Delisting from the New Zealand Stock Exchange

RNS Number : 4155M

JPMorgan Japanese Inv. Trust PLC

28 July 2017

 

JPMORGAN JAPANESE

INVESTMENT TRUST PLC

(the 'Company')

Delisting from the New Zealand Stock Exchange

Legal Entity Identifier: 549300JZW3TSSO464R15

Information disclosed in accordance with Market Abuse Regulation Article 19

The Board of JPMorgan Japanese Investment Trust plc ('JFJ') announces that it intends to delist from the New Zealand Stock Exchange with effect from 4th September 2017. Set out below is the text of a letter to be sent on 1st August 2017 to shareholders on the New Zealand share register.

"Notice of delisting of JPMorgan Japanese Investment Trust PLC"

1.1       JFJ's Board has resolved to delist from the New Zealand Stock Exchange (NZX) with effect from 4^th September 2017 (Delisting Date). This was on the basis that holdings of shareholders on the New Zealand register now represent only 0.60% of JFJ's total outstanding shares on issue, and trading in JFJ shares on the NZX has also been decreasing in recent years.

1.1        JFJ's Board considers that the administrative and compliance costs of maintaining a secondary listing in New Zealand have become disproportionate to the benefits of maintaining that listing. Delisting from the NZX will enable JFJ to save on the ongoing listing fees, legal fees, and registry costs associated with maintaining its NZX listing.

1.2        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        JFJ'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 JFJ shares on the NZX is 31^st August 2017. 

2.3        On the Delisting Date, JFJ's New Zealand share register, maintained by Computershare Investor Services Ltd, will be closed. If you hold JFJ shares on the Delisting Date, your shares will be transferred to JFJ's main United Kingdom register, maintained by Equiniti Registrars. Once JFJ has delisted from the NZX, you will receive a welcome pack from Equiniti Registrars, 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 4^th September 2017, 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 JFJ'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 pack 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 Registrars 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 with the welcome pack.

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

3.1        As mentioned above, JFJ will remain listed on the LSE and you can still trade your shares by contacting any New Zealand stockbroker who can facilitate trading through the LSE, or by dealing through a United Kingdom stockbroker (fees may apply). However, please note that no trading of JFJ Shares can take place between 1^st September and 4^th September 2017.

3.2        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 stockbroker 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. JFJ's New Zealand broker, First NZ Capital 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).

3.3        JFJ's share price, trading information and regulatory announcements can be found on the LSE's website under the security code "JFJ.LN" and also on the JPMorgan Asset Management website at https://am.jpmorgan.com/gb/en/asset-management/gim/per/products/d/jpmorgan-japanese-investment-trust-plc-ordinary-shares-gb0001740025.

4          Benefits to shareholders

4.1        JFJ's shares have been listed on the LSE since 1927 which, among other things, has provided shareholders with the following benefits:

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

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

(c)   objective valuation - JFJ'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 JFJ's shares - JFJ 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 JFJ's shares and also who help broaden JFJ'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        You should contact your stockbroker if you would like to discuss the process for trading your shares in JFJ 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/investing/find_a_participant 

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

Date	Proposed activity
1st August 2017	NZX approved JFJ's delisting on the NZX. JFJ releases announcement of the delisting to the market.
31st August 2017	Last day for trading JFJ shares on the NZX. Shares will cease to be quoted on the NZX from market close and a trading halt will be in place.
1st September to 4th September 2017	No trading of JFJ shares on the New Zealand register can take place during these days.
4th September 2017	Listing of JFJ with the NZX will formally cease at close of business and shares will be transferred to the United Kingdom register.
Week beginning 4th September 2017	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, 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 FNZC

Alternatively you can contact JFJ's New Zealand Broker, First NZ Capital Securities Limited (FNZC) on 0800 800 968 (contact Peter Irwin)."

JPMorgan Funds Limited - Secretary

28th July 2017

For further information, please contact:

Faith Pengelly

JPMorgan Funds Limited                                              020 7742 4000

 

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