Tender Price Calculation

RNS Number : 5108K

JPMorgan European Smaller Co.

15 July 2011

 



JPMORGAN EUROPEAN SMALLER COMPANIES TRUST PLC (the 'Company')

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

15th July 2011

TENDER PRICE CALCULATION

Further to the announcement made by the Company on 8th July 2011 regarding the passing of the Special Resolution at the General Meeting to implement the tender offer of 5 per cent. of the Shares in issue on 16th May 2011 (the 'Tender Offer'), the Board today announces that the Net Asset Value as at the Calculation Date was 1,054.3184 pence per Share. Accordingly, the Tender Price, which has been calculated in accordance with the Circular to Shareholders dated 7th June 2011 (the 'Circular'), is 1,008.3511 pence per Share.

A total of 18,590,645 Shares were validly tendered under the Tender Offer. As a result, 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 3.34 per cent. of excess Shares tendered.

It is expected that cheques will be despatched and CREST accounts will be credited with proceeds in respect of successfully tendered Shares and with unsold uncertificated Shares on or around 28th July 2011. It is expected that balancing certificates in respect of unsold certificated Shares will be despatched during the week commencing 15th August 2011.

Following the implementation of the Tender Offer, the Company will have 40,962,802 Shares in issue.

Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Circular.

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.

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

 

END

 

 

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