27th Nov 2018 11:30
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN ELECT PLC (the 'Company')
CONVERSION AND REPURCHASE OF SHARES
Legal Entity Identifier: 549300FIUYKKL39ILD07
Information disclosed in accordance with LR 9.6.4
The Company announces that valid Conversion Notices have been received in respect of 29,571 Managed Growth Shares, 34,578 Managed Income Shares and 692,717 Managed Cash Shares.
Repurchase of Shares
393,154 Managed Cash Shares will be repurchased at a price of 101.54 pence per share based on a capital net asset value per Managed Cash Share of 102.05 pence as at close of business on 19 November 2018.
It is expected that cheques, in respect of the Managed Cash Shares being repurchased, will be dispatched on 13 December 2018.
Conversion of Shares
At 8.00 a.m. on 30 November 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 | 0.128276 | 3,230 Managed Growth Shares | 31,755,366 Managed Growth Shares |
25,200 Managed Income Shares to Managed Growth Shares | 0.128163 | ||
5,735 Managed Growth Shares to Managed Income Shares | 7.629522 | 721,759 Managed Income Shares | 71,342,454 Managed Income Shares |
692,717 Managed Cash Shares to Managed Income Shares | 0.978761 | ||
9,378 Managed Income Shares to Managed Cash Shares | 1.004312 | 194,094 Managed Cash Shares | 6,778,232 Managed Cash Shares |
23,836 Managed Growth Shares to Managed Cash Shares | 7.747771 |
* 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 on19 November 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.
Change in Nominal Value
With effect from 30 November 2018 the nominal value of the Managed Growth, Managed Income and Managed Cash shares will be as follows:
Managed Growth = 0.00426918p
Managed Income = 0.001p
Managed Cash = 0.001p
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 30 November 2018. It is anticipated that Certificates in respect of the resulting shares will be posted by 13 December 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.
Faith Pengelly 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
27th November 2018
Related Shares:
JPE.LJPEC.LJPEI.L