Last checked at 17 Dec 2018 16:03
Invesco Markets III Plc - Scheme of ArrangementInvesco Markets III Plc - Scheme of Arrangement
PR Newswire
London, December 17
SCHEME OF ARRANGEMENT
RNS ANNOUNCEMENT
Invesco Markets III plc
17 December 2018
RNS ANNOUNCEMENT
Invesco Markets III public limited company (the “Company”) - Announcement of Effective Date in relation to a Scheme of Arrangement to change the share settlement structure of the Company to centralise the settlement of shares of the Company within an International Central Securities Depositary (“ICSD”) model
17 December 2018
The scheme of arrangement (the “Scheme”), as described in the circular issued to shareholders of the Company dated 19 October 2018, has been approved by the High Court of Ireland. The Scheme is scheduled to become effective at 00.01 a.m. on Monday 28 January 2019 (the “Effective Date”).
Currently none of the sub-funds of the Company (the “Sub-Funds”) use the ICSD model. Accordingly, all Sub-Funds, as listed below, will convert to the ICSD model on the Effective Date (the “Converting Sub-Funds”).
| Converting Sub-Funds | IE ISIN |
|---|---|
| Invesco Dynamic US Markets UCITS ETF | IE00B23D9240 |
| Invesco EQQQ NASDAQ-100 UCITS ETF | IE00BFZXGZ54* IE00BYVTMT69* IE0032077012 IE00BYVTMS52* IE00BYVTMW98 |
| Invesco EuroMTS Cash 3 Months UCITS ETF | IE00B3BPCH51* |
| Invesco EURO STOXX High Dividend Low Volatility UCITS ETF | IE00BZ4BMM98 |
| Invesco FTSE UK High Dividend Low Volatility UCITS ETF | IE00BYYXBD20 |
| Invesco FTSE Emerging Markets High Dividend Low Volatility UCITS ETF | IE00BYYXBF44 |
| Invesco FTSE RAFI All-World 3000 UCITS ETF | IE00B23LNQ02 |
| Invesco FTSE RAFI Emerging Markets UCITS ETF | IE00B23D9570 |
| Invesco FTSE RAFI Europe Mid-Small UCITS ETF | IE00B23D8Y98 |
| Invesco FTSE RAFI Europe UCITS ETF | IE00B23D8X81 |
| Invesco FTSE RAFI UK 100 UCITS ETF | IE00B23LNN70 |
| Invesco FTSE RAFI US 1000 UCITS ETF | IE00B23D8S39 |
| Invesco Global Buyback Achievers UCITS ETF | IE00BLSNMW37 |
| Invesco S&P 500 High Dividend Low Volatility UCITS ETF | IE00BYVTMX06* IE00BWTN6Y99 |
| Invesco S&P 500 VEQTOR UCITS ETF | IE00BX8ZXS68 |
| Invesco S&P 500 QVM UCITS ETF | IE00BDZCKK11 |
| Invesco US High Yield Fallen Angels UCITS ETF | IE00BYVTMY13* IE00BD0Q9673 IE00BYVTMZ20 IE00BYVTN047* |
*share class not listed in London
Impact of the Scheme on Holdings at Each Local Central Securities Depositary (“CSD”)
The table below shows the anticipated effects of the Scheme where there are direct holdings at local CSDs.
Note: it is possible that some CSDs hold shares indirectly through their accounts at other CSDs
| Current Local CSDs | Impact of the Scheme on the Effective Date |
| Euroclear UK & Ireland (“CREST”) | Domestic shares will be exchanged for international shares (with the same IE ISIN) on a 1:1 basis via CREST’s account at Euroclear Bank (“EB”). Account holders in CREST will receive Crest Depositary Interests in CREST. |
| Clearstream Bank Frankfurt (“CBF”) | Investors who held their shares in CBF in their ‘Cascade’ accounts as of close of business on Friday 25 January 2019, will receive international shares at Clearstream Banking S.A.,Luxembourg (“CBL”) in their 6-series ‘Creation’ accounts on Monday 28 January 2019. These international shares will have the same IE ISIN. The IE ISINs will leave German collective safe custody (“Girosammelverwahrung”) as at the close of business on Friday 25 January 2019. As of Monday 28 January 2019, the international shares will be settled under the Foreign Securities Depository model, also known as “Wertpapierrechnung”. |
| Euroclear Netherlands | Domestic shares will be exchanged for international shares (with the same IE ISIN) on a 1:1 basis. Holdings in Euroclear Netherlands will be in Euroclear Netherlands’ account at EB. |
| SIX Securities Services (“SIS”) | Domestic shares will be exchanged for international shares (with the same IE ISINS) on a 1:1 basis. Holdings in SIS will be in SIS’ account at either EB or CBL (as SIS’s discretion). |
| Euroclear France | Domestic Shares will be exchanged for international shares (with the same IE ISIN) on a 1:1 basis. Holdings in Euroclear France will be in Euroclear France’s sub-account at EB. |
| Monte Titoli* *trading of the shares of the subfunds on Borsa Italian Secondary Market will continue to be regulated through Monte Titoli, which adheres to the ICSD System. No changes for the final investors trading the shares on the secondary market in Italy | Domestic shares will be exchanged for international shares (with the same IE ISIN) on a 1:1 basis. Holdings in Monte Titoli will be in Monte Titoli’s account at either CBL or EB (at Monte Titoli’s discretion). |
Further guidance on the implementation and expected changes will be published on www.etf.invesco.com.
Further Enquiries
Please contact legaletf@invesco.com
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