22nd Feb 2017 15:57
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 27,594 Managed Growth Shares, 70,920 Managed Income Shares and 98,799 Managed Cash Shares.
Repurchase of Shares
20,646 Managed Cash Shares will be repurchased at a price of 101.00 pence per share based on a capital net asset value per Managed Cash Share of 101.51 pence as at close of business on21 February 2017. 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 10 March 2017.
Conversion of Shares
At 8.00 a.m. on 28 February 2017, the following conversions will take place:
Stock to Convert: | Conversion Ratio: | Converted Into: | Total Number of Shares Following the Conversion and Repurchase |
31,524 Managed Cash Shares to Managed Growth Shares | 0.137238 | 7,937 Managed Growth Shares | 33,402,506 Managed Growth Shares |
24,101 Managed Income Shares to Managed Growth Shares | 0.149812 | ||
24,316 Managed Growth Shares to Managed Income Shares | 6.532220 | 219,803 Managed Income Shares | 68,898,613 Managed Income Shares |
67,275 Managed Cash Shares to Managed Income Shares | 0.906227 | ||
46,819 Managed Income Shares to Managed Cash Shares | 1.080386 | 73,970 Managed Cash Shares | 4,106,040 Managed Cash Shares |
3,278 Managed Growth Shares to Managed Cash Shares | 7.134470 |
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 on20 February 2017. 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 28 February 2017. It is anticipated that Certificates in respect of the resulting shares will be posted by 10 March 2017.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.
Rhys Williams 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
22 February 2017
Related Shares:
JPE.LJPEC.LJPEI.L