JPMorgan Elect PLC

Conversion of Securities

RNS Number : 8017N
JPMorgan Elect PLC
22 May 2020
 

JPMORGAN ELECT PLC

(the 'Company')

 

Conversion and Repurchase of Shares

 

The Company announces that valid Conversion Notices have been received in respect of 77,460 Managed Growth Shares, 541,366 Managed Income Shares and 81,680 Managed Cash Shares.

 

Repurchase of Shares

255,378 Managed Cash Shares will be repurchased at a price of 102.76 pence per share based on a capital net asset value per Managed Cash Share of 103.28 pence as at close of business on 19 May 2020. 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 15th June 2020.

Conversion of Shares

At 8.00 a.m. on 1st June 2020, the following conversions will take place:

 

Stock to Convert:

Conversion Ratio:

Converted

Total Number of Shares Following the Conversion and Repurchase*



Into:


78,311 Managed Cash Shares to Managed Growth Shares

0.131544

56,161

29,963,591

422,211 Managed Income Shares to Managed Growth Shares

0.108618

Managed Growth Shares

Managed Growth

 Shares

61,538 Managed Growth Shares to Managed Income Shares

9.124648

565,575

82,630,652

3,369 Managed Cash Shares to Managed Income Shares

1.205675

Managed Income Shares

Managed Income

Shares

119,155 Managed Income Shares to Managed Cash Shares

0.822231

217,963

5,302,724

15,922 Managed Growth Shares to Managed Cash Shares

7.536115

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
19th May 2020. 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 1st June 2020.  It is expected that Certificates in respect of the resulting shares will be posted by 15th June 2020.

Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.

 

22nd May 2020

Priyanka Vijay Anand      020 7742 4000

For and on behalf of

JPMorgan Funds Limited

Company Secretary


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