29th May 2018 12:21
LONDON (Alliance News) - Invesco Perpetual Enhanced Income Ltd on Tuesday said it has received a "significant" number of applications to serve as the company's new investment manager.
A recruitment process was begun after its incumbent investment manager Invesco Fund Managers Ltd "unexpectedly" resigned in mid-April.
Invesco Perpetual said almost all applications were from "household" names in the asset management industry, with fees proposed ranging from 0.35% to 0.83% of net assets. This compares to 0.93% for 2017.
As a result all proposals would result in lower costs for the company, and Invesco Perpetual said a consequence could be that dividend cover be fully restored.
On Tuesday last week, the company received a meeting requisition on behalf of shares owned by Bank of New York (Nominees) Ltd seeking to remove Chairman Donald Adamson from his position. Further, the shareholder wants to appoint Hazel Adam and Howard Myles as directors.
Invesco Perpetual said Tuesday the requisition is "particularly unhelpful" given its current situation.
Shares were down 0.2% on Tuesday at 74.56 pence each.
Related Shares:
IPE.L