JPMorgan Elect PLC Conversion and Repurchase of Shares (5909X)
23 February 2017 - 2:57AM
UK Regulatory
TIDMJPE TIDMJPEI TIDMJPEC
RNS Number : 5909X
JPMorgan Elect PLC
22 February 2017
JPMORGAN ELECT PLC
(the 'Company')
Conversion and Repurchase of Shares
The Company announces that valid Conversion Notices have been
received in respect of 27,594 Managed Growth Shares, 70,920 Managed
Income Shares and 98,799 Managed Cash Shares.
Repurchase of Shares
20,646 Managed Cash Shares will be repurchased at a price of
101.00 pence per share based on a capital net asset value per
Managed Cash Share of 101.51 pence as at close of business on
21 February 2017. 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 10 March 2017.
Conversion of Shares
At 8.00 a.m. on 28 February 2017, the following conversions will
take place:
Stock to Convert: Conversion Converted Total Number
Ratio: Into: of Shares
Following
the Conversion
and Repurchase
------------------------------ ----------- ---------- ----------------
31,524 Managed Cash Shares 0.137238 7,937 33,402,506
to Managed Growth Shares Managed Managed Growth
Growth Shares
Shares
------------------------------ ----------- ---------- ----------------
24,101 Managed Income Shares
to Managed Growth Shares 0.149812
------------------------------ ----------- ---------- ----------------
24,316 Managed Growth Shares 6.532220 219,803 68,898,613
to Managed Income Shares Managed Managed Income
Income Shares
Shares
------------------------------ ----------- ---------- ----------------
67,275 Managed Cash Shares
to Managed Income Shares 0.906227
------------------------------ ----------- ---------- ----------------
46,819 Managed Income Shares 1.080386 73,970 4,106,040
to Managed Cash Shares Managed Managed Cash
Cash Shares
Shares
------------------------------ ----------- ---------- ----------------
3,278 Managed Growth Shares
to Managed Cash Shares 7.134470
------------------------------ ----------- ---------- ----------------
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 on
20 February 2017. 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 28 February 2017. It is anticipated that Certificates in
respect of the resulting shares will be posted by 10 March
2017.
Terms used in this announcement shall, unless the context
otherwise requires, bear the meaning given to them in the Company's
articles of association.
Rhys Williams 020 7742 4000
For and on behalf of
JPMorgan Funds Limited
22 February 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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