Tender Offer

RNS Number : 0861Q

JPMorgan Asian Investment Tst PLC

12 October 2011

 



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

12th October 2011

JPMORGAN ASIAN INVESTMENT TRUST PLC (the "Company")

Tender Offer to purchase up to 5 per cent of the Company's Ordinary Shares in issue

Following the approval of a Conditional Tender Offer (the "Tender Offer") at the Company's General Meeting held on 23rd February 2011, the Board has decided to exercise its discretion to implement a Tender Offer in February 2012.  This Tender Offer is in respect of the six month period ended 30th September 2011, a period in which the Company's Ordinary Shares have traded at an average daily discount of 9.1 per cent. relative to their diluted cum-income Net Asset Value.

The Tender Offer will enable Shareholders to tender all or part of their Ordinary Shares for cash, subject to a maximum of 5 per cent of the Company's Shares, including Subscription Shares in issue on 30th September 2011 and where a valid request for Subscription Shares to be converted to Ordinary Shares has been exercised by 31st December 2011. The Record Date for participation in the Tender Offer is 30th September 2011.

Under the terms of the Tender Offer, which will be made by Cenkos Securities, Shareholders (other than Restricted Shareholders) will be entitled to tender up to their basic entitlement of 5 per cent. of the Ordinary Shares they held as at the Record Date (their "Basic Entitlement") and to tender additional Ordinary Shares. However, any such excess tenders above the Basic Entitlement will only be satisfied to the extent that other Shareholders tender less than their aggregate Basic Entitlement and will be satisfied on a pro rata basis. Tender applications will be rounded down to the nearest whole number of Ordinary Shares.

The tender price will be the Net Asset Value per Share (inclusive of undistributed revenue reserves) on the calculation date, less the direct costs and expenses of the Tender Offer (including stamp duty and portfolio realisation costs), less a further 2 per cent. discount.

The Tender Offer calculation date is expected to be 13th February 2012.

Restricted Shareholders and other Overseas Shareholders.

The Tender Offer is not being made to Shareholders who are resident in, or citizens of, Restricted Territories (these being Australia, Canada, Japan and the United States). Restricted Shareholders are being excluded from the Tender Offer to avoid breaching applicable local laws relating to the implementation of the Tender Offer. Accordingly, copies of the Circular, the Tender Form and any related documents are not being and must not be mailed or otherwise distributed in or into Restricted Territories.

A circular containing details of the Tender Offer and the procedure for tendering Ordinary Shares will be dispatched with the Annual Report and Accounts in December 2011.

Expected timetable (please note these dates may be subject to change).

Record Date	30th September 2011
Annual General Meeting	1st February 2012
Latest date for receipt of J.P. Morgan Savings Product Tender Forms	6th February  2012
Latest date for receipt of Tender Form/TTE instructions in CREST	11th February  2012
Calculation Date	Close of business on 13th February 2012
Results of Tender Offer and Tender Price announced	14th February 2012
Settlement Date	16th February 2012

Enquiries:

JP Morgan Asset Management (UK) Limited, Company Secretary

Alison Vincent                  020 7742 6216

JP Morgan Asset Management (UK) Limited, Client Director

Simon Crinage                  020 774j2 6000

Cenkos Securities plc, Corporate Broker

Will Rogers                         020 7397 1920

Cenkos Securities Plc, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as the adviser to the Company and is acting for no-one else in connection with the Tender Offer and the contents of this announcement, and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Cenkos Securities Plc nor for providing advice in connection with the Tender Offer Issue and the contents of this announcement or any other matter referred to herein.

Cenkos Securities Plc is not responsible for the contents of this announcement.

 

END

 

 

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