Debenture Stock Redemption

RNS Number : 9015Q

JPMorgan Mid Cap Invest Trust PLC

26 October 2011

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN MID CAP INVESTMENT TRUST PLC

('the Company')

DEBENTURE STOCK REDEMPTION

11 per cent. Debenture Stock 2011/2016

The Company entered into a Trust Deed and Supplemental Trust Deed (the "Trust Deeds") with The Law Debenture Trust Corporation plc on 1 September 1986 and 30 January 1989 respectively for an aggregated £11,000,000 Debenture Stock (the "Stock") at a rate of 11.00 per cent.  The Company has already repaid £1,500,000, leaving a remaining balance of £9,500,000 outstanding.  The Debenture Stock is due to be repaid at par on 1 December 2016 unless it is previously redeemed or purchased and cancelled.

In accordance with the conditions set out in the Trust Deeds, the Company has the option to redeem the whole, but not part, of the outstanding Stock at any time after 1 December 2011 at par together with interest accrued to the date of redemption, such redemption requiring at least 30 days prior notice to the Debenture Stockholders.

The Company announces that it will shortly serve written notice to its Debenture Stockholders informing them of its intention to exercise its right to redeem the whole of the outstanding Stock, effective on 2 December 2011. The Company intends to replace the Debenture Stock with a flexible bank borrowing facility.

26th October 2011

For further information, please contact:

Alison Vincent

For and on behalf of

JPMorgan Asset Management (UK) Limited - Secretary

020 7742 6000

 

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