21 Feb 2019 16:47
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been received in respect of 23,268 Managed Growth Shares, 940,972 Managed Income Shares and 17,875 Managed Cash Shares.
Repurchase of Shares
52,429 Managed Cash Shares will be repurchased at a price of 101.89 pence per share based on a capital net asset value per Managed Cash Share of 102.4 pence as at close of business on18th February 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 11th March 2019.
Conversion of Shares
At 8.00 a.m. on 28th February 2019, the following conversions will take place:
Stock to Convert: | Conversion Ratio: | Converted Into: | Total Number of Shares Following the Conversion and Repurchase* |
1,283 Managed Cash Shares to Managed Growth Shares | 0.12556 | 121,330 Managed Growth Shares | 31,686,411 Managed Growth Shares |
936,291 Managed Income Shares to Managed Growth Shares | 0.129414 | ||
8,529 Managed Growth Shares to Managed Income Shares | 7.662592 | 81,385 Managed Income Shares | 70,151,973 Managed Income Shares |
16,592 Managed Cash Shares to Managed Income Shares | 0.966174 | ||
4,681 Managed Income Shares to Managed Cash Shares | 1.026563 | 121,226 Managed Cash Shares | 6,829,154 Managed Cash Shares |
14,739 Managed Growth Shares to Managed Cash Shares | 7.898828 |
* 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 on18th February 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 28th February 2019. It is anticipated that certificates in respect of the resulting shares will be posted by 11th March 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
21st February 2019