Combination with JMI - Result of Elections

JPMorgan Mid Cap Invest Trust PLC

23 February 2024

 

23 February 2024

JPMorgan Mid Cap Investment Trust plc

Legal Entity Identifier: 549300QED7IGEP4UFN49

Result of Elections

In connection with the proposals for a combination of JPMorgan Mid Cap Investment Trust plc (the "Company" or "JMF") with JPMorgan UK Smaller Companies Investment Trust plc (to be renamed JPMorgan UK Small Cap Growth & Income plc) ("JMI") by way of a scheme of reconstruction of the Company under section 110 of the Insolvency Act 1986 (the "Scheme"), the Board of the Company is pleased to announce the following Elections in connection with the Scheme:

Rollover Option: 18,316,856 Shares

Cash Option: 5,436,381 Shares

The Cash Option, which is limited to 15 per cent. of the Shares in issue, was therefore oversubscribed.  Accordingly, the Basic Entitlement of all Shareholders who have validly elected or deemed to have elected for the Cash Option will be accepted in full and Excess Applications for the Cash Option will be scaled back into New JMI Shares on a pro rata basis.  Excess Applications will be satisfied to the extent of approximately 33.08 per cent. of the Excess Applications made.

In accordance with the Scheme, eligible Shareholders that made no Election have been deemed to have elected for the Rollover Option.  Excluded Shareholders have been deemed to have elected for their Basic Entitlement in respect of the Cash Option and to receive New JMI Shares for the remainder of their shareholding. 

Accordingly, after scaling back Excess Elections, 85 per cent. of the Company's Shares will roll over into JMI, with the balance receiving the Cash Option. Therefore, the Shares will be reclassified as follows:

18,316,856 Shares with "A" rights, being the right to receive New JMI Shares; and

3,232,386 Shares with "B" rights, being the right to receive cash.

The listing of the Company's Reclassified Shares is expected to be suspended at 7.30 a.m. on 27 February 2024.

Unless otherwise defined, all capitalised terms used but not defined in this announcement shall have the meaning as given to them in the Company's circular to Shareholders dated 23 January 2024 (the "Circular").

The Circular is available for viewing on the Company's website at www.jpmmidcap.co.uk and at the National Storage Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information please contact:

JPMorgan Mid Cap Investment Trust plc John Evans	Contact via Company Secretary
JPMorgan Funds Limited Simon Crinage Fin Bodman	[phone]
JPMorgan Funds Limited (Company Secretary)	[phone]
Alison Vincent
Investec Bank plc                                                                             David Yovichic Tom Skinner Helen Goldsmith	[phone]

 

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