Tender Offer

RNS Number : 4810Q

JPMorgan Asian Investment Tst PLC

14 October 2013

 



NOT FOR RELEASE INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN.

14th October 2013

JPMORGAN ASIAN INVESTMENT TRUST PLC ("the Company")

Tender Offer to purchase up to 5 per cent of the Company's Ordinary Shares in issue

The Company obtained shareholder approval at its Annual General Meeting held on 31st January 2013, to implement, at the Board's discretion, two conditional tender offers for up to 5 per cent. of the Company's Ordinary shares. Such Tender Offers are to be considered by the Board if the Company's Ordinary shares traded at an average discount of more than 9 per cent. relative to their diluted cum-income net asset value (the 'discount') over the period between 1st October 2012 and 31st March 2013 and the period between 1st April 2013 and 30th September 2013.

Over the period between 1st April 2013 and 30th September 2013, the Company's Ordinary Shares have traded at an average daily discount of 12.6 per cent. relative to their diluted cum-income Net Asset Value.   The Board has decided to exercise its discretion to implement a 5 per cent. Tender Offer in respect of this six month period.  

The Tender Offer will enable Shareholders to tender all or part of their Ordinary Shares for cash, subject to a maximum of 5 per cent of the Company's Shares, including Subscription Shares in issue on 14th October 2013 and where a valid request for Subscription Shares to be converted to Ordinary Shares has been exercised by 31st October 2013. The Record Date for participation in the Tender Offer is 14th October 2013.

Under the terms of the Tender Offer, which will be made by Cenkos Securities, Shareholders (other than Restricted Shareholders) will be entitled to tender up to their basic entitlement of 5 per cent. of the Ordinary Shares they held as at the Record Date (their "Basic Entitlement") and to tender additional Ordinary Shares. However, any such excess tenders above the Basic Entitlement will only be satisfied to the extent that other Shareholders tender less than their aggregate Basic Entitlement and will be satisfied on a pro rata basis. Tender applications will be rounded down to the nearest whole number of Ordinary Shares.

The tender price will be the Net Asset Value per Share (inclusive of undistributed revenue reserves) on the calculation date, less the direct costs and expenses of the Tender Offer (including stamp duty and portfolio realisation costs), less a further 2 per cent. discount.

The Tender Offer calculation date is expected to be 16th December 2013.

Restricted Shareholders and other Overseas Shareholders.

The Tender Offer is not being made to Shareholders who are resident in, or citizens of, Restricted Territories (these being Australia, Canada, Japan and the United States). Restricted Shareholders are being excluded from the Tender Offer to avoid breaching applicable local laws relating to the implementation of the Tender Offer. Accordingly, copies of the Circular, the Tender Form and any related documents are not being and must not be mailed or otherwise distributed in or into Restricted Territories.

A circular containing details of the Tender Offer and the procedure for tendering Ordinary Shares will be dispatched with the Company's Annual Report in the week commencing 25 November 2013.

Expected timetable (*please note these dates may be subject to change).

Record Date	14th October 2013
Posting of Circular and Tender Forms	Week commencing 25th November 2013*
Latest date for receipt of J.P. Morgan Savings Product Tender Forms	6th December 2013*
Latest date for receipt of Tender Form/TTE instructions in CREST	12th December 2013*
Calculation Date	Close of business on 16th December 2013*
Results of Tender Offer and Tender Price announced	17th December 2013*
Settlement Date	On or around 20th December 2013*

Enquiries:

JP Morgan Asset Management (UK) Limited, Company Secretary

Alison Vincent                   020 7742 6216

JP Morgan Asset Management (UK) Limited, Client Director

James Glover                      020 7742 6000

Cenkos Securities plc, Corporate Broker

Will Rogers                         0207 397 1920

Sapna Shah                          020 7397 1922

Cenkos Securities Plc, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as the adviser to the Company and is acting for no-one else in connection with the Tender Offer and the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Cenkos Securities Plc nor for providing advice in connection with the Tender Offer Issue and the contents of this announcement or any other matter referred to herein.

Cenkos Securities Plc is not responsible for the contents of this announcement.

 

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