23rd Aug 2016 15:11
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 18,801 Managed Growth Shares, 73,795 Managed Income Shares and 248,446 Managed Cash Shares.
Repurchase of Shares
5,131 Managed Cash Shares will be repurchased at a price of 100.75 pence per share based on a capital net asset value per Managed Cash Share of 101.26 pence as at close of business on19 August 2016. 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 9 September 2016.
Conversion of Shares
At 8.00 a.m. on 31 August 2016, the following conversions will take place:
Stock to Convert: | Conversion Ratio: | Converted Into: | Total Number of Shares Following the Conversion and Repurchase |
0 Managed Cash Shares to Managed Growth Shares | 0.151837 | 8,269 Managed Growth Shares | 33,828,279 Managed Growth Shares |
53,795 Managed Income Shares to Managed Growth Shares | 0.153711 | ||
7,343 Managed Growth Shares to Managed Income Shares | 6.323331 | 284,962 Managed Income Shares | 51,506,786 Managed Income Shares |
248,446 Managed Cash Shares to Managed Income Shares | 0.960088 | ||
20,000 Managed Income Shares to Managed Cash Shares | 1.015801 | 94,962 Managed Cash Shares | 3,736,449 Managed Cash Shares |
11,458 Managed Growth Shares to Managed Cash Shares | 6.514715 |
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 on19 August 2016. 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 31 August 2016. It is anticipated that Certificates in respect of the resulting shares will be posted by 9 September 2016.
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
23 August 2016
Related Shares:
JPE.L