23rd May 2018 16:16
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 126,886 Managed Growth Shares, 1,557,881 Managed Income Shares and 0 Managed Cash Shares.
Repurchase of Shares
662,951 Managed Cash Shares will be repurchased at a price of 101.57 pence per share based on a capital net asset value per Managed Cash Share of 102.08 pence as at close of business on18th May 2018. 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 dispatched on 12th June 2018.
Conversion of Shares
At 8.00 a.m. on 31st May 2018, 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 | 0.119883 | 29,660 Managed Growth Shares | 32,327,235 Managed Growth Shares |
212,018 Managed Income Shares to Managed Growth Shares | 0.139894 | ||
72,997 Managed Growth Shares to Managed Income Shares | 7.079198 | 516,760 Managed Income Shares | 71,699,515 Managed Income Shares |
0 Managed Cash Shares to Managed Income Shares | 0.852799 | ||
1,345,863 Managed Income Shares to Managed Cash Shares | 1.169867 | 2,022,972 Managed Cash Shares | 6,410,689 Managed Cash Shares |
53,889 Managed Growth Shares to Managed Cash Shares | 8.322492 |
* 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 on21st May 2018. 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 2018. It is anticipated that Certificates in respect of the resulting shares will be posted by 12th June 2018.
Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.
Legal Entity Identifier: 549300FIUYKKL39ILD07
Faith Pengelly 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
23rd May 2018
Related Shares:
JPE.LJPEC.LJPEI.L