Invesco Asia Trust (IAT) has competed its merger with Asia Dragon Trust (DGN) after Asia Dragon shareholders approved the combination yesterday.
Invesco Asia Trust has acquired around £544m of assets from DGN in consideration for the issue of 142,619,864 new shares to DGN shareholders.
The number of new shares to be issued was calculated based on an IAT FAV per share of 381.343834 pence and a DGN FAV per share of 464.180111 pence, producing a conversion ratio of approximately 1.217222 new shares for every Asia Dragon share rolling over.
Following the issue of the new shares, the enlarged company’s share capital will consist of 217,619,745 ordinary shares, of which 10,468,594 are held in treasury.
The company will change its name to Invesco Asia Dragon Trust plc and the company’s ticker code will change from IAT to IAD. The change of ticker code will take effect from today when trading in the new shares commences and the change of name will take effect following receipt of the requisite confirmation from the Registrar of Companies which is expected to be received in the coming weeks.
