Continuation Vote

RNS Number : 2795U

JPMorgan Indian Invest Trust PLC

29 November 2013

 



JPMorgan Indian Investment Trust plc

London Stock Exchange Announcement

Continuation Vote

The Board of JPMorgan Indian Investment Trust PLC (the 'Company') announces that, following consultation with the Company's large shareholders and its advisers, it plans to introduce, subject to the passing of a resolution in favour of the Company's continuation as an investment trust at the Company's annual general meeting on 30 January 2014, the following measures:

-  A reduction in the management fee to 1 per cent of total assets.

-  A reduction in the notice period to 6 months (for performance reasons, 12 months for all other reasons).

-  An obligation on the Board to make a tender offer to shareholders at NAV less costs if, over the next three years (from the start of the current financial year being 1st October 2013), the Company underperforms its benchmark.

The Board believes these measures are in shareholders interests as they:

-  Reduce operating costs and

-  Further incentivise the manager to produce outperformance.

The Board believes that the long term outlook for India remains favourable despite some near term challenges. Equally the board believes that JPMorgan Asset Management has the resources and process to deliver better results for shareholders. Accordingly the Board will be recommending shareholders vote in favour of the continuation of the Company.

Further details will be included in the Company's Annual Report due to be published in December.

Enquiries

James Saunders-Watson / Jonathan Latter

J.P. Morgan Asset Management

02077424000

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