JPMorgan Elect PLC Conversion and Repurchase of Shares (5909X)

TIDMJPE TIDMJPEI TIDMJPEC

RNS Number : 5909X

JPMorgan Elect PLC

22 February 2017

JPMORGAN ELECT PLC

(the 'Company')

Conversion and Repurchase of Shares

The Company announces that valid Conversion Notices have been received in respect of 27,594 Managed Growth Shares, 70,920 Managed Income Shares and 98,799 Managed Cash Shares.

Repurchase of Shares

20,646 Managed Cash Shares will be repurchased at a price of 101.00 pence per share based on a capital net asset value per Managed Cash Share of 101.51 pence as at close of business on

21 February 2017. A deduction of 0.5% has been made in respect of the stamp duty payable by the Company on the repurchase.

It is expected that cheques, in respect of the Managed Cash Shares being repurchased, will be despatched on 10 March 2017.

Conversion of Shares

At 8.00 a.m. on 28 February 2017, the following conversions will take place:

 
       Stock to Convert:         Conversion   Converted    Total Number 
                                   Ratio:       Into:        of Shares 
                                                             Following 
                                                           the Conversion 
                                                           and Repurchase 
------------------------------  -----------  ----------  ---------------- 
 31,524 Managed Cash Shares       0.137238      7,937       33,402,506 
  to Managed Growth Shares                     Managed     Managed Growth 
                                                Growth         Shares 
                                                Shares 
------------------------------  -----------  ----------  ---------------- 
 24,101 Managed Income Shares 
  to Managed Growth Shares        0.149812 
------------------------------  -----------  ----------  ---------------- 
 24,316 Managed Growth Shares     6.532220     219,803      68,898,613 
  to Managed Income Shares                     Managed     Managed Income 
                                                Income         Shares 
                                                Shares 
------------------------------  -----------  ----------  ---------------- 
 67,275 Managed Cash Shares 
  to Managed Income Shares        0.906227 
------------------------------  -----------  ----------  ---------------- 
 46,819 Managed Income Shares     1.080386     73,970        4,106,040 
  to Managed Cash Shares                       Managed      Managed Cash 
                                                 Cash          Shares 
                                                Shares 
------------------------------  -----------  ----------  ---------------- 
 3,278 Managed Growth Shares 
  to Managed Cash Shares          7.134470 
------------------------------  -----------  ----------  ---------------- 
 

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

20 February 2017. 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 28 February 2017. It is anticipated that Certificates in respect of the resulting shares will be posted by 10 March 2017.

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

   Rhys Williams                                      020 7742 4000 

For and on behalf of

JPMorgan Funds Limited

22 February 2017

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCSEMFIEFWSEIE

(END) Dow Jones Newswires

February 22, 2017 10:57 ET (15:57 GMT)