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(Alliance News) - JPMorgan Global Growth & Income PLC on Wednesday said its merger with Henderson International Income Trust PLC, also known as HINT, is set to complete on Thursday, with new shares in JPMorgan due to be admitted to trading that morning.
The merger follows the approval of a scheme of reconstruction at a second general meeting of HINT shareholders earlier on Wednesday. Under the terms of the agreement, JPMorgan Global Growth will acquire substantially all of HINT's net assets in exchange for the issue of 64.3 million new shares.
The newly issued shares were calculated on a formula asset value basis, using a ratio of 0.327904 JPMorgan shares per HINT share. The issue price was based on asset values of 534.66 pence for JPMorgan Global Growth and 175.32p for Henderson International.
Admission of the new shares to the London Stock Exchange's Main Market and to the Financial Conduct Authority's Official List is expected at 8.00am on Thursday.
Following the completion, JPMorgan Global Growth will have 581.8 million shares in issue, with total voting rights matching that number. The company holds no shares in treasury.
Shares in JPMorgan Global Growth & Income were up 0.5% at 540.82 pence in London on Wednesday afternoon, giving the company a total market capitalisation of GBP2.80 billion. Henderson International shares were suspended.
By Eva Castanedo, Alliance News reporter
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