Result of Tender Offer and Tender Price

RNS Number : 3555S

JPMorgan Asian Investment Tst PLC

29 November 2012

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN ASIAN INVESTMENT TRUST PLC

RESULT OF TENDER OFFER AND TENDER PRICE

Further to the announcement made by JPMorgan Asian Investment Trust plc (the "Company") on 27 November 2012 regarding the passing of the Special Resolution at the General Meeting to give effect to the Tender Offer for Shares in the Company, the Board today announces that the Net Asset Value as at the Calculation Date was 220.7860 pence per Share. Accordingly, the Tender Price, which has been calculated in accordance with the Circular to Shareholders dated 2 November 2012 (the "Circular"), is 218.5897 pence per Share.

A total of 76,887,124 Ordinary Shares ("Shares") (being 51.7 per cent. of the Company's Shares in issue as at 18 October 2012 (including 8,598 Shares which were allotted following the valid submission by Subscription Shareholders to exercise their Subscription Shares by 31 October 2012)) were validly tendered under the Tender Offer. Approximately 50 per cent. of the validly tendered Shares were from one Shareholder. As a result, the Tender Offer was oversubscribed. The Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 21.99 per cent. of the excess Shares tendered.

37,170,686 Shares will be repurchased by the Company under the Tender Offer and cancelled; this equates to 24.99 per cent. of the Company's Shares in issue as at 18 October 2012 (including 8,598 Shares which were allotted following the valid submission by Subscription Shareholders to exercise their Subscription Shares by 31 October 2012).

It is expected that cheques will be despatched and CREST accounts will be credited with proceeds in respect of successfully tendered Shares and with unsold uncertificated Shares by 7 December 2012. It is expected that balancing certificates in respect of unsold certificated Shares will be despatched during the week commencing 10 December 2012.

Following the implementation of the Tender Offer the Company will have 107,346,558 Shares in issue.

Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Circular.

29 November 2012

For further information, please contact:

Alison Vincent

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 6216

Will Rogers

Cenkos Securities plc, Corporate Broker

020 7397 1920

 

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