In QuotedData’s morning briefing 15 February 2024

• Invesco Select (IVPG / IVPE / IVPM / IVPB) has published a circular in connection with its plan to merge its share classes into the global equity income pool. Nothing seems to have changed from the original proposal. Holders of the managed liquidity and balanced risk classes can opt to cash in their entire holding, but there is only a 15% tender offer available for UK equity class shareholders. [The proposal has come in for some criticism for forcing investors in the UK share class – where stocks are cheap relative to global equities – into the global share class where the underlying stocks are more expensive and the only exit route is to sell in the market. Those global shares are currently trading on more than a 10% discount, and it seems likely that the discount will widen further if there is selling pressure from former UK equity shareholders. Might this be voted down?]. Meetings are on 27 March, each share class needs to approve the proposals. If approved, the deal takes effect on 22 April.
• Christopher Mills and vehicles associated with him have bought 1m shares in Rockwood Strategic (RKW) and now control 27.48% of the company. He is chief exec of the investment manager.