Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Share Conversion Announcement

27th Nov 2018 11:30

RNS Number : 6401I
JPMorgan Elect PLC
27 November 2018
 

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
POSBRBBTMBTTBFP

Related Shares:

JPE.LJPEC.LJPEI.L
FTSE 100 Latest
Value8,559.33
Change-38.09