Results of the Scheme
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THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, IN ANY MEMBER STATE OF THE EEA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL
This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in any jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.
Legal Entity Identifier: 549300D8SPJFHBDGXS57
7 August 2026
JPMorgan European Growth & Income plc
Results of the Scheme and Issue of New JEGI Shares
The Board of JPMorgan European Growth & Income plc (the "Company" or "JEGI") is pleased to announce that the Company will acquire approximately £261 million of assets from European Opportunities Trust PLC ("EOT") in consideration for the issue of 175,960,641 new shares of 0.5 pence each in the capital of JEGI ("New JEGI Shares") in connection with the members' voluntary winding up of EOT pursuant to a scheme of reconstruction under section 110 of the Insolvency Act 1986 (the "Scheme") following the passing today of the resolution proposed at the Second General Meeting of EOT.
New JEGI Shares
The JEGI FAV per Share was calculated as 148.221802 pence and the JEGI Rollover Pool FAV per Share was calculated as 963.610563 pence, with both being calculated as at the Calculation Date in accordance with the details set out in the circular published by the Company on 2 July 2026 (the "Circular").
Accordingly, the exchange ratio under the Scheme was 6.501139 New JEGI Shares for each EOT Share elected for the JEGI Rollover Option.
Fractional entitlements to New JEGI Shares will not be issued under the Scheme and entitlements will be rounded down to the nearest whole number of New JEGI Shares.
The New JEGI Shares will be issued on a non-pre-emptive basis and will rank equally in all respects with the existing issued ordinary shares of the Company other than in respect of any dividends which have a record date prior to the Effective Date.
Admission
An application has been made by the Company for the New JEGI Shares to be admitted to trading on the Main Market of the London Stock Exchange ("Admission"). It is expected that Admission will take place at 8.00am on 10 August 2026.
CREST accounts of EOT Shareholders who elected, or were deemed to have elected, for New JEGI Shares are expected to be credited with the New JEGI Shares as soon as reasonably practical on 10 August 2026.
Following the issue of the New JEGI Shares noted above, the Company's share capital will comprise 598,326,829 ordinary shares (excluding treasury shares), with each ordinary share entitled to one voting right per ordinary share such that, following Admission, the total voting rights of the Company will be 598,326,829. The Company holds 14,620,341 shares in Treasury.
The figure of 598,326,829 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Rita Dhut, Chair of JPMorgan European Growth & Income plc, commented:
"We are delighted to welcome so many new shareholders to JEGI, particularly at a time when the prospects for Europe's world-class companies are so strong. We believe that the level of rollover into JEGI reflects the sector-leading performance delivered by the management team, and our effective utilisation of the investment trust structure, in particular, through its distribution policy which provides an attractive level of income.
As a result of the scheme, JEGI's net assets will increase to almost £900m, delivering a number of benefits to our shareholders, including greater liquidity and a further reduction in the ongoing charges ratio, which was already the most competitive in the sector. In addition, we are very aware that scale increasingly matters in the trust industry and believe that the growth in its size will allow JEGI to appeal to an even broader range of investors."
Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular.
For further information:
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JPMorgan European Growth & Income plc Rita Dhut
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Contact via Company Secretary |
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JPMorgan Funds Limited Simon Elliott Neil Martin William Talkington
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+44 (0) 20 7742 4000 |
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JPMorgan Funds Limited (Company Secretary) Paul Winship
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+44 (0) 20 7742 9815 |
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Winterflood, a division of Marex Neil Langford Neil Morgan Haris Khawaja
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+44 (0) 20 3100 0000 |
This announcement is not for publication or distribution in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.
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