The Board of JPMorgan Senior Secured Loan has considered the future prospects of the Company, particularly in light of the commitment under its Articles of Incorporation to make a redemption offer for 50 per cent. of its shares, triggered by the Company’s shares trading at an average discount in excess of five per cent during the period from 1 November 2015 to 31 January 2016.
Consensus amongst investors who represent a majority of the shares in issue suggests there is insufficient support for the continuation of the Company as implementing the redemption offer is likely to render it sub-scale. The Board has considered a number of alternative strategies but, on the basis of these consultations, it does not think there is sufficient interest in such a course of action.
The Board has therefore concluded that it would be in the best interests of shareholders as a whole for the Company to be placed into voluntary liquidation. Accordingly, a proposal for liquidation will be put forward for the approval of shareholders as soon as practicable. The proposal will afford all shareholders a full cash exit at net asset value less costs and may include an opportunity for shareholders to transfer their investment from the Company into one or more other vehicles managed by JPMorgan Asset Management
JPSL : JPMorgan Senior Loans to wind up