JPMorgan Elect PLC

Conversion of Securities

RNS Number : 1316X
JPMorgan Elect PLC
25 August 2020
 

JPMORGAN ELECT PLC

(the 'Company')

 

Conversion and Repurchase of Shares

 

The Company announces that valid Conversion Notices have been received in respect of 171,491 Managed Growth Shares, 1,339,723 Managed Income Shares and 292,598 Managed Cash Shares.

 

Repurchase of Shares

193,978 Managed Cash Shares will be repurchased at a price of 102.86 pence per share based on a capital net asset value per Managed Cash Share of 103.38 pence as at close of business on 17th August 2020.

It is expected that cheques, in respect of the Managed Cash Shares being repurchased, will be despatched on 8th September 2020.

Conversion of Shares

At 8.00 a.m. on 1st September 2020, the following conversions will take place:

 

Stock to Convert:

Conversion Ratio:

Converted

Total Number of Shares Following the Conversion and Repurchase*



Into:


292,598 Managed Cash Shares to Managed Growth Shares

0.121924

171,513

29,664,302

1,317,371 Managed Income Shares to Managed Growth Shares

0.103113

Managed Growth Shares

Managed Growth Shares

35,353 Managed Growth Shares to Managed Income Shares

9.649319

341,132

80,278,719

0 Managed Cash Shares to Managed Income Shares

1.182432

Managed Income Shares

Managed Income Shares

22,352 Managed Income Shares to Managed Cash Shares

0.844167

1,130,610

5,946,758

136,138 Managed Growth Shares to Managed Cash Shares

8.16628

Managed Cash Shares

Managed Cash Shares

* excluding shares held in Treasury and share buybacks since 17th August 2020.

The conversion calculations were based on the relative net asset values of the three share classes (net of accrued management expenses and applicable costs of conversion) as at close of business on
17th August 2020. Individual Shareholders' entitlements on conversion will be rounded down to the nearest whole number of shares. The resulting shares rank pari passu with the existing shares of the relevant share class.

Admission of Shares

The Company has applied for the resulting shares to be admitted to the Official List and to trading on the London Stock Exchange. Dealings in such shares are expected to commence at 8.00 a.m.
on 1st September 2020.  It is expected that Certificates in respect of the resulting shares will be posted by 8th September 2020.

Terms used in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Company's articles of association.

 

25th August 2020

Priyanka Vijay Anand      020 7742 4000

For and on behalf of

JPMorgan Funds Limited

Company Secretary

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