3 Feb 2022 14:57
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE UNLAWFUL.
Legal Entity Identifier: 549300D8SPJFHBDGXS57
3 February 2022
JPMorgan European Investment Trust plc
Results of Restructuring and Amendments to Listing
Results of Restructuring
The Board of JPMorgan European Investment Trust plc (the "Company") is pleased to announce that, as a result of the Restructuring, conditional upon and with effect from Admission (as defined below) the Company's Growth Shares and Income Shares will be reorganised and redesignated as 437,420,913 Ordinary Shares of 0.5 pence nominal value each with an NAV per Share of 100p each calculated as at the Calculation Date (as defined below).
Pursuant to the Restructuring every 2.56076700 Growth Shares and every 2.90576038 Income Shares will, with effect from Admission, be consolidated into, respectively, one Consolidated Growth Shares and one Consolidated Income Share.
Based on the NAV per Growth Share and the NAV per Income Share as at 31 January 2022 (the "Calculation Date"), being 403.95 pence and 172.49 pence, each Consolidated Growth Share and each Consolidated Income Share be immediately subdivided into, respectively:
· 10.34425608 Resulting Growth Shares; and
· 5.01205895 Resulting Income Shares,
with each Resulting Growth Share and each Resulting Income Share having an NAV per Share of 100 pence as determined by reference to the above mentioned NAVs as at the Calculation Date.
All of the Resulting Growth Shares (290,075,314 in aggregate) and all of the Resulting Income Shares (147,345,599 in aggregate) be immediately redesignated as Ordinary Shares of 0.5 pence nominal (437,420,913 in aggregate).
In accordance with the Restructuring proposals the Deferred Shares that will as part of the process be repurchased by the Company immediately upon their creation out of its distributable reserves for the aggregate consideration of £1.00 and immediately cancelled.
Amendments to Listing
The Company has made applications to the FCA and to the LSE to amend their records with effect from 8:00 a.m. on 4 February 2022 ("Admission"):
1. To update the listing of the Growth Shares so as to retain a premium equity closed ended investment fund listing on the Official List and to continue trading on the premium segment of the LSE's main market, but to redesignate them as Ordinary Shares of 0.5 pence nominal, having the following details:
ISIN: GB00BPR9Y246SEDOL: BPR9Y24
2. To adjust the number of Ordinary Shares in issue to reflect the 437,420,913 Ordinary Shares that resulted in aggregate from the Restructuring process (290,075,314 in respect of the consolidation, sub-division and redesignation of Growth Shares and 147,345,599 in respect of the consolidation, sub-division and redesignation of Income Shares).
Change of name and ticker
Having received final approval from Companies House, the Company's name has been changed to JPMorgan European Growth & Income plc. The new name will apply to the Ordinary Shares with effect from Admission and the Ordinary Shares will also trade under a new ticker, JEGI.
Total voting rights
With effect from Admission the Company will have 437,420,913 Ordinary Shares in issue, each having one voting right. Accordingly, the total number of voting rights in the Company will be 437,420,913. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Company will also liaise with the FCA and the LSE to seek the removal of the Income Share security from the Official List and from trading on the LSE's main market as there are no longer any such shares in issue.
Full details of the Restructuring can be found in the circular published by the Company on 20 December 2021 (the "Circular") which is available for viewing at the National Storage Mechanism which can be located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism and from the Company's website, www.jpmeuropean.co.uk.
Terms used and not defined in this announcement shall have the meanings given to them in the Circular.
For further information please contact:
JPMorgan Funds Limited
Tim Mitchell - 0207 742 8879
Paul Winship - 0207 742 9815
Winterflood Securities Limited
Neil Morgan - 020 3100 0292