Jupiter Dividend & Growth rollover into UK fund – Jupiter Dividend & Growth Trust comes to the end of its life on 30 November 2017. It has agreed in principle to proposals with Jupiter UK Growth Investment Trust under which the shareholders will be offered a choice of:
- rolling over their investment on a cost and tax efficient rollover into new ordinary shares to be issued by Jupiter UK Growth; &/or
- electing for a cash exit at their final asset value.
The fund will then be wound up.
Jupiter UK Growth, managed by Steve Davies, is an investment trust which aims to achieve capital appreciation by principally investing in companies which are listed and/or which undertake a significant proportion of their business in the UK. As well as Jupiter UK Growth offering shareholders a similar investment exposure, they say that it was important, when they were weighing up their options, that Jupiter UK Growth has a zero discount policy, using buy backs and issues with the intention of ensuring that, in normal market conditions, the market price of its shares tracks their underlying net asset value.
In its planning for the winding up, the Board has been conscious that the final asset value attributable to the Ordinary and Common shares will be sensitive to the costs of any proposals. They are therefore pleased to note that Jupiter has proposed a payment to the Company intended to limit the costs incurred to a level that would be expected on a standalone winding up.
They are planning to publish details of the proposals during October and to convene the necessary shareholder meetings to seek approval in November for the proposals from each of the share classes and from the company as a whole.
JDT / JTDC / JDTZ / JUKG : Jupiter Dividend & Growth rollover into UK fund