22 Aug 2019 12:50
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 33261 Managed Growth Shares, 53129 Managed Income Shares and 150213 Managed Cash Shares.
Repurchase of Shares
1555803 Managed Cash Shares will be repurchased at a price of 102.48 pence per share based on a capital net asset value per Managed Cash Share of 102.99 pence as at close of business on 19 August 2019. 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 9th September 2019.
Conversion of Shares
At 8.00 a.m. on 2nd September 2019, the following conversions will take place: | |||
Stock to Convert: | Conversion Ratio: | Converted | Total Number of Shares Following the Conversion and Repurchase* |
Into: | |||
109813 Managed Cash Shares to Managed Growth Shares | 0.118801 | 19,016 | 30,915,024 |
50596 Managed Income Shares to Managed Growth Shares | 0.117984 | Managed Growth Shares | Managed Growth Shares |
29820 Managed Growth Shares to Managed Income Shares | 8.268088 | 286,733 | 86,679,426 |
40400 Managed Cash Shares to Managed Income Shares | 0.994525 | Managed Income Shares | Managed Income Shares |
2533 Managed Income Shares to Managed Cash Shares | 0.983008 | 30,804 | 5,303,472 |
3441 Managed Growth Shares to Managed Cash Shares | 8.228372 | Managed Cash Shares | Managed Cash Shares |
* 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 on19th August 2019. 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 2nd September 2019. It is expected that Certificates in respect of the resulting shares will be posted by 9th September 2019.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.
Jonathan Latter 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
22nd August 2019