4th Dec 2019 14:42
(Alliance News) - JPMorgan Chinese Investment Trust PLC on Wednesday proposed a change of its distribution policy and its name.
The company said it intends to seek shareholder approval at its annual general meeting in February 2020 to rename itself as JPMorgan China Growth & Income PLC.
In addition, the company said it will seek an allowance to distribute capital as dividends and to implement this new dividend policy.
"The board believes that its shareholders will be supportive of a move designed to create market differentiation for the company and attract new buying interest from retail investors who exhibit a strong desire for income," the company said in its statement Wednesday.
Under this new policy, JPMorgan Chinese said it aims to set a target dividend, equivalent to 4% of its NAV on the last business day of the financial year.
The target dividend will be announced at the start of each financial year to provide clarity to shareholders over the income stream they can expect during the following 12 months. The dividend if expected to be paid in four equal interim distributions on the first business day in March, September, June and December.
JPMorgan Chinese shares were trading 0.8% lower in London on Wednesday afternoon at 310.00 pence each.
By Evelina Grecenko; [email protected]
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