22 Aug 2018 16:38
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN ELECT PLC (the 'Company')
CONVERSION AND REPURCHASE OF SHARES
Legal Entity Identifier: 549300FIUYKKL39ILD07
Information disclosed in accordance with LR 9.6.4
The Company announces that valid Conversion Notices have been received in respect of 186,663 Managed Growth Shares, 379,152 Managed Income Shares and 12,908 Managed Cash Shares.
Repurchase of Shares
163,349 Managed Cash Shares will be repurchased at a price of 101.37 pence per share based on a capital net asset value per Managed Cash Share of 101.88 pence as at close of business on20th August 2018. 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 dispatched on 7th September 2018.
Conversion of Shares
At 8.00 a.m. on 31st August 2018, the following conversions will take place:
Stock to Convert: | Conversion Ratio: | Converted Into: | Total Number of Shares Following the Conversion and Repurchase* |
12,908 Managed Cash Shares to Managed Growth Shares | 0.116733 | 20,618 Managed Growth Shares | 31,979,219 Managed Growth Shares |
147,047 Managed Income Shares to Managed Growth Shares | 0.129962 | ||
47,955 Managed Growth Shares to Managed Income Shares | 7.608941 | 364,887 Managed Income Shares | 71,143,249 Managed Income Shares |
Nil Managed Cash Shares to Managed Income Shares | 0.898333 | ||
232,105 Managed Income Shares to Managed Cash Shares | 1.109933 | 1,435,577 Managed Cash Shares | 7,670,009 Managed Cash Shares |
138,708 Managed Growth Shares to Managed Cash Shares | 8.492344 |
* 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 on20th August 2018. 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 2018. It is anticipated that Certificates in respect of the resulting shares will be posted by 7th September 2018.
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 2018