INVESCO PERPETUAL SELECT TRUST PLC

LEI: 549300JZQ39WJPD7U596

Headline:     Conversion of Shares

The Board of Invesco Perpetual Select Trust plc (the ‘Company’) announces that valid Conversion Notices have been received in respect of:

8,612 UK Equity Shares
5,126 Global Equity Income Shares
146,663 Balanced Risk Allocation Shares
703,644 Managed Liquidity Shares

The respective Conversion Ratios were as follows:

-     For every UK Equity Share converted, holders will receive 0.763394 Global Equity Income Shares, 1.032403 Balanced Risk Allocation Shares or 1.595131 Managed Liquidity Shares;

-     For every Global Equity Income Share converted, holders will receive 1.309940 UK Equity Shares, 1.352386 Balanced Risk Allocation Shares or 2.089525 Managed Liquidity Shares;

-     For every Balanced Risk Allocation Share converted, holders will receive 0.968614 UK Equity Shares, 0.739434 Global Equity Income Shares or 1.545065 Managed Liquidity Shares;

-     For every Managed Liquidity Share converted, holders will receive 0.626908 UK Equity Shares, 0.478578 Global Equity Income Shares or 0.647222 Balanced Risk Allocation Shares.

The Conversion Ratios, which will be effective on 1 February 2021, are based on the relative net asset values of the Company’s Share classes as at close of business on 21 January 2021.

Individual Shareholders’ entitlements on conversion on 1 February 2021 will be rounded down to the nearest whole number of Shares. Fractional entitlements will be aggregated and sold in the market. The Shares arising or allotted pursuant to the conversion will rank pari passu with the existing Shares of the relevant class and, for the avoidance of doubt, will not rank for the dividends declared on 11 December 2020 in respect of the UK Equity and Global Equity Income Shares.

The net changes to the number of shares outstanding following the conversion and allotments are as follows:

+575,172 UK Equity Shares
+2,966 Global Equity Income Shares
-143,595 Balanced Risk Allocation Shares
-701,812 Managed Liquidity Shares
+269,612 Deferred Shares

Based on shares in issue on 21 January 2021 calculation date, following the conversion, the total number of listed Shares in issue (excluding shares held in treasury) will be:

27,446,892 UK Equity Shares
25,559,988 Global Equity Income Shares
4,229,911 Balanced Risk Allocation Shares
1,818,871 Managed Liquidity Shares

The Company has applied for the following numbers of Shares arising or allotted pursuant to conversion to be admitted to the Official List and to trading on the London Stock Exchange:

583,784 UK Equity Shares
8,092 Global Equity Income Shares
3,068 Balanced Risk Allocation Shares
1,832 Managed Liquidity Shares

Dealings in such shares are expected to commence at 8.00 a.m. on 2 February 2021. It is expected that Certificates in respect of the Resulting Shares will be posted by 15 February 2021.

The Deferred Shares arising on the conversion will be cancelled.

All as formally approved by the Board on 29 January 2021.

The remaining conversion dates for 2021 are set out below. Elections for conversion must be received by close of business ten days prior to the respective conversion date. Where that day is not a business day, elections by way of CREST must be transmitted and properly authenticated by 6.00pm on the last preceding business day. Written elections will be accepted if received by the first post on the following business day.

Conversion Date Date by which elections for conversion must be received
4 May 2021 24 April 2021
2 August 2021 23 July 2021
1 November 2021 22 October 2021

Instructions on how to convert Shares on any conversion date are available on the web pages of all the share classes on the Investment Manager’s website: www.invesco.co.uk/investmenttrusts and from the Company Secretary.

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29 January 2021

Contact:        Paul Griggs    020 3753 1000

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