Redesignation of Subscription Shares

RNS Number : 3718T

JPMorgan Chinese Inv Tst PLC

12 December 2012

 



JPMorgan Chinese Investment Trust plc

12 December 2012

Proposed redesignation of Outstanding Subscription Shares and purchase and cancellation of the resulting Deferred Shares

The Company has today published a circular and Notice of General Meetings of Ordinary Shareholders and Subscription Shareholders, both of which will be held on 22 January 2013, following the conclusion or adjournment of the Annual General Meeting.  The Company is seeking shareholder approval for the redesignation of the Outstanding Subscription Shares (if any) as Deferred Shares following the possible lapse of the Subscription Share Rights after the Final Subscription Date, and the subsequent repurchase and cancellation of the Deferred Shares immediately following such redesignation (the "Proposals").

The purpose of the Proposals is to enable the Company to continue to be in a position to be approved as a UK investment trust should there be any Outstanding Subscription Shares following the lapse of the Subscription Share Rights.

On 16 April 2008, the Company issued 14,136,407 Subscription Shares by way of a 1 for 5 bonus issue to its then Ordinary Shareholders.  Each Subscription Share currently gives the holder the right to subscribe for one Ordinary Share at an exercise price of 168p.  The final date for the exercise of Subscription Share Rights by Subscription Shareholders is 15 May 2013.

As at 10 December 2012 (being the latest practicable date prior to the publication of the circular) the mid-market price of an Ordinary Share was 140.50 pence compared to the exercise price of the Subscription Shares of 168 pence and 12,717,754 Subscription Shares were in issue.

It is intended that the existing standard listing of the Subscription Shares will be suspended at 7.30 a.m. on Thursday, 16 May 2013 and that a separate announcement concerning such suspension will be made shortly after such suspension.  In the event that the Proposals are approved at the General Meetings and the Outstanding Subscription Shares are redesignated as Deferred Shares, it is intended that the standard listing of the Subscription Shares would be cancelled on or before 30 June 2013.

Full details of the background to, and details of, the Proposals, which require the approval of Ordinary Shareholders in general meeting and of Subscription Shareholders at a separate class meeting and notices of the General Meetings are set out in the shareholder circular. A copy of the circular has been posted to all shareholders today and will shortly be available for inspection at the National Storage Mechanism which is located at http://www.morningstar.co.uk/uk/nsm.

Terms used and not defined in this announcement have the meanings given to them in the circular of the Company dated 12 December 2012.

Enquiries:

Christopher Legg, J.P. Morgan Asset Management - 020 7742 4000

Neil Morgan, Winterflood Investment Trusts - 020 3100 0292

 

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