JPMorgan Elect PLC Results of Scheme (9741Z)

TIDMJPE TIDMJPEI TIDMJPEC

RNS Number : 9741Z

JPMorgan Elect PLC

20 March 2017

20 March 2017

JPMorgan Elect plc

Scheme of Reconstruction of M&G High Income Investment Trust P.L.C.

Result of Scheme

Further to the shareholder circular dated 19 January 2017 (the "Circular") relating to the issue of New JPM Elect Shares in connection with the reconstruction of M&G High Income Investment Trust P.L.C. ("HIIT") (the "Scheme") the Board of JPMorgan Elect plc ("JPM Elect" or the "Company") is pleased to announce that the Company will acquire approximately GBP14,044,378 of net assets from HIIT pursuant to the terms of the Scheme in consideration for the issue of 1,024,554 Managed Growth Shares, 3,889,242 Managed Income Shares and 1,783,139 Managed Cash Shares.

Applications have been made for the New JPM Elect Shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority (the "FCA") and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00am on 21 March 2017. The New JPM Elect Shares will be issued at a 1.00% premium to Net Asset Value as calculated on 15 March 2017. This will result in the following issue prices:

   --      Managed Growth - 758.17 
   --      Managed Income - 114.25 
   --      Managed Cash - 102.72 

Following the issue of the New JPM Elect Shares noted above, the Company's share capital will consist of:

 
 Share Class       Number        Shares         Shares         Share        Voting 
                  of Shares    in Treasury     Excluding       Voting        Rights 
                                                 those       Number(1.) 
                                              in Treasury 
--------------  -----------  -------------  -------------  ------------  ------------ 
 Managed 
  Growth         38,797,289    4,443,726      34,353,563       6.64       228,107,658 
--------------  -----------  -------------  -------------  ------------  ------------ 
 Managed 
  Income         76,000,260    3,442,521      72,557,739       1.06       76,911,203 
--------------  -----------  -------------  -------------  ------------  ------------ 
 Managed 
  Cash           5,692,169         0          5,692,169        1.02        5,806,012 
--------------  -----------  -------------  -------------  ------------  ------------ 
 Total Voting 
  Rights                                                                  310,824,873 
--------------  -----------  -------------  -------------  ------------  ------------ 
 

1. The Share Voting Number, in respect of a class of share, is defined as the number equal to the Net Asset Value of that pool divided by the number of shares in that pool calculated at the Voting Calculation Date. Voting Calculation Date means the last day of the preceding financial year.

Therefore, following the issue of the New JPM Elect Shares, the total number of voting rights in the Company is 310,824,873 (the "Total Voting Rights").

The Total Voting Rights figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. To calculate the numerator, shareholders are required to multiply their holding in Managed Growth Shares, Managed Income Shares and/or Managed Cash Shares, as the case may be, by the Share Voting Number for that class as detailed above.

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular.

For further information:

Richard Plaskett

JPMorgan Funds Limited, Client Director

020 7742 3422

Rhys Williams

JPMorgan Funds Limited, Company Secretary

020 7742 5073

Neil Langford/Chris Mills

Winterflood Investment Trusts, Corporate Broker

020 3100 0000

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCZBLFLDXFFBBE

(END) Dow Jones Newswires

March 20, 2017 10:18 ET (14:18 GMT)