Green light for City Merchants High Yield trust and Invesco merger

£130m in net assets to be acquired

James Baxter-Derrington
clock • 1 min read

The boards of City Merchants High Yield Trust (CMHY) and Invesco Enhanced Income (IPE) have both passed all resolutions, allowing the proposed merger of the trusts to go ahead.

Invesco Bond Income Plus (BIPS), as the merged bodies will be known, will see CMHY gain £130.2m in net assets from IPE under the terms of the merger and the of issue 66,836,392 shares valued at 74.65 pence per share from IPE and 194.86 pence per share from CMHY. City Merchants High Yield and Invesco Enhanced Income boards propose merger These new shares will be issued to liquidators on behalf of restricted IPE and CMHY shareholders, who will pay the proceeds of the sales to the relevant shareholders within ten business days of the sale. Following this, BIPS' share capital will cons...

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