The Board of JPMorgan Elect plc (the 'Company') announces that valid Conversion Notices have been received in respect of the following Shares (the 'Converting Shares'):
- 671,190 Managed Growth Shares;
- 23,241 Managed Income Shares; and
- 113,764 Managed Cash Shares.
At 8.00 a.m. on 31st May 2012, the above Converting Shares will be converted into:
- 26,129 Managed Growth Shares;
- 3,393,666 Managed Income Shares; and
- 34,669 Managed Cash Shares.
Following the conversion (and the redemption of 53,856 Managed Cash shares - see below), the total number of Shares in issue at 8.00 a.m. on 31st May 2012 will be:
- 38,730,520 Managed Growth Shares;
- 53,117,949 Managed Income Shares; and
- 13,674,075 Managed Cash Shares.
The conversion calculations were based on the relative net asset values of the three share classes (net of accrued management expenses and applicable costs of conversion) as at close of business on 23rd May 2012.
The resulting Conversion Ratios were:
- for every Converting Share which is a Managed Growth Share, holders are entitled to 5.059651 Managed Income Shares or 3.734593 Managed Cash Shares; and
- For every Converting Share which is a Managed Income Share, holders are entitled to 0.196953 Managed Growth Shares or 0.736769 Managed Cash Shares.
- For every Converting Share which is a Managed Cash Share, holders are entitled to 0.266880 Managed Growth Shares or 1.352681 Managed Income Shares.
Individual Shareholders' entitlements on conversion will be rounded down to the nearest whole number of Shares. The Resulting Shares will rank pari passu with the existing Shares of the relevant class of Resulting Share.
The Company has applied for the Resulting Shares to be admitted to the Official List and to trading on the London Stock Exchange. Dealings in such shares are expected to commence at 8.00 a.m. on 31st May 2012. It is anticipated that Certificates in respect of the Resulting Shares will be posted by 7th June 2012.
Repurchase of Managed Cash Shares
The Board of JPMorgan Elect plc (the 'Company') announces that valid Share Repurchase Notices have been received in respect of 53,856 Managed Cash Shares in connection with the 31st May 2012 Repurchase Date.
The repurchase price of 100.58 pence per Managed Cash Share is based on a net asset value per Managed Cash Share of 101.1 pence as at close of business on 23rd May 2012. A deduction of 0.5% has been made in respect of the stamp duty payable by the Company on the repurchase.
The number of Managed Cash Shares in issue following the repurchase and the redemption (referred to above) will be 13,674,075.
It is anticipated that cheques, in respect of the Managed Cash Shares being repurchased, will be despatched on 7th June 2012.
CREST holders will also receive payment on 7th June 2012.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.
25th May 2012
For and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
For further information, please contact:
Alison Vincent Tel. 020 7742 4000
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