IPE retail shareholders protest against Invesco board recommendations

Four-month long dispute comes to a close

A number of retail shareholders of the £124m Invesco Perpetual Enhanced Income trust have voted against all resolutions put forward by Invesco Perpetual, the trust's largest shareholder, at last week's extraordinary general meeting (EGM).

The EGM took place on Friday 20 July in Jersey, where the trust is domiciled, after being called for by Invesco Perpetual, which is its largest shareholder and investment manager. It was announced last month that fixed income stars Paul Read and Paul Causer, who have been managing the Invesco Perpetual Enhanced Income trust since 2004, will remain as its managers alongside Rhys Davies after months of negotiations with the board following a relationship breakdown, which led to the team announcing its resignation in April. The dispute was initially thought to be over performance fees wh...