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Company Announcements

Conversion information

RNS Number : 0509A
JPMorgan Elect PLC
23 May 2019
 

JPMORGAN ELECT PLC

(the 'Company')

 

Conversion and Repurchase of Shares

The Company announces that valid Conversion Notices have been received in respect of 338,984 Managed Growth Shares, 331,353 Managed Income Shares and 48,187 Managed Cash Shares.

Repurchase of Shares

375,387 Managed Cash Shares will be repurchased at a price of 102.26 pence per share based on a capital net asset value per Managed Cash Share of 102.77 pence per share as at close of business on 20th May 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 21st June 2019.

Conversion of Shares

At 8.00 a.m. on 31st May 2019, the following conversions will take place:

Stock to Convert:

Conversion Ratio:

Converted

Total Number of Shares Following the Conversion and Repurchase*



Into:


0 Managed Cash Shares to Managed Growth Shares

0.121479

41,841

30,958,376

329,215 Managed Income Shares to Managed Growth Shares

0.127094

Managed Growth Shares

Managed Growth Shares

335,738 Managed Growth Shares to Managed Income Shares

7.843811

2,679,379

69,890,684

48,187 Managed Cash Shares to Managed Income Shares

0.952828

Managed Income Shares

Managed Income Shares

2,138 Managed Income Shares to Managed Cash Shares

1.046317

28,918

6,434,498

3,246 Managed Growth Shares to Managed Cash Shares

8.219714

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
20th May 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 31st May 2019.  It is anticipated that Certificates in respect of the resulting shares will be posted by 21st June 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

 

23rd May 2019


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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