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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
JPMor.I&C A | LSE:JPIA | London | Ordinary Share | GB00BYVWL763 | ORD 1P A RIGHTS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0550P JPMorgan Income & Capital IT PLC 29 February 2008 JPMorgan Income & Capital Investment Trust plc 29 February 2008 Result of the Second Extraordinary General Meeting The Board of JPMorgan Income & Capital Investment Trust plc (the "Company") announces that at the Second Extraordinary General Meeting of the Company held today, 29 February 2008, the resolutions before the meeting were approved by Shareholders. Accordingly, the Company has been placed in members' voluntary liquidation and Laura Waters and Richard Setchim, both of PricewaterhouseCoopers LLP, have been appointed liquidators to the Company. Terminal Asset Values In accordance with the Scheme, the terminal asset values ("TAVs") of the Company's securities were as follows: Ordinary Share 106.630932p ZDP Share 154.15p Unit 367.411864p Shareholders were able to elect to roll over their entitlement into new Ordinary Shares, ZDP Shares or Units (comprising two Ordinary Shares and one ZDP Share) in JPMorgan Income & Capital Trust plc ("JPMICT") or receive cash for all or part of their holding. Elections under the Scheme, Placing and Offer for Subscription Applying these TAVs to the elections received for each class of JPMICT securities produced the following demand for each class of security in the new company: £ Ordinary Share 36,824,104 ZDP Share 36,271,275 Units 35,062,193 On the same basis, elections for cash totalled approximately £67,527,000. This represents a rollover into JPMICT of approximately 61.6% of the terminal value of the Company. Scaling Back The capital structure of JPMICT requires Ordinary Shares and ZDP Shares to be issued in the ratio of 60:40. Divergence from this ratio by up to 2.5% (i.e. to 57.5:42.5 or to 62.5:37.5) is permitted provided that, on the basis of the Assumptions set out in the Prospectus, the resulting capital structure permits the expected dividend yield of 5% on the Issue Price of the JPMICT Ordinary Shares to be maintained and, on the same Assumptions, the expected Cover on ZDP Shares is no lower than 1.15. The results of the Elections, Placing and Offer for Subscription produce, before scaling back, a capital structure of approximately 55.7% in Ordinary Shares and 44.3% in ZDP Shares. Scaling back has therefore been applied according to the rules set out in the Prospectus in order to scale back demand for ZDP Shares. The results of this exercise are: Applications for JPMICT Ordinary Shares and Units under the Placing and Offer for Subscription have been satisfied in full. Applications for JPMICT ZDP Shares have been fully scaled back into cash. Elections under the Scheme for JPMICT Ordinary Shares and Units have been satisfied in full. Elections for JPMICT ZDP Shares have been scaled back as follows: - Electors for JPMICT ZDP Shares holding Ordinary Shares in the Company are scaled back fully into Units - Electors for JPMICT ZDP Shares holding Units in the Company are scaled back fully into Units - Electors for JPMICT ZDP Shares holding ZDP Shares in the Company have their election scaled back into Units in respect of 5.801% of their elected ZDP Shares. The remaining 94.199% of their election is satisfied by the issue of JPMICT ZDP Shares. JPMICT Capital Structure Following the application of scaling back the capital structure of JPMICT is Ordinary Shares 62,249,782 ZDP Shares 46,037,200 This represents a capital structure of 57.5% in Ordinary Shares and 42.5% in ZDP Shares. Included within this number are securities expected to comprise12,688,292 Units, each comprising one ZDP Share and two Ordinary Shares. On the basis of the Issue Price of 100p per Ordinary Share and 100p per ZDP Share, the initial gross assets of JPMICT are expected to be £108,286,988 Illustrative Entitlements On the basis of the TAVs and following the application of scaling back the tables below show the entitlements a holder of 1,000 Ordinary Shares, ZDPs or Units may expect to receive on completion of the scheme. A holder of 1,000 Ordinary Shares: Electing for cash - £1,066.31 Electing for new Ordinary Shares - 1,066 JPMICT Ordinary Shares Electing for new Units - 355 JPMICT Units Electing for new ZDPs - 355 JPMICT Units A holder of 1,000 Units: Electing for cash - £3,674.12 Electing for new Ordinary Shares - 3,674 JPMICT Ordinary Shares Electing for new Units - 1,224 JPMICT Units Electing for new ZDPs - 1,224 JPMICT Units A holder of 1,000 ZDP Shares: Electing for cash - £1,541.50 Electing for new Ordinary Shares - 1,541 JPMICT Ordinary Shares Electing for new Units - 513 JPMICT Units Electing for new ZDPs - 1,452 JPMICT ZDP Shares and 29 JPMICT Units Admission to the Official List and Trading on the London Stock Exchange Applications have been made for the Ordinary Shares and ZDP Shares in JPMICT to be admitted to the Official List, and for the Ordinary Shares, ZDP Shares and Units in JPMICT to be admitted to trading on the London Stock Exchange, at 8.00a.m. on 3 March 2008. Certificates in respect of Ordinary Shares, ZDP Shares and Units in JPMICT are expected to be despatched to shareholders and CREST accounts are expected to be credited on or as soon as practicable after 3 March 2008. In respect of elections for cash, cheques are expected to be despatched on or as soon as practicable after 3 March 2008. Enquiries Richard Plaskett 020 7742 3422 Craig Cleland 020 7742 3418 JPMorgan Asset Management (UK) Limited Jane Lewis 020 3100 0295 Winterflood Investment Trusts This information is provided by RNS The company news service from the London Stock Exchange END REGSEIFFUSASEEE
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