IPRT Invesco Per Rec

 
TIDMIPRT 
 
Invesco Perpetual Recovery Trust 2011 plc (the "Company") 
 
                      Publication of winding-up circular 
 
                               29 September 2011 
 
The Company has today published a circular (the "Circular") setting out details 
of the proposed members' voluntary liquidation of the Company. 
 
The Articles require the Directors to convene a general meeting of the Company 
to be held not later than 27 October 2011 at which a resolution must be 
proposed requiring the Company to be wound up voluntarily (the "General 
Meeting"), unless the Directors are released from that obligation by special 
resolution passed not later than 31 July 2011. No such resolution releasing the 
Directors from their obligation has been passed. 
 
The Board has investigated potential options for a reconstruction of the 
Company to allow Shareholders to elect to roll over their investment into 
shares in another investment vehicle in a tax efficient manner as an 
alternative to cash. However, no such option has become available principally 
due to the costs involved and the uncertain level of take-up. Accordingly, the 
Board is proposing a straightforward winding-up whereby, on approval by 
Shareholders, the Company will be placed into members' voluntary liquidation 
and the surplus assets of the Company, after settlement of all liabilities, 
will be distributed to Shareholders in accordance with their respective 
entitlements under the Articles. 
 
The Board has taken steps to manage the realisation of the Company's portfolio 
in an orderly manner in the period leading up to the winding-up. As at 27 
September 2011, the latest practicable date prior to printing of the Circular, 
71 per cent. of the Company's portfolio comprised cash or near cash investments 
and the Board anticipates that the remainder of the portfolio will have been 
realised by the date of the General Meeting when the Company goes into 
liquidation, so that distributions to Shareholders will be in cash. 
 
Under the Articles, the Directors are required, prior to the General Meeting, 
to declare and pay a Final Interim Dividend to the holders of the Ordinary 
Shares of an aggregate amount equal to (as nearly as practicable and after 
making such provisions as the Directors shall consider appropriate), and no 
greater than, the amount of the Company's retained revenue reserves together 
with any undistributed net revenues of the Company arising in the financial 
year up to a date not earlier than 7 days prior to the date of the General 
Meeting. 
 
Based on their estimation of the Company's likely financial position as at the 
close of business on 26 October 2011, the Directors have declared a Final 
Interim Dividend of GBP0.57 million, equivalent to 3.55 pence per Ordinary Share. 
The Final Interim Dividend will be paid on 25 October 2011 to Ordinary 
Shareholders on the register of members at 5.00 p.m. on 7 October 2011. 
 
The Circular contains further details of the proposed winding-up including the 
entitlements of Shareholders, and incorporates a notice convening a General 
Meeting of Shareholders to be held at 11 a.m. on Thursday 27 October 2011 at 30 
Finsbury Square, London EC2A 1AG, at which approval for the members' voluntary 
liquidation of the Company will be sought. 
 
Terms used and not defined in this announcement bear the meaning given to them 
in the Circular. 
 
Expected Timetable 
 
Final Interim Dividend Record Date                     5.00 p.m. 7 October 2011 
 
Date from which it is advised that dealings in                  21 October 2011 
Ordinary Shares, ZDP Shares and Units should only 
be for cash settlement and immediate delivery of 
documents of title 
 
Payment of Final Interim Dividend                               25 October 2011 
 
Latest time for receipt of Forms of Proxy for the 11.00 a.m. on 25 October 2011 
General Meeting 
 
Latest time for delivery to Registrar of           5.00 p.m. on 26 October 2011 
documents of title relating to dealings in Shares 
and Units subject to cash settlement 
 
Register of members closes and Record Date for     6.00 p.m. on 26 October 2011 
participation in the liquidation 
 
Suspension of Ordinary Shares, ZDP Shares and      7.30 a.m. on 27 October 2011 
Units from trading on the London Stock Exchange 
and suspension of listing of Ordinary Shares and 
ZDP Shares on the Official List of the UK Listing 
Authority 
 
General Meeting and appointment of Liquidators    11.00 a.m. on 27 October 2011 
 
First and final distribution of Final Captial                   Week commencing 
Entitlement to ZDP Shareholders 
                                                                31 October 2011 
 
Expected first interim distribution to Ordinary                 Week commencing 
Shareholders 
                                                                31 October 2011 
 
All times referred to in this announcement are to times in the UK. 
 
A copy of the Circular has been submitted to the National Storage Mechanism and 
will shortly be available for inspection at www.hemscott.com/nsm.do 
 
Enquiries: 
 
Invesco Perpetual Recovery Trust 2011 plc: the Company Secretary 020 7065 3555 
 
Invesco Asset Management Limited: Andrew Watkins, Guy Short 020 7065 3555 
 
 
 
END 
 

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