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JPMorgan Overseas (JMO)

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Friday 18 February, 2011

JPMorgan Overseas

Response to Electric & General IT plc Update

RNS Number : 5234B
JPMorgan Overseas IT PLC
18 February 2011






Response to Electric & General Investment Trust plc's Update on Reconstruction Proposals 



18 February 2011



The Board of JPMorgan Overseas Investment Trust plc (the 'Company') notes the announcement made on 16 February 2011 by Electric & General Investment Trust plc ('E&G') that provides an 'Update on Reconstruction Proposals'.


The Board of the Company is disappointed that, despite engagement with the Board of E&G during the last year in connection with the Company potentially participating in any reconstruction of E&G, the only roll over option available to E&G shareholders is into an open ended investment company. There is no closed ended alternative nor is there an opportunity to roll over to access a different investment manager, in a tax efficient manner.


The Board and J.P. Morgan Asset Management, the manager of the Company, is of the opinion that the inclusion of the Company could have enhanced the Reconstruction Proposals, brought benefits to both the Company's shareholders and E&G's shareholders and are disappointed that this opportunity has not been presented to E&G shareholders.



Simon Davies - Chairman, JPMorgan Overseas Investment Trust plc - 020 7742 1025

David Barron - Head of Investment Trusts, J.P. Morgan Asset Management - 020 7742 6000



This information is provided by RNS
The company news service from the London Stock Exchange