Result of General Meeting and Tender Offer

RNS Number : 0882S

JPMorgan Asian Investment Tst PLC

27 November 2012

 



 

NOT FOR RELEASE INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN

JPMORGAN ASIAN INVESTMENT TRUST PLC

LONDON STOCK EXCHANGE ANNOUNCEMENT

27 November 2012

Results of the General Meeting and the Tender Offer

Following the General Meeting of the JPMorgan Asian Investment Trust plc (the "Company"), which was held today, the Board is pleased to announce that the special resolution put to Shareholders to permit a 24.99 per cent. Tender Offer was passed.

A Summary of proxy votes received will shortly be available on the Company's website, www.jpmasian.co.uk.

A total of 76,887,124 Ordinary Shares ("Shares") (being 51.7 per cent. of the Company's Shares in issue as at 18 October 2012 (including 8,598 Shares which were allotted following the valid submission by Subscription Shareholders to exercise their Subscription Shares by 31 October 2012)) were validly tendered under the Tender Offer. Approximately 50 per cent. of the validly tendered Shares were from one Shareholder. As a result, the Tender Offer was oversubscribed. The Basic Entitlement of all Shareholders who have validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of approximately 21.99 per cent. of the excess Shares tendered.

37,170,686 Shares will be repurchased by the Company under the Tender Offer and cancelled; this equates to 24.99 per cent. of the Company's Shares in issue as at 18 October 2012 (including 8,598 Shares which were allotted following the valid submission by Subscription Shareholders to exercise their Subscription Shares by 31 October 2012).

Following the implementation of the Tender Offer the Company will have 107,346,558 Shares in issue.

Details of the tender price will be announced on 29 November 2012.

Key dates:

Tender Offer calculation date                                     close of business 28 November

Tender Price announced                                                          29 November

Settlement: cheques dispatched and payments through

CREST made and CREST accounts settled                            week commencing 3 December

Balance share certificates despatched                                     week commencing 10 December 2012

For further information please contact:

JP Morgan Asset Management (UK) Limited, Secretary

Alison Vincent            020 7742 6216

Cenkos Securities plc, Corporate Broker and Financial Adviser

Will Rogers                  020 7397 1920

Sapna Shah                  020 7397 1922

Important Information

The information related to the Company included in this statement is provided for information purposes only and does not constitute an invitation or offer to subscribe for, purchase or dispose of shares in the Company. This material is not intended to provide a sufficient basis on which to make an investment decision. All investments are subject to risk. An investment in the Company should be regarded as long term in nature and is suitable only for sophisticated investors, investment professionals, high net worth individuals, unincorporated associations and partnerships and trustees of high value trusts, in each case, who can bear the economic risk of a substantial or entire loss of their investment. Before tendering any shares, investors should refer to the full and complete terms and conditions of the Tender Offer as contained in the Circular. Investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

 

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