Issue of Equity

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA (OTHER THAN THE UNITED KINGDOM) OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL

This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

2 July 2019

JPMorgan Elect plc

 Scheme of Reconstruction of El Oro Ltd.

Result of Scheme

On 24 May 2019, JPMorgan Elect plc (the "Company") published a prospectus (the "Prospectus") pursuant to an issue of New JPM Elect Shares in connection with a scheme of reconstruction of El Oro Ltd. ("El Oro") (the "Scheme"). The Board of the Company is today pleased to announce that the Company will acquire approximately £26.2 million of assets from El Oro pursuant to the terms of the Scheme in consideration for the issue of 676,160 Managed Growth Shares, 17,599,322 Managed Income Shares and 773,996 Managed Cash Shares.

Applications have been made for the New JPM Elect Shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority (the "FCA") and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00am on 3 July 2019. The New JPM Elect Shares will be issued at a 1.0% premium to Net Asset Value as calculated on 27 June 2019. This results in the following issue prices:

· Managed Growth - 870.92 pence

· Managed Income - 110.69 pence

· Managed Cash - 104.03 pence

Following the issue of the New JPM Elect Shares noted above, the Company's share capital will consist of:

In accordance with Article 10 of the Company's Articles of Association, the number of voting rights per shareholder is equal to the relevant Share Voting Number for the respective class of share held, multiplied by the number of shares of that class held by the holder of that class of share.

The Share Voting Number, in respect of a class of share, is defined as the number equal to the Net Asset Value of that pool divided by the number of shares in that pool calculated at the Voting Calculation Date. Voting Calculation Date means the last day of the preceding financial year. 

Therefore, following the issue of the New JPM Elect Shares, the total number of voting rights in the Company is 381,452,988 (the "Total Voting Rights").

The Total Voting Rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. To calculate the numerator, shareholders are required to multiply their holding in Managed Growth Shares, Managed Income Shares and/or Managed Cash Shares, as the case may be, by the Share Voting Number for that class as detailed above.

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Prospectus.

For further information: