Tender Offer

RNS Number : 0094D

JPMorgan European Smaller Co.

09 May 2012

 



JPMORGAN EUROPEAN SMALLER COMPANIES TRUST PLC

LONDON STOCK EXCHANGE ANNOUNCEMENT

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA OR JAPAN

9th May 2012

Reverse Tender Offer for up to 10 per cent. of the Shares in issue of the Company

The Board has taken a preliminary decision to implement a Reverse Tender Offer for up to 10 per cent. of the Company's Ordinary Shares with the objective of providing liquidity to the market whilst also providing an NAV uplift to the ongoing holders. The terms and timing of this Reverse Tender Offer have as yet not been finalised and the Board will be consulting with its major Shareholders before these terms are fixed.

Under the proposed Reverse Tender the price at which tendered Shares will be purchased (the 'Strike Price') will be determined by applying the highest absolute value (i.e. the lowest Discount to NAV) at which the Company could purchase all the Shares available in the Reverse Tender Offer. Shares offered for tender at a discount to NAV which exceeds the Strike Price will be accepted in full whilst Shares offered for tender at the Strike Price will be accepted on a pro rata basis. Shares offered for tender at a discount to NAV which is less than the Strike Price will not be accepted.

The Reverse Tender Offer will require approval by Shareholders and it is intended that a resolution will therefore be put to Shareholders at a General Meeting to be held immediately after the Company's Annual General Meeting on 18th July 2012, which will also be the Record Date for the Reverse Tender Offer.  

The Board intends to declare a final dividend of at least 10 pence per Share for approval at the Annual General Meeting. The actual dividend will be announced on or around 25th May in the Annual Results Statement. The Record Date for this dividend will be after the Reverse Tender Offer has completed.

A document setting out the terms of the Reverse Tender Offer and seeking the necessary Shareholder approvals will be despatched to Shareholders with the Annual Report and Account on or around 13th June 2012.

For further information please contact:

JPMorgan Asset Management (UK) Limited

Jonathan Latter            [e-mail]                       [phone] 

Cenkos Securities plc                      

Will Rogers                  [e-mail]                                      [phone]

Chris Lunn                   [e-mail]                                         [phone]

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 and the contents of this announcement or any other matter referred to herein.

 

END

 

 

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