Source - LSE Regulatory
RNS Number : 3748G
JPMorgan Elect PLC
24 November 2020
 

JPMORGAN ELECT PLC

(the 'Company')

 

Conversion and Repurchase of Shares

 

The Company announces that valid Conversion Notices have been received in respect of 212,258 Managed Growth Shares, 168,378 Managed Income Shares and 96,327 Managed Cash Shares.

 

Repurchase of Shares

143,948 Managed Cash Shares will be repurchased at a price of 103.01 pence per share based on a capital net asset value per Managed Cash Share of 103.53 pence as at close of business on 17th November 2020.

It is expected that cheques, in respect of the Managed Cash Shares being repurchased, will be despatched on 10 December 2020.

Conversion of Shares

At 8.00 a.m. on 30th November 2020, the following conversions will take place:

 

Stock to Convert:

Conversion Ratio:

Converted

Total Number of Shares Following the Conversion and Repurchase

 

 

Into:

 

40,147 Managed Cash Shares to Managed Growth Shares

0.111639

17,472

29,098,725

129,791 Managed Income Shares to Managed Growth Shares

0.100084

Managed Growth Shares

Managed Growth Shares

2,790 Managed Growth Shares to Managed Income Shares

9.832884

89,601

78,676,269

56,180 Managed Cash Shares to Managed Income Shares

1.106562

Managed Income Shares

Managed Income Shares

38,587 Managed Income Shares to Managed Cash Shares

0.893461

1,889,521

7,596,004

209,468 Managed Growth Shares to Managed Cash Shares

8.855984

Managed Cash Shares

Managed Cash Shares

 

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
17th November 2020. 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 30th November 2020.  It is expected that Certificates in respect of the resulting shares will be posted by 10th December 2020.

Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.

 

24th November 2020

 

Priyanka Vijay Anand                                                             020 7742 4000

For and on behalf of

JPMorgan Funds Limited

Company Secretary

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