Last checked at 3 Feb 2023 16:45
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INDIAN INVESTMENT TRUST PLC
Performance-related Conditional Tender Offer - NAV Calculation
Legal Entity Identifier: 549300OHW8R1C2WBYK02
A tender offer will be made to shareholders for up to 25% of the Company's outstanding share capital at net asset value ("NAV") less costs if, over the five years from 1st October 2020, the Company's NAV total return in sterling on a cum income basis does not exceed the total return of the MSCI India Index in sterling terms (the "Benchmark") plus 0.5% per annum over the five year period on a cumulative basis. If the tender offer is triggered, it will be subject to shareholder approval at the relevant time.
As previously announced, the Company's Benchmark does not take any account of actual or potential tax on gains. In contrast, the Company is required to pay capital gains tax on long-term and short-term capital gains at the headline current rates of 10% and 15%, respectively, plus associated surcharges of approximately 1-1.5%. For the avoidance of doubt, in order to ensure that the terms of the conditional tender offer more correctly reflects the Investment Managers' performance rather than the impact of capital gains tax, in calculating whether the tender offer has been triggered the NAV per share will be adjusted to add back all Indian capital gains tax paid or accrued.
The NAV per share excluding the impact of these taxes as at 30th September 2020 was 689.24 pence and as at 31st January 2023 it stood at 1002.32 pence per share. This equates to a NAV performance (without the impact of these taxes) of 45.4% since 1st October 2020. Going forward, the adjusted NAV will be published on a monthly basis.
3rd February 2023
JPMorgan Funds Limited. Secretary
Name of contact and telephone number for queries:
Divya Amin 020 7742 4000