Jpmorgan Japan Small Cap... Share Discussion Threads

[2wild] 22/10/2024 09:43

22 October 2024
Reclassification of Shares

In connection with the proposals for the combination of JPMorgan Japan Small Cap Growth & Income plc (the "Company" or "JSGI") with JPMorgan Japanese Investment Trust plc ("JFJ") by way of a scheme of reconstruction and voluntary winding up of the Company under section 110 of the Insolvency Act 1986 (the "Scheme"), the Board of the Company is pleased to announce that in-keeping with the expected timetable contained within the circular to Shareholders dated 19 September 2024 (the "Circular"), at 8:00am on 23 October 2024, the Company's Ordinary Shares will be reclassified into Ordinary Shares with "A" rights and Ordinary Shares with "B" rights. Shareholders who receive Ordinary Shares with "A" rights are entitled to receive new JFJ Shares as calculated pursuant to the terms contained within the Circular. Shareholders who receive Ordinary Shares with "B" rights will receive cash under the Scheme pursuant to the Cash Option as described within the Circular.

It is anticipated that the Reclassified Shares will be suspended from listing at 7.30am on 24 October 2024.

[yorkiemike] 16/10/2024 07:19

EXPECTED TIMETABLE



2024

Publication of JSGI Circular



19 September

Publication of JFJ Prospectus



19 September

Date of declaration of pre-liquidation interim dividend



On or around 1 October

Latest time and date for receipt of proxy appointments in respect of the First General Meeting



10.00 a.m. on 8 October

First General Meeting



10.00 a.m. on 10 October

JFJ general meeting



11.00 a.m. on 10 October

Ex dividend date for the pre-liquidation interim dividend to Shareholders



10 October

Record date for the pre-liquidation interim dividend to Shareholders



11 October

Latest time and date for receipt of Forms of Election and TTE Instructions



1.00 p.m. on 11 October

Record date for entitlements under the Scheme



6.00 p.m. on 11 October

Ordinary Shares disabled in CREST (for settlement)



close of business on 11 October

Trading in JSGI Shares on the London Stock Exchange suspended



14 October

Pre-liquidation interim dividend paid to Shareholders

21 October

Calculation Date



close of business on 21 October

Latest time and date for receipt of proxy appointments in respect of the Second General Meeting



10.00 a.m. on 22 October

Reclassification of the Ordinary Shares



8.00 a.m. on 23 October

Suspension of listing of Reclassified Shares



7.30 a.m. on 24 October

Second General Meeting



10.00 a.m. on 24 October

Effective Date for implementation of the Scheme



24 October

Appointment of Liquidator



24 October

Announcement of the results of Elections, the JSGI Rollover FAV per Share, the JSGI Cash FAV per Share and the JFJ FAV per Share



24 October

CREST accounts credited with, and dealings commence in, New JFJ Shares



8.00 a.m. on 25 October

Cheques and electronic payments despatched to Shareholders who elect for the Cash Option and CREST accounts credited with cash



week commencing 4 November

Certificates despatched in respect of New JFJ Shares



By 8 November

Cancellation of listing of Reclassified Shares



as soon as practicable after the Effective Date

[panshanger1] 16/10/2024 03:41

Do we have any idea what the ratio is of JFJ shares we will receive per each jSGI share

[2wild] 12/10/2024 09:30

2nd, pre liquidation, 2.7p interim dividend paid 21 October. To all JSGI shareholders as at close 9 October.

[2wild] 10/10/2024 12:23

Both resolutions passed by over 97% at this morning's shareholder general meeting.

[2wild] 09/10/2024 17:26

Suspect I will receive over 50% in cash. We'll see 24 October.

[andyadvfn1] 09/10/2024 13:30

Halifax election deadline was yesterday 8th. My take on it was to ask only for the 25% as probably likely it will be oversubscribed so the 25% should be granted. If ask for more you will not be able sell before 14th delisting day..So asking for 25% gives option to sell balance up to this time.Divi entitlements still apply to elected amount to cash in is my take on the situation

[boystown] 09/10/2024 11:50

Deadline 12 noon tomorrow with HL - so the consensus is the "Wreckless Eric" advice; "TAKE THE CASH" - or as much as they'll give us anyway???

[2wild] 08/10/2024 11:33

Fairly certain you will get the pre Liquidation interim dividend on you're entire JSGI holding. If not cash Payment will be higher. Not sure how much % dividend on JFJ will be going forward. They have announced it will be enhanced, but I Ve not seen anything confirming by how much. Although could have missed it.

[clareq1] 06/10/2024 18:22

2wild,thank you so much!

[2wild] 06/10/2024 17:41

clareq1. If you tender 100% cash. Will get a mixture of cash (minimum 25%) and JFJ shares. Then you can use the cash to buy more JFJ shares, currently trading 10% below NAV. Or anything else that takes your fancy.

[clareq1] 05/10/2024 11:51

Hi got some Jsgi but lost a bit on paper, does anybody know which is better option: take cash or new Jfj shares? Thanks

[2wild] 03/10/2024 14:52

Got some more this afternoon at 326.75 p.
Anyone buying before close on 9 October will get pre liquidation dividend. Paid 21st October.

[2wild] 30/9/2024 08:11

I'm tendering 100% of mine. Cash due today from RMII tender. Will invest proceeds into JSGI.

[ygor705] 27/9/2024 14:26

The swap will be done at the ratio of the two NAVs. This sounds attractive until you take account of the fact that you will be able to purchase the continuing trust at a discount (probably round 10% once the merger is complete. Deffo take some cash for me.

[ygor705] 27/9/2024 13:12

2Wild.....note your latest post and thanks for the reminder. I've just checked but have heard nothing from Hargreaves. Will ring them. My thinking is to watch the net asset price here. If you knock about 7p off whatever it is that will be the cash terms. As I write here the share price is 328p and NAV 374p ergo I'd take as much of the cash as I could. Problem is these won't be the terms on the day. Tempted to take as much cash as I can anyway!

[boystown] 26/9/2024 12:34

Had my email from HL. I'm guessing the consensus on here is that rolling over into JPMorgan Japanese Investment Trust (JFJ) is the shrewdest thing to do?

[2wild] 20/9/2024 12:57

Confirmed terms of the new combined entity subject to shareholder approval at 2 EGMs.

JSGI shareholders can get 25% in cash at 2% below NAV.

Expected timetable
10 October Ex pre liquidation interim Div.
11 October scheme entitlements record date
21 October Pre-liquidation interim div paid.
24 October Effective Date for implementation of the Scheme.
Announcement of the results of Elections, the JSGI Rollover FAV per Share, the JSGI Cash FAV per Share and the JFJ FAV per Share

24 October
CREST accounts credited with, and dealings commence in, New JFJ Shares
8.00 a.m. on 25 October
Cheques and electronic payments despatched to Shareholders who elect for the Cash Option and CREST accounts credited with cash Week commencing 4 November
Certificates despatched ASAP

Each broker will have their own tender process start and closing dates.

[ygor705] 12/9/2024 05:55

Japanese yen seems to have settled down after the recent upheavals and now seems to be trending firmer against sterling. With talk of a further increase in the Japanese interest rate and reductions here and in the US we could be looking at a better backdrop for local Japanese equity investment.

[2wild] 20/8/2024 11:17

Yesterday's closing nav 352.99p. This morning JPXNikkie Mid and Small Cap index was up 1.89% at 18,987. Shenanigans of 2 weeks ago seem like a distant memory.

[ygor705] 08/8/2024 16:57

2Wild - a 3.2% yield would be a good result as far as I'm concerned. Not sure how JP Morgan will designate the merged entity but with a large chunk of the JFJ portfolio already in Tokyo Electron there sounds to be a tech influence at work. Despite the chaos of the last week or so, I remain encouraged. I also ran the reorganisation passed ChatGPT this morning which commented positively!

[2wild] 08/8/2024 12:47

ygor7057. If the recent merger of JMI & JMF is anything to go off, will probably have enhanced dividend policy. Perhaps 3.2% of NAv paid quarterly

[ygor705] 07/8/2024 20:51

Fabius. Ok see where you coming from. Let's hope that J P Morgan apply some of this logic when they reset the JFJ dividend after the merger!

[fabius1] 07/8/2024 16:35

ygor705 - Although we are now seeing pressure on Jap companies to distribute reserves on their balance sheets, I still like the idea of a designated Income IT. There is plenty to chose from if you prefer the idea of a so called capital growth fund. That said, if interest rates creep up in Japan we may well see more funds increasing their divi to compensate for the repricing of risk capital.