JPMorgan American Share News (JAM)

JPMorgan American Investment Trust is to tap the market with a share placing with professional investors.The company plans to issue up to 1.19m shares at a price to be announced on Thursday. The new shares to be issued represent around 2.55 of the current issued share capital of JP Morgan American.The price at which the shares will be placed will reflect the market price of the trust's shares at the time, subject to the condition that the price will be at a premium of at least 1.5% to the net asset value (including income and valuing debt at fair value) per share at the close of trading on Wednesday, May 30th.Unusually for an investment trust, JP Morgan American's shares trade at a premium to net asset value (NAV) per share. As at May 14th, NAV per share was 852.6p, while the share price was 4.1% higher at 887.5p. As at Tuesday night's close, the share price had moved higher still to 892p.Shares will be offered on a first-come first-served basis. JH