JPMorgan American to place shares at small premium

JPMorgan American Investment Trust, which announced plans on Wednesday to raise funds through a placing, said the shares will be placed at 943p.The placing price is a 1.3% premium to the prevailing net asset value (including income and valuing debt at fair value) of the existing ordinary shares at close on Wednesday, October 17th. The company is issuing 1.89m new shares so at the announced placing price it is set to raise £17.83m (gross), assuming there are takers for all the shares on offer. The market capitalisation of the investment trust on October 18th was around £458m. JH