JPMorgan Global Growth & Income PLC on Tuesday announced plans for an equity raise at a premium to net asset value, saying the offer was prompted by an approach by an unnamed ‘large wealth manager’ interested in buying its shares.
JGGI aims for total returns superior to the MSCI all country world index over the long-term by investing in companies based around the world. It is managed by JP Morgan Asset Management, part of JPMorgan Chase & Co.
The equity raise will consist of a placing by Winterflood Securities Ltd, part of Close Brothers Group PLC, and a retail offer via the Winterflood Retail Access Platform. The total fund raise will be for up to £40 million, while the retail portion will be capped at €8 million or the equivalent in sterling.
The new shares will be sold at a price equal to a 0.60% premium to the investment trust’s cum-income net asset value per share. This stood at 527.58 pence on Friday last week. JGGI noted that its shares have been trading since last year at an average premium to NAV of 1.2%.
The issue price is expected to be announced on Tuesday next week.
The FTSE 250 stock was down 0.7% at 534.28 pence early Tuesday in London, giving JGGI a market capitalisation of £2.29 billion.
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