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JPMorgan Indian Inv (JII)

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Friday 01 July, 2022

JPMorgan Indian Inv

Clarification of NAV Calculation for Tender Offer

RNS Number : 1030R
JPMorgan Indian Invest Trust PLC
01 July 2022







Performance-related Conditional Tender Offer - Clarification of NAV Calculation



Legal Entity Identifier: 5493006R74BNJSJKCB17


As announced on 26th January 2021, a tender offer will be made to shareholders for up to 25% of the Company's outstanding share capital at net asset value ("NAV") less costs if, over the five years from 1st October 2020, the Company's NAV total return in sterling on a cum income basis does not exceed the total return of the MSCI India Index in sterling terms (the "Benchmark") plus 0.5% per annum over the five year period on a cumulative basis. If the tender offer is triggered, it will be subject to shareholder approval at the relevant time. Any tender offer will also be conditional on shareholders approving the Company's continuation vote in 2024.


The Company's Benchmark does not take any account of actual or potential tax on gains. In contrast, the Company is required to pay capital gains tax on long-term and short-term capital gains at the headline current rates of 10% and 15%, respectively.


For the avoidance of doubt, in order to ensure that the terms of the conditional tender offer more correctly reflects the Investment Managers' performance rather than the impact of capital gains tax, in calculating whether the tender offer has been triggered the NAV per share will be adjusted to add back all Indian capital gains tax paid or accrued plus any surcharge and cess in respect of realised and unrealised gains made on investments.


1st July 2022


JPMorgan Funds Limited

Company Secretary

Name of contact and telephone number for queries:

Divya Amin 020 7742 4000

Numis Securities

Corporate Broker

Name of contact and telephone number for queries:

David Benda 020 7260 1000




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