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City Merchants High Yield Trust Ltd - Result of Meeting

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19 May 2020

City Merchants High Yield Trust Limited

Results of General Meeting

The Board of City Merchants High Yield Trust Limited (the “Company”) is pleased to announce that all resolutions proposed to shareholders at the General Meeting today in connection with the proposed merger with Invesco Enhanced Income Limited (“IPE”), to be effected by way of a shareholder approved contractual scheme of reconstruction by IPE and a transfer of assets to CMHY (the “Scheme”), were duly passed.

Details of the proxy votes cast on the resolutions are included at the end of this announcement.

The Scheme remains conditional, amongst other things, upon:

  1. the passing of the resolutions at the IPE General Meeting and any conditions of such resolutions being fulfilled;

  2. the approval of the FCA and the London Stock Exchange to the Admission of the New Shares to the Official List and to trading on the main market of the London Stock Exchange, respectively;

  3. the novation of the Repo Contracts and FX Forwards to the Company with effect from the Effective Date; and

  4. the Board of IPE resolving to proceed with the Scheme.

Admission and Dealing in the New Shares to be issued in connection with the Scheme is expected to commence on 20 May 2021.

Subject to completion of the Scheme, the Company intends to apply to change its name from City Merchants High Yield Trust Limited to Invesco Bond Income Plus Limited at which time the trading symbol (TIDM) for the Company will change to BIPS. A further announcement will be made once the change in the Company’s name has been certified by the Companies Registry in Jersey.

Terms used and not defined in this announcement have the meanings given in the circular of the Company dated 22 April 2021 unless the context otherwise requires.

Enquiries

JTC Fund Solutions (Jersey) Limited
Hilary Jones

+44 (0) 15 3470 0000

Invesco Asset Management Limited
Will Ellis
Guy Short

+44 (0) 20 3753 1000

Winterflood Securities Limited
Neil Langford
Hande Derinkok

+44 (0) 20 3100 0000

Proxy Votes

The proxy votes cast on the resolutions are set out below:

Resolution

Votes For

%

Votes Against

%

Votes Total

Votes Withheld

Allot up to 100,000,000 ordinary shares of no par value in the capital of the Company to shareholders of IPE in connection with the contractual scheme of reconstruction and winding up of IPE.

19,153,814

99.34

127,061

0.66

19,280,875

86,773

The name of the Company be changed to Invesco Bond Income Plus Limited.

18,966,755

98.87

215,834

1.13

19,182,589

185,059

The Articles of Association be amended.

18,997,083

99.09

173,646

0.91

19,170,729

196,919

*The votes "For" include those votes giving the Chairman and Third parties discretion.

Legal Entity Identifier: 549300JLX6ELWUZXCX14

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