20 Feb 2020 17:08
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 123,690 Managed Growth Shares, 940,537 Managed Income Shares and 273,191 Managed Cash Shares.
Repurchase of Shares
62,073 Managed Cash Shares will be repurchased at a price of 102.79 pence per share based on a capital net asset value per Managed Cash Share of 103.31 pence as at close of business on 17th February 2020. 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 13th March 2020.
Conversion of Shares
At 8.00 a.m. on 28th February 2020, the following conversions will take place:
Stock to Convert: | Conversion Ratio: | Converted | Total Number of Shares Following the Conversion and Repurchase* |
Into: | |||
170,018 Managed Cash Shares to Managed Growth Shares | 0.109735 | 122,727 | 30,318,090 |
874,938 Managed Income Shares to Managed Growth Shares | 0.118946 | Managed Growth Shares | Managed Growth Shares |
46,102 Managed Growth Shares to Managed Income Shares | 8.365244 | 480,599 | 83,559,530 |
103,173 Managed Cash Shares to Managed Income Shares | 0.920254 | Managed Income Shares | Managed Income Shares |
65,599 Managed Income Shares to Managed Cash Shares | 1.081696 | 774,785 | 5,421,819 |
77,588 Managed Growth Shares to Managed Cash Shares | 9.071339 | 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 February 2020. 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 28th February 2020. It is expected that Certificates in respect of the resulting shares will be posted by 13th March 2020.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.
Priyanka Vijay Anand 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
20th February 2020
JPE.L (JPE)
JPEC.L (JPEC)
JPEI.L (JPEI)