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Invesco Perpetual lines up 'classic' split cap trust for Walker
by Dylan Lobo on Sep 09, 2009 at 15:41
Invesco Perpetual is considering launching a split cap trust for Martin Walker under a classic structure, which will see an even split between income and capital shares.
Citywire understands that 50% of the trust's capital base will be formed of capital growth shares and 50% of income shares, the preferred structure when splits were first introduced in the UK in the 1960s. The new trust will have no bank debt and no zero preference share class..
Invesco Perpetual is said to be targeting a yield of 10% from the income shares.
According to broker Winterflood Securities, there are only two split caps on the market which have an even split between income and capital and no exposure to zeros, JPM Income and Growth and Rights & Issues .
Invesco refused to comment on its plans for the trust.
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