Invesco Perpetual Enhanced Income agrees to EGM request – Invesco Perpetual Enhanced Income (IPE) has received requests from some of its largest institutional shareholders to hold an extraordinary general meeting.
The shareholders are Invesco Perpetual, Practical Investment Fund and GAM Star Credit Opportunities. The shares are held by Bank of New York (Nominees) Limited, on behalf of Invesco Perpetual and Practical Investment Fund, and GAM Star Credit Opportunities.
The resolutions
The object of the general meeting is for shareholders to consider two specific resolutions that will be put before them:
- that Mr. Donald Adamson, chairman, and that Mr. Richard Williams, chairman of the Management Engagement Committee, be removed as directors of the company
- that Ms. Hazel Adam, and that Mr. Howard Myles, be appointed as directors of the company.
At this stage, no other resolutions or specific proposals will be put forward but this may change.
The date of the meeting will be released by Invesco Perpetual Enhanced Income in due course.
Invesco Perpetual Enhanced Income recently reported that it was to part company with its current investment manager – click here to read that story
[QD comment: this dispute between the board and Invesco Perpetual, which is centred on what is the appropriate level of fees and the appropriate structure for the management fee, has just taken an unexpected turn. It looks as though Invesco might be using its stake to get itself reappointed at the old fee level. Will IPE’s other shareholders see the new directors as independent or as stooges of the management group? The independence of boards is a key strength of the investment company industry in our view. The presence of two other large investors on the requisition may help allay that fear somewhat – we are going to have to wait to see what the outcome of the EGM is.]
IPE : Invesco Perpetual Enhanced Income agrees to EGM request