JPMorgan Elect PLC Conversion of shares (0838P)

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RNS Number : 0838P

JPMorgan Elect PLC

23 May 2018

JPMORGAN ELECT PLC

(the 'Company')

Conversion and Repurchase of Shares

The Company announces that valid Conversion Notices have been received in respect of 126,886 Managed Growth Shares, 1,557,881 Managed Income Shares and 0 Managed Cash Shares.

Repurchase of Shares

662,951 Managed Cash Shares will be repurchased at a price of 101.57 pence per share based on a capital net asset value per Managed Cash Share of 102.08 pence as at close of business on

18th May 2018. 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 dispatched on 12th June 2018.

Conversion of Shares

At 8.00 a.m. on 31st May 2018, the following conversions will take place:

 
       Stock to Convert:         Conversion   Converted     Total Number 
                                   Ratio:       Into:         of Shares 
                                                              Following 
                                                           the Conversion 
                                                           and Repurchase* 
------------------------------  -----------  ----------  ----------------- 
 0 Managed Cash Shares to         0.119883     29,660        32,327,235 
  Managed Growth Shares                        Managed     Managed Growth 
                                                Growth         Shares 
                                                Shares 
------------------------------  -----------  ----------  ----------------- 
 212,018 Managed Income 
  Shares to Managed Growth 
  Shares                          0.139894 
------------------------------  -----------  ----------  ----------------- 
 72,997 Managed Growth Shares     7.079198     516,760       71,699,515 
  to Managed Income Shares                     Managed     Managed Income 
                                                Income         Shares 
                                                Shares 
------------------------------  -----------  ----------  ----------------- 
 0 Managed Cash Shares to 
  Managed Income Shares           0.852799 
------------------------------  -----------  ----------  ----------------- 
 1,345,863 Managed Income         1.169867    2,022,972      6,410,689 
  Shares to Managed Cash                       Managed      Managed Cash 
  Shares                                         Cash          Shares 
                                                Shares 
------------------------------  -----------  ----------  ----------------- 
 53,889 Managed Growth Shares 
  to Managed Cash Shares          8.322492 
------------------------------  -----------  ----------  ----------------- 
 

* excluding shares held in Treasury

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

21st May 2018. 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 31st May 2018. It is anticipated that Certificates in respect of the resulting shares will be posted by 12th June 2018.

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

Legal Entity Identifier: 549300FIUYKKL39ILD07

   Faith Pengelly                                      020 7742 4000 

For and on behalf of

JPMorgan Funds Limited

23rd May 2018

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END

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May 23, 2018 11:16 ET (15:16 GMT)