Invesco to merge Income Growth Trust with IP Select UK Equity

Ciaran Mallon named manager

Invesco will merge the £139m Invesco Income Growth Trust (IVI) into its £43m Invesco Perpetual Select Trust's UK Equity (IVPU) portfolio.

IVI will be rolled into IVPU by way of a scheme of reconstruction, with IVI shareholders able to opt for a rollover and to receive shares in IVPU, or to realise a proportion of their holding in IVI for cash. Those who choose the latter will receive the cash equivalent of a 2.5% discount to underlying net asset value (NAV) per share with the cash option limited to 30% of issued share capital. Ciaran Mallon, current manager of IVI, will be named manager of IVPU, with the fund's investment objective and policy changing to reflect IVI's current investment objective and policy. Butcher'...