25 Nov 2022 13:55
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 221,999 Managed Growth Shares, 325,137 Managed Income Shares and 12,623 Managed Cash Shares.
Repurchase of Shares
On 27th October 2022, the Company announced that shareholders who hold Managed Growth and/or Managed Income shares would be permitted during this final conversion period to elect to have such Managed Growth and/or Managed Income shares converted into Managed Cash shares and then immediately repurchased for cash (the "Redemption Option").
Accordingly, the Company announces that valid Conversion Notices have been received in respect of 51,627 Managed Growth Shares and 152,133 Managed Income Shares, which will be converted in aggregate to 637,571 Managed Cash Shares at Conversion Ratios of 9.535358 and 0.955016, respectively and immediately repurchased. The Company also received valid elections in respect of 382,566 Managed Cash Shares to be repurchased.
Therefore a total of 1,020,137 Managed Cash Shares will be repurchased at a price of 102.85 pence per share based on a capital net asset value per Managed Cash Share of 103.37 pence as at close of business on 17th November 2022.
It is expected that cheques, in respect of the Shares being repurchased, will be despatched on 9th December 2022.
Conversion of Shares
Excluding the conversions to Managed Cash Shares pursuant to the Redemption Option, as set out under 'Repurchase of Shares' above, at 8.00 a.m. on 30th November 2022, the following conversions will take place:
Stock to Convert: | Conversion Ratio: | Converted | Total Number of Shares Following the Conversion and Repurchase |
|
| Into: |
|
4,381 Managed Cash Shares to Managed Growth Shares | 0.104458 | 32,140 | 26,501,592 |
316,977 Managed Income Shares to Managed Growth Shares | 0.099952 | Managed Growth Shares | Managed Growth Shares |
210,292 Managed Growth Shares to Managed Income Shares | 9.964614 | 2,104,075 | 73,791,734 |
8,242 Managed Cash Shares to Managed Income Shares | 1.042968 | Managed Income Shares | Managed Income Shares |
8,160 Managed Income Shares to Managed Cash Shares | 0.955016 | 119,423 | 7,034,227 |
11,707 Managed Growth Shares to Managed Cash Shares | 9.535358 | Managed Cash Shares | Managed Cash Shares |
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 on17th November 2022. 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 30th November 2022. It is expected that Certificates in respect of the resulting shares will be posted by 9th December 2022.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.
25th November 2022
Priyanka Vijay Anand
020 7742 4000
For and on behalf of
JPMorgan Funds Limited
Company Secretary