Invesco has retained 55% of assets in the £33m Invesco Tokyo Trust, with 45% electing to take cash a...
Invesco has retained 55% of assets in the £33m Invesco Tokyo Trust, with 45% electing to take cash at a second extraordinary general meeting to vote on resolutions for the reconstruction of the trust.
Those who remained invested with Invesco chose between the Perpetual Japanese Trust which invests in a diversified portfolio of quoted Japanese securities and is managed by Paul Chesson, and the newly created Japan Alpha fund. Alpha is an open-end fund incorporated in Ireland that invests in equity and equity-related securities of companies established or operating in Japan.
'The fact most of the investors in this trust have elected to stay invested in Japan with Invesco is a big vote of confidence,' said deputy chief executive of Invesco Institutional Graeme Proudfoot.
'We believe the current average retention rates for reconstruction of trusts are for the great majority to opt for cash. Therefore 55% retention is an unusually high amount in the current climate.'
Invesco Tokyo Trust warrant holders will receive new warrants in the £28.3m Perpetual Japanese Trust, which has returned -31.7% over the 12 months to October 21 on a mid-to-mid basis, against a Japan sector average of -34.6%.
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