Source - RNS
RNS Number : 5241U
JPMorgan Elect PLC
25 November 2019
 

JPMORGAN ELECT PLC

(the 'Company')

 

Conversion and Repurchase of Shares

The Company announces that valid Conversion Notices have been received in respect of 51,923 Managed Growth Shares, 160,803 Managed Income Shares and 6,786 Managed Cash Shares.

Repurchase of Shares

303,777 Managed Cash Shares will be repurchased at a price of 102.49 pence per share based on a capital net asset value per Managed Cash Share of 103 pence as at close of business on 19th November 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 9th December 2019.

Conversion of Shares

At 8.00 a.m. on 2nd December 2019, the following conversions will take place:

Stock to Convert:

Conversion Ratio:

Converted

Total Number of Shares Following the Conversion and Repurchase*



Into:


3,596 Managed Cash Shares to Managed Growth Shares

0.116007

 

13,160

30,507,859

104,415 Managed Income Shares to Managed Growth Shares

0.122046

Managed Growth Shares

Managed Growth Shares

48,328  Managed Growth Shares to Managed Income Shares

8.066537

 

392,849

 

86,247,135

3,190 Managed Cash Shares to Managed Income Shares

0.943152

Managed Income Shares

Managed Income Shares

56,388 Managed Income Shares to Managed Cash Shares

1.044078

 

89,389

4,982,298

3,595 Managed Growth Shares to Managed Cash Shares

8.488447

Managed Cash Shares

Managed Cash Shares

*  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 on
19th
November 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 2nd December 2019.  It is expected that Certificates in respect of the resulting shares will be posted by 9th December 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.

 

Priyanka Vijay Anand                                                             020 7742 4000

For and on behalf of

JPMorgan Funds Limited

22nd November 2019


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