23 Aug 2017 16:18
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 30,094 Managed Growth Shares, 342,033 Managed Income Shares and 269,318 Managed Cash Shares.
Repurchase of Shares
1,283 Managed Cash Shares will be repurchased at a price of 101.52 pence per share based on a capital net asset value per Managed Cash Share of 102.03 pence as at close of business on18th August 2017. A deduction of 0.5% has been made in respect of the stamp duty payable by the Company on the repurchase.
It is expected that cheques, in respect of the Managed Cash Shares being repurchased, will be despatched on 8th September 2017.
Conversion of Shares
At 8.00 a.m. on 31st August 2017, the following conversions will take place:
Stock to Convert: | Conversion Ratio: | Converted Into: | Total Number of Shares Following the Conversion and Repurchase* |
89,243 Managed Cash Shares to Managed Growth Shares | 0.131939 | 53,147 Managed Growth Shares | 33,725,314 Managed Growth Shares |
283,724 Managed Income Shares to Managed Growth Shares | 0.145817 | ||
6,744 Managed Growth Shares to Managed Income Shares | 6.778132 | 207,695 Managed Income Shares | 71,482,274 Managed Income Shares |
180,075 Managed Cash Shares to Managed Income Shares | 0.899530 | ||
58,309 Managed Income Shares to Managed Cash Shares | 1.099187 | 239,081 Managed Cash Shares | 4,895,519 Managed Cash Shares |
23,350 Managed Growth Shares to Managed Cash Shares | 7.494168 |
* excluding shares held in Treasury
The conversion calculations were based on the relative net asset values of the three share classes (net of accrued management expenses and applicable costs of conversion) as at close of business on18th August 2017. Individual Shareholders' entitlements on conversion will be rounded down to the nearest whole number of shares. The resulting shares rank pari passu with the existing shares of the relevant share class.
Admission of Shares
The Company has applied for the resulting shares to be admitted to the Official List and to trading on the London Stock Exchange. Dealings in such shares are expected to commence at 8.00 a.m.on 31st August 2017. It is anticipated that Certificates in respect of the resulting shares will be posted by 8th September 2017.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.
Faith Pengelly 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
23rd August 2017