30 Jun 2021 17:34
Jupiter Emerging & Frontier Income Trust PLC (the 'Company')
Legal Entity Identifier: 213800RLXLM87NO26S30
Redemption Update and Total Voting Rights
The Company has a redemption facility through which shareholders are entitled to request the redemption of all or part of their holding of ordinary shares of 1 penny each ("Ordinary Shares") on an annual basis (the "Redemption Facility"). The operation of the Redemption Facility is at the discretion of the board of directors of the Company (the "Board"). The deadline for the receipt of requests in connection with the 30 June 2021 Redemption Point was 2 June 2021.
As announced on 3 June 2021, the total number of Ordinary Shares in respect of which valid redemption requests were received for the 30 June 2021 Redemption Point was 25,670,791 (representing 30% of the issued share capital) (the "Redemption"). The Board has resolved to effect the Redemption using the redemption pool method set out in the Company's articles of association (the "Articles").
Accordingly, the Company has notionally divided its assets and liabilities into two pools:
(i) the redemption pool, which will consist of cash, assets and liabilities attributable to the 25,670,791 Ordinary Shares over which valid redemption requests were received ("Redemption Pool" and "Redemption Shares"); and
(ii) the continuing pool, which will contain all the other cash, assets and liabilities of the Company ("Continuing Pool").
Following this division, the Redemption Shares have today been redeemed and upon such redemption are treated as cancelled; former holders of the Redemption Shares are now creditors of the Company.
The assets of the Redemption Pool will be liquidated and the Redemption Price per Ordinary Share will equal the aggregate cash received by the Company upon the realisation of the Redemption Pool, after deducting the costs of the redemption, which will be borne by the relevant pool, an adjustment for any attributable unsettled liabilities and a pro-rata share of the costs and expenses of the Company not attributable to a particular pool, divided by the number of Redemption Shares, as set out in the Articles.
It should be noted that the liquidation of the Redemption Pool may take some weeks, and the final capital sum will not be equal to the Company's net asset value per Ordinary Share at the Redemption Point. The Company intends to make two payments in respect of the Redemption Price, comprising an initial interim payment in July 2021 representing the majority of the expected proceeds and a final payment once the liquidation of the Redemption Pool has been completed.
Further announcements in respect of the Redemption Pool will be made when appropriate.
Total Voting Rights
As at 30 June 2021, following the cancellation of the Redemption Shares, the Company's issued share capital consists of 59,794,380 Ordinary Shares, carrying one vote each. The Company does not hold any shares in treasury. Therefore, as at 30 June 2021, the total number of voting rights in the Company is 59,794,380.
The above figure (59,794,380) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Defined terms in the announcement have the same meaning as set out in the Articles of Association, a copy of which may be obtained from the Company Secretary.
Enquiries:
Magnus Spence
Head of Investment Trusts and Alternatives
Jupiter Asset Management Limited, Company Secretary
020 3817 1000
investmentcompanies@jupiteram.com
Link Group
0371 664 0300
shareholderenquiries@linkgroup.co.uk
Liz Yong / Luke SimpsonPeel Hunt LLP
020 7418 8900
30 June 2021