City Merchants High Yield to acquire £130m from Invesco Enhanced Income – The board of City Merchants High Yield has announced it will acquire approximately £130.2m of net assets from Invesco Enhanced Income in relation to the merger of the two trusts, announced earlier this year. 66,836,392 are to be issued, which was calculated on a FAV per IPE share of 74.64 pence and a FAV per CMHY share of 194.85 pence, producing a conversion ratio of 0.38. New shares which would otherwise be issued to restricted IPE shareholders pursuant to the scheme will instead be issued to the liquidators as nominees on behalf of such shareholders, who will arrange for those shares to be sold by a market maker. The proceeds will be paid to relevant restricted IPE shareholders.
Heads of terms were signed in March, which revealed the enlarged entity will be renamed Invesco Bond Income Plus, as reported by QuotedData.
CMHY : City Merchants High Yield to acquire £130m from Invesco Enhanced Income