24 Aug 2022 15:38
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 14,716 Managed Growth Shares, 593,688 Managed Income Shares and 9,655 Managed Cash Shares.
Repurchase of Shares
203,661 Managed Cash Shares will be repurchased at a price of 102.44 pence per share based on a capital net asset value per Managed Cash Share of 102.95 pence as at close of business on 18th August 2022.
It is expected that cheques, in respect of the Managed Cash Shares being repurchased, will be despatched on 8th September 2022.
Conversion of Shares
At 8.00 a.m. on 31st August 2022, the following conversions will take place:
Stock to Convert: | Conversion Ratio: | Converted | Total Number of Shares Following the Conversion and Repurchase |
|
| Into: |
|
9,655 Managed Cash Shares to Managed Growth Shares
| 0.098768
| 54,060 | 26,833,084 |
538,688 Managed Income Shares to Managed Growth Shares
| 0.098584
| Managed Growth Shares | Managed Growth Shares |
12,242 Managed Growth Shares to Managed Income Shares
| 10.013721
| 122,588
| 72,585,875 |
0 Managed Cash Shares to Managed Income Shares | n/a
| Managed Income Shares
| Managed Income Shares |
55,000 Managed Income Shares to Managed Cash Shares
| 0.991938
| 79,289 | 7,309,993 |
2,474 Managed Growth Shares to Managed Cash Shares
| 9.996892
| 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 on 18th August 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 31st August 2022. It is expected that Certificates in respect of the resulting shares will be posted by 8th September 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.
24th August 2022
Alison Vincent 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
Company Secretary