Invesco investment trust suspended ahead of offshore move vote

The City Merchants High Yield investment trust has had trading in its shares suspended as it seeks a vote on a move offshore.

Paul Read
Paul Read

The fixed income investment trust, managed by Invesco’s Paul Read, is to undergo a vote on whether to wind up the trust and transfer assets to an offshore vehicle incorporated in the Jersey.

In a statement earlier this year, the board said the move would allow it “to continue to deliver tax-efficient investment returns from high-yielding fixed-interest securities”.

Simon Elliott, head of research at Winterflood Investment Trusts, says such a move, if backed by investors, would not result in any major changes.

He says the move offshore would make the trust more tax-efficient than if it were to remain listed onshore.