13 Sep 2017 15:28
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA OR THE REPUBLIC OF SOUTH AFRICA
Jupiter UK Growth Investment Trust PLC
13 September 2017
Reconstruction of Jupiter Dividend & Growth Trust PLC
The Board of Jupiter UK Growth Investment Trust PLC (the "Company") is pleased to announce that it has agreed in principle to proposals with the board of Jupiter Dividend & Growth Trust PLC ("Jupiter Dividend & Growth") in relation to that company's forthcoming reconstruction. Jupiter Dividend & Growth, with approximately £58m of net assets as at the end of August 2017, has a fixed life and is due to wind up on or around 30 November 2017.
It is expected that the reconstruction of Jupiter Dividend & Growth, which will be subject to the approval of its shareholders, will be effected through a scheme of reconstruction under section 110 of the Insolvency Act 1986 and that Jupiter Dividend & Growth will be wound up voluntarily and its shareholders, in respect of their shares, will be offered a choice of the following:
· rolling over their investment on a cost and tax efficient rollover into new ordinary shares to be issued by the Company; and/or
· electing for a cash exit at their final asset value calculated in accordance with Jupiter Dividend & Growth's articles of association.
It is expected that, subject to the approval of the Company's shareholders, the Company's ordinary shares will be made available as rollover option for Jupiter Dividend & Growth's shareholders. The new shares will be issued at a modest premium to their prevailing net asset values such that, taking together with a contribution to costs from the investment manager, the Company's existing shareholders should not suffer any material NAV dilution as a consequence of the Company's participation in Jupiter Dividend & Growth's reconstruction.
Subject to take-up, the anticipated benefits of this proposal to shareholders in the Company include an increase in the future marketability and liquidity of the Company's shares and a reduction of its ongoing charges ratio.
Further details on the proposed transaction, including a shareholder circular and prospectus to be issued by the Company, are intended to be published during October.
For further information, please contact:
Richard Pavry
Head of Investment Trusts
Jupiter Asset Management Limited, Company Secretary
investmentcompanies@jupiteram.com
020 3817 1496