Delisting from the New Zealand Stock Exchange

JPMorgan Global Growth & Income PLC

19 May 2023

 

London Stock Exchange Announcement

JPMorgan Global Growth & Income plc

('the Company')

Delisting from the New Zealand Stock Exchange

Legal Entity Identifier: 5493007C3I0O5PJKR078

The Board of JPMorgan Global Growth & Income PLC ('JGGI or JPG') announces that it intends to delist from the New Zealand Stock Exchange with effect from 23 June 2023. Set out below is the text of a letter to be sent on 22 May 2023 to shareholders on the New Zealand share register.

"Notice of delisting of JPMorgan Global Growth & Income PLC"

1.1       JPG's Board has resolved to delist from the New Zealand Stock Exchange (NZX) with effect from 23 June 2023 (Delisting Date). This was on the basis that holdings of shareholders on the New Zealand register now represent only 1.25% of the Company's total outstanding shares in issue, and trading in JPG shares on the NZX has also been decreasing in recent years.

1.2       JPG's Board considers that the administrative and compliance burdens of maintaining a secondary listing in New Zealand have become disproportionate to the benefits of maintaining that listing. Delisting from the NZX will enable JPG to save on the ongoing listing fees, legal fees, and registry costs associated with maintaining its NZX listing, as well as reduce its exposure to other risks.

1.3       We will ensure that your rights will be protected and that any inconvenience is decreased to a minimum. There will be no costs to you in relation to the proposed delisting arrangements.

2.         What happens after delisting?

2.1       JPG's shares will remain listed on the London Stock Exchange (LSE) and its shares will continue to be quoted on the LSE.

2.2       The last day on which you will be able to trade your JPG shares on the NZX is 21 June 2023.

2.3       On the Delisting Date, JPG's New Zealand share register, maintained by Computershare Investor Services Ltd, will be closed. If you hold JPG shares on the Delisting Date, your shares will be transferred to JPG's main United Kingdom register, maintained by Equiniti Limited. Once JPG has delisted from the NZX, you will receive a welcome letter from Equiniti Limited, which will include a new share certificate and details of your new Shareholder Reference Number. Should you not receive that communication within three weeks of 26 June 2023, you are advised to contact Equiniti, details of which are set out overleaf.

2.4       After the Delisting Date, you will continue to hold legal title to your shares and will be able to continue to receive corporate documentation and notices (including copies of JPG's annual and half year financial reports, notice of meetings and proxy voting forms), and be able to attend meetings and vote directly. Proxy votes may be lodged online via Equiniti's website www.shareview.co.uk. As a shareholder on the main register, you will be asked whether you wish to continue to receive corporate documentation and notices by post and a form will be included in the welcome letter from Equiniti for return. Please note that if you do not return the form or it is incorrectly completed, you will receive notifications to your home address that documents, or information are available on the Company's website.

2.5       Currently arrangements are in place for dividends to be paid by cheque or into your bank account in New Zealand dollars. Following the delisting, dividends will be paid in pounds sterling by cheque sent to your registered address. Equiniti Limited offers a Dividend Currency Alternative service whereby you can have dividends converted into New Zealand dollars and paid directly into your New Zealand bank account if you so choose. Details of the service and how to apply will be sent to you within the welcome letter.

2.6       While the Company does not believe that the delisting of the Company's share from the NZX should have any taxation implications for Shareholders, any person who is in doubt as to their tax position is strongly recommended to consult their own professional tax adviser.

3.         What if I want to trade my JPG shares on LSE?

3.1       As mentioned above, JPG will remain listed on the LSE and you can still trade your shares by contacting any New Zealand sharebroker who can facilitate trading through the LSE, or by dealing through a United Kingdom share broker (fees may apply). Any fees charged by a UK sharebroker for trading shares on the LSE may be different to the fees payable when trading JPG shares on the NZX. However, please note that no trading of JPG Shares can take place between 24 June to 26 June 2023 (refer to table below).

3.2       JPG's share price, trading information and regulatory announcements can be found on the LSE's website under the security code "JGGI LN" and also on the Company's own website at www.jpmglobalgrowthandincome.co.uk.

3.3       If you wish to hold your shares in paperless form and/or hold your shares through a custodial service, custody and/or administration fees may apply. You will need to contact a New Zealand sharebroker who offers a custodial service, and they will be able to make the necessary arrangements once you have received your new share certificate. Holding shares through a custodial service will reduce the time that purchases and sales will take to settle. New Zealand stockbrokers will be able to advise you of their charges. JPG's New Zealand broker, Jarden Securities, will also be happy to provide assistance with questions relating to trading the Company's shares on the LSE or custodial services (0800 800 968: contact Peter Irwin).

4.         Benefits to shareholders

4.1       JPG's shares have been listed on the LSE since 1887 which, among other things, has provided shareholders with the following benefits:

(a)  access to capital -  which has helped JPG raise finance for further development;

(b)  increased profile - which has assisted JPG increase demand and improve daily trading liquidity in its shares;

(c)  objective valuation - JPG's shares are bought and sold by independent buyers and sellers subject to assessment by independent analysts who value the market price of the shares; and

(d)  created a market for JPG's shares - JPG is required, in accordance with the LSE listing rules, to have a minimum number of "market makers" who offer buy and sell prices daily in JPG's shares and also who help broaden JPG's shareholder base.

5.         What action do I need to take now?

5.1       You are not required to do anything in relation to the delisting and transfer of your shares to the United Kingdom register.

5.2       Should you wish to transfer your NZX listed shares to the LSE prior to the Delisting Date, you should be able to do so by contacting your New Zealand sharebroker. There may be a small charge for this service. Alternatively, you could contact Computershare NZ and request a Removal of Securities form.

You should contact your sharebroker if you would like to discuss the process for trading your shares in JPG after the Delisting Date. If you do not have a relationship with a New Zealand stockbroker, you can visit the directory of registered market participants on the NZX website: https://www.nzx.com/services/market-participants/find-a-participant.

5.3       We set out below our proposed timetable for the delisting process:

Date	Proposed activity
Monday 22 May 2023	NZX approved JPG's delisting on the NZX. JPG releases announcement of the delisting to the market.
Wednesday 21 June 2023	Last day for trading JPG shares on the NZX. Shares will cease to be quoted on the NZX from market close and a trading halt will be in place.
Friday, 23 June 2023	Listing of JPG with the NZX will formally cease at close of business and shares will be transferred to the United Kingdom register.
24 June to 26 June 2023	No trading of JPG shares on the New Zealand register can take place during these days.
Monday, 26 June 2023	Shares will commence trading on the London Stock Exchange
Week commencing 26 June 2023 onwards	New UK share certificates will be mailed to New Zealand shareholders, at shareholders' risk, within 14 days of cancellation of listing on the NZX. Shareholder Reference Numbers will be on the same share certificates.

6.         How to Contact Equiniti

If you have any questions about the proposed delisting, please contact the Company's registrars in any one of the following ways:

By Phone - Equiniti Limited - [phone]

By Post - Equiniti Limited, Reference 1103, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, United Kingdom

By E-mail - via Equiniti website www.shareview.co.uk

7.         How to Contact Jarden Securities

Alternatively, you can contact JPG's New Zealand Broker, Jarden Securities Limited (Jarden) on 0800 800 968 (contact Peter Irwin).

For and on behalf of

JPMorgan Funds Limited, Secretary

19 May 2023

For further information, please contact:

Divya Amin                                                      [e-mail]

JPMorgan Funds Limited                                  [phone]

 

END