REG-Invesco Inc Grth Tst: Update re combination with IVP

Invesco Select TrustAnnouncement

08/02/2021 07:05

Invesco Income Growth Trust plc (“IVI”)

Update re combination with Invesco Perpetual Select Trust plc (“IVP”)

In the announcement made on 1 December 2020 in respect of the proposed
combination of IVI with the UK Equity share class of IVP (the "Transaction"),
it was proposed that Ciaran Mallon, the current portfolio manager of IVI would
be appointed to manage IVP’s UK Equity Portfolio (“IVPU”) following
completion of the Transaction.

However, subsequent to the announcement, the Boards of IVP and IVI invited
Invesco to consider the appointment of James Goldstone, the current manager of
IVPU, alongside Ciaran Mallon as joint managers of the enlarged UK Equity
portfolio. Ciaran and James have jointly managed Invesco’s largest UK Equity
UCITS funds since May 2020, and have started to build an encouraging
performance record.

Accordingly Invesco presented a joint manager proposition for the enlarged
IVPU portfolio to the combined Boards of IVP and IVI. After due consideration
and discussion, it was agreed that Ciaran and James be confirmed as joint
managers of IVPU upon completion of the Transaction. Both Boards believe that
the two managers’ combined and complementary skills, with a disciplined
investment process, can deliver attractive returns for shareholders. 

The substantial UCITS funds, where the managers’ stock selection has been
limited to larger, more liquid investments, have outperformed their benchmark
since Ciaran and James were appointed. The smaller IVPU portfolio, held in an
investment trust, will give the managers freedom to invest across the size and
liquidity spectrum and to offer the prospect of a genuine ‘best ideas’
portfolio, clearly distinguished from their open-ended funds.

A circular and prospectus relating to the Transaction will be posted to
shareholders in due course.

5 February 2021

Enquiries:

Invesco Asset Management Limited          +44 (0) 20 3753 1000
Angus Pottinger
Will Ellis         

J.P. Morgan
Cazenove                                 +44
(0) 20 7742 4000

William Simmonds

LEI: 549300DI4285Q8ZFO135



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