes me as odd in that shareholders opting for rollover are effectively taken out of the market with the original shares frozen but unable to trade the new shares from 26th April in accordance with the announcements.

I have tried to raise this with my broker Halifax Share Dealing and Invesco but to date have not made any progress.

buffetlunch
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Re: IVI disappearing soon

#407721

Postby buffetlunch » April 28th, 2021, 3:47 pm

I have just been advised by Halifax that they are still awaiting delivery of the line of stock from Invesco. They are going to chase it up apparently.

Arborbridge
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Re: IVI disappearing soon

#407752

Postby Arborbridge » April 28th, 2021, 5:28 pm

buffetlunch wrote:Thanks for replying. The whole situation strikes me as odd in that shareholders opting for rollover are effectively taken out of the market with the original shares frozen but unable to trade the new shares from 26th April in accordance with the announcements.

I have tried to raise this with my broker Halifax Share Dealing and Invesco but to date have not made any progress.


Does it matter to you? I can understand that for a tiny percentage of people, they may have woken up on the 26th thinking "Goodness, I must really trade those shares today!" and that would be inconvenient.

However, I'd expect those who wanted the rollover weren't intending to trade them and those who didn't want the rollover would already have sold in the market prior to this, so the number of people who sat on their hands and left it until the 26th must be really rather small.

Yes, one might say that it's a matter of principle, but really: does it matter?
For what it's worth, I haven'y bothered to even look and I've no doubt it'll pop in to the account in due course. I don't feel "out of the market" because I was never intending to dabble the market anyway.

Arb.

buffetlunch
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Re: IVI disappearing soon

#407763

Postby buffetlunch » April 28th, 2021, 5:58 pm

It might not matter to you for the reasons outlined. It matters to me in that no shareholder should ever be deprived of the right to trade their shares.

buffetlunch
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Re: IVI disappearing soon

#408070

Postby buffetlunch » April 29th, 2021, 2:28 pm

Crikey .What a charmer .

Arborbridge
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Re: IVI disappearing soon

#408095

Postby Arborbridge » April 29th, 2021, 3:48 pm

buffetlunch wrote:Crikey .What a charmer .


What a worrier ;)

I notice the "change" has happened in my portfolio now. Hopefully yours has too and you can stop worrying.

Whether I will hold on to IVPU I will decide in the fullness of time: there's no hurry.


Arb.


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