Proposed Further Issues of Or

RNS Number : 5847U

JPMorgan Glb Emerging Mkts Inc Tst

18 October 2010

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN GLOBAL EMERGING MARKETS INCOME TRUST PLC

PROPOSED FURTHER ISSUES OF ORDINARY SHARES

18th October 2010

JPMorgan Global Emerging Markets Income Trust plc (the 'Company') announces that it has instructed advisers to take steps necessary to enable the Company to continue to issue further new ordinary shares ('Shares') once its existing share allotment authorities have been exhausted.

On admission in July 2010 the Company raised £104.0 million through the issue of 104,000,000 Shares at £1.00 per share. Since admission the Company's Shares have consistently traded at a premium to their Net Asset Value ('NAV'). This has enabled the Directors to use the authorities granted to them prior to launch to issue a further 9,145,000 million new Shares for cash, raising approximately £9.92 million, at a weighted average premium of 2.9%.  However, these further issues have now used approximately 90% of the Directors' current allotment authorities.

The Company intends to convene a general meeting to propose resolutions to seek further authorities to allot new Shares and to disapply pre-emption rights in respect of the issue of such new Shares. If granted, such authorities would enable the Board to continue the policy of issuing new Shares into the market at a premium to NAV when demand arises.  It is expected that the circular convening the general meeting will shortly be sent to shareholders and that the general meeting will be held in mid November.

Enquiries

James Saunders Watson, JPMorgan Asset Management: 020 7742 8504

Robert Peel, Winterflood Investment Trusts: 020 3100 0291

 

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