Conversion of C Shares and Conversion Ratio
JPMorgan Global Emerging Markets Income Trust plc
Conversion of C Shares and Conversion Ratio
Further to the announcement of 27 April 2011 that over 90 per cent. of the assets attributable to C Shareholders have been invested in a portfolio of securities consistent with the Company's investment policy, the Board of Directors announces that, in accordance with the terms and conditions of the Issue, the Conversion Date, on which the C Shares will convert into Ordinary Shares, has been determined by the Board to be 17 May 2011.
The Conversion Ratio, which has been calculated by reference to the total net assets of the Company and the net assets of the Company attributable to C Shareholders as at close of business on 12 May 2011, is 0.872304.
Accordingly, a C Shareholder holding 1,000 C Shares will receive 872 new Ordinary Shares on Conversion. Fractions of Ordinary Shares arising on Conversion will be aggregated and sold for the benefit of the Company.
The new Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue, but will not have any entitlement to the proposed interim dividend payable on the existing Ordinary Shares as referred to in the announcement made on 27 April 2011 for which the record date is close of business on 6 May 2011.
Application has been made to the UK Listing Authority for the 23,030,853 Ordinary Shares arising on Conversion to be admitted to the Official List, and to the London Stock Exchange for the same number of Ordinary Shares to be admitted to trading on 18 May 2011. Trading in the C Shares will be suspended with effect from 8.00 a.m. on 18 May 2011 and they will be permanently removed from trading on the London Stock Exchange with effect from 8.00 a.m. on 21 June 2011.
Following Conversion, the Company's issued share capital will consist of 140,080,853 Ordinary Shares of 1 penny each, carrying one voting right each. Therefore, the total number of voting rights for Ordinary Shareholders will be 140,080,853.
The above figure 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 of interest in, the Company under the FSA's Disclosure and Transparency Rules.
16 May 2011
Enquiries:
Christopher Cordrey, J.P. Morgan Asset Management (UK) Limited: 020 7742 6000
Robert Peel, Winterflood Investment Trusts (corporate broking): 020 3100 0291
This information is provided by RNS
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