JPMorgan Elect PLC Results of Scheme (7114Q)

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RNS Number : 7114Q

JPMorgan Elect PLC

01 December 2016

JPMorgan Elect plc

1 December 2016

Scheme of Reconstruction of JPMorgan Income & Growth Investment Trust plc - Result of Scheme

Further to the shareholder circular dated 26 October 2016 (the "Circular") relating to the issue of New Elect Shares in connection with the reconstruction of JPMorgan Income & Growth Investment Trust plc (the "Scheme") the Board of JPMorgan Elect plc ("JPM Elect" or the "Company") is pleased to announce that the Company will acquire approximately GBP21.5 million of net assets from JPMorgan Income & Growth Investment Trust plc pursuant to the terms of the Scheme in consideration for the issue of 313,428 Managed Growth Shares, 18,059,588 Managed Income Shares and 422,142 Managed Cash Shares.

Application has been made for the New 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

2 December 2016. New Elect Shares will be issued at a 1.00% premium to NAV as calculated on 28 November 2016. This will result in the following issue prices:

-- Managed Growth - 104.8077

-- Managed Income - 685.6688

-- Managed Cash - 102.4847

Further to the issue of the New Elect Shares noted above the Company's share capital consists of:

 
 Share Class         Number        Shares         Shares       Share       Voting 
                    of Shares    in Treasury     Excluding     Voting       Rights 
                                                   those       Numbers 
                                                in Treasury 
----------------  -----------  -------------  -------------  ---------  ------------ 
 Managed Growth    37,792,392    3,879,111      33,913,281      6.64     225,184,186 
----------------  -----------  -------------  -------------  ---------  ------------ 
 Managed Income    71,962,135    2,554,411      69,407,724      1.06     73,572,187 
----------------  -----------  -------------  -------------  ---------  ------------ 
 Managed Cash      4,151,515         0          4,151,515       1.02      4,234,545 
----------------  -----------  -------------  -------------  ---------  ------------ 
 Total Voting 
  Rights                                                                 302,990,919 
----------------  -----------  -------------  -------------  ---------  ------------ 
 

In accordance with Article 9 of the Company's Articles of Association, the number of voting rights per shareholder is equal to the relevant Share Voting Number for the respective class of share held, multiplied by the number of shares of that class held by the holder of that class of share.

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, the total number of voting rights in the Company is 302,990,919.

The Share Voting Numbers used to calculate the Company's voting rights are as follows:

-- Managed Growth - 6.64

-- Managed Income - 1.06

-- Managed Cash - 1.02

The above 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 Cash Shares, Managed Growth Shares and/or Managed Income 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

David Benda/Harry Trueman

Corporate broker to Elect in respect of the proposals, Numis Securities Limited

020 7260 1000

This information is provided by RNS

The company news service from the London Stock Exchange

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December 01, 2016 06:35 ET (11:35 GMT)