AGM Statement

RNS Number : 4808Q

JPMorgan Overseas IT PLC

06 November 2012

 



STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN OVERSEAS INVESTMENT TRUST PLC

RESULT OF AGM & PROPOSED BONUS ISSUE OF SUBSCRIPTION SHARES

Following the Annual General Meeting of the Company, which was held earlier today the Company announces that all of the Ordinary Resolutions put to shareholders were passed. 

In addition, two Special Resolutions were passed which:

i.    will allow the Company to disapply pre-emption rights on the allotment of new Ordinary shares or by way of sale of Treasury shares up to an aggregate nominal amount of £654,367, representing 10% of the Company's total Ordinary share capital; and,   

ii.   will allow the Company to make market purchases of up to 3,923,587 ordinary shares representing 14.99% of the Company's issued share capital.

The full text of all the resolutions can be found in the Notice of Annual General Meeting contained in the Annual Report and Accounts which is available for viewing at the the National Storage Mechanism which can be located at www.hemscott.com/nsm.do and from the Company's website, www.jpmoverseas.co.uk  

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

Furthermore, the Board is considering proposing a bonus issue of Subscription shares to Shareholders on the basis of one Subscription Share for every five existing Ordinary shares. The Board expects to post a prospectus in early December which will explain the proposals and convene a general meeting to approve the issue. The bonus issue will be available to those on the register in early 2013.

It is expected that the Subscription Shares, if approved, will have a tiered exercise price, will be non dilutive to net asset value on issue and will have duration of around three years. Apart from providing shareholders with an option exercisable into the share capital of the Company which can be traded in the market, the Subscription Shares also provide an opportunity for the Company to grow its capital base.  

6th November 2012

For further information, please contact:

Divya Amin

For and on behalf of

JPMorgan Asset Management (UK) Limited - Secretary

020 7742 4000

 

END

 

 

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