REG-Invesco Perp Sel Tst: Update re combination with IVI

Invesco Select TrustAnnouncement

08/02/2021 07:05

Invesco Perpetual Select Trust plc (“IVP”)
LEI: 549300JZQ39WJPD7U596

Update re combination with Invesco Income Growth Trust plc (“IVI”)

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 manager of IVPU,
alongside Ciaran Mallon as joint managers of the enlarged UK Equity portfolio.
Ciaran and James are the joint managers of Invesco’s largest UK Equity UCITS
funds, having been appointed in 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          

Investec Bank plc
                                       
+44 (0) 20 7597 4000
David Yovichic
Tom Skinner
Denis Flanagan



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