News
- Home
- Investment Company News
- JPMorgan Elect is rollover vehicle for JPMorgan Income & Growth
The Board of JPMorgan Elect has announced that heads of terms have been agreed with the board of JPMorgan Income & Growth Investment Trust in relation to that company’s forthcoming reconstruction. JPMorgan Income & Growth, with £67.4m of net assets, has a fixed life and is due to wind up on or around 30 November 2016.
It is expected that the reconstruction of JPMorgan Income & Growth, which will be subject to the approval of JPMorgan Income & Growth’s shareholder, will be effected through a scheme of reconstruction under section 110 of the Insolvency Act 1986 and that JIGIT will be wound up voluntarily and its shareholders, in respect of their shares, will be offered a choice of the following:
It is expected that, subject to the approval of Elect’s shareholders, each of Elect’s share classes would be made available as rollover options for JPMorgan Income & Growth’s shareholders. The new Elect shares will be issued at a modest premium to their prevailing net asset values such that Elect shareholders will not suffer any NAV dilution as a consequence of Elect’s participation in JPMorgan Income & Growth’s reconstruction.
Subject to take-up, the anticipated benefits of this proposal to shareholders of Elect include an increase in the future marketability and liquidity of the Company’s shares and a reduction of the ongoing charges ratio.
Further details on the proposed transaction, including an Elect shareholder circular and prospectus, will be made available later in 2016.
JPE / JPEI / JIGC / JIGC / JIGZ : JPMorgan Elect is rollover vehicle for JPMorgan Income & Growth
Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.
Due to data protection policies, USA residents can not access our data.
Your content has been curated