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.