11th Jun 2018 14:10
LONDON (Alliance News) - Invesco Perpetual Enhanced Income Ltd on Monday asked shareholders to vote against a requisition by Invesco Perpetual and by Practical Investment Fund, saying it is against their interests.
The company said Invesco Perpetual and Practical Investment Fund served a requisition asking to replace Chairman Donald Adamson and Chairman Richard Williams with Hazel Adam and Howard Myles. A vote will be held at Invesco Perpetual Enhanced's extraordinary general meeting in Jersey on July 20.
Invesco Perpetual said it started negotiating the fees of investment manager Invesco back in November, but Invesco resigned as investment manager to the fund in April.
Then in May, the company said it received the requisition demanding removal of Adamson and Williams. However, Invesco said it does not understand the purpose of, and need for this request.
Invesco Perpetual Enhanced Income said it believes Invesco Perpetual and Practical Investment Fund are seeking to disrupt the tender process for a new investment manager.
"The strong proposals received by the board from a number of high-quality potential managers demonstrate the untenable nature of Invesco's position. Every proposal received would result in lower management costs as compared to what it currently pays" the fund said.
Shares in Invesco Perpetual Enhanced Income were trading 0.9% lower at 72.38 pence each on Monday afternoon.
Related Shares:
IPE.L