23rd May 2019 17:02
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 338,984 Managed Growth Shares, 331,353 Managed Income Shares and 48,187 Managed Cash Shares.
Repurchase of Shares
375,387 Managed Cash Shares will be repurchased at a price of 102.26 pence per share based on a capital net asset value per Managed Cash Share of 102.77 pence per share as at close of business on 20th May 2019. 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 21st June 2019.
Conversion of Shares
At 8.00 a.m. on 31st May 2019, the following conversions will take place: | |||
Stock to Convert: | Conversion Ratio: | Converted | Total Number of Shares Following the Conversion and Repurchase* |
Into: | |||
0 Managed Cash Shares to Managed Growth Shares | 0.121479 | 41,841 | 30,958,376 |
329,215 Managed Income Shares to Managed Growth Shares | 0.127094 | Managed Growth Shares | Managed Growth Shares |
335,738 Managed Growth Shares to Managed Income Shares | 7.843811 | 2,679,379 | 69,890,684 |
48,187 Managed Cash Shares to Managed Income Shares | 0.952828 | Managed Income Shares | Managed Income Shares |
2,138 Managed Income Shares to Managed Cash Shares | 1.046317 | 28,918 | 6,434,498 |
3,246 Managed Growth Shares to Managed Cash Shares | 8.219714 | 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 on20th May 2019. 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 31st May 2019. It is anticipated that Certificates in respect of the resulting shares will be posted by 21st June 2019.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.
Faith Pengelly 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
23rd May 2019
Related Shares:
JPE.LJPEC.LJPEI.L