JPMorgan Global Convertible gives up – At the AGM to be convened in November the board of JPMorgan Global Convertibles Income Fund was due to ask shareholders to approve a resolution to approve the continuation of the company. The board says it has been pleased with the company’s performance since the appointment of Hart Woodson as head of JPMorgan Asset Management’s Convertible Bond team; however, having received feedback from a significant proportion of the company’s shareholders the Board is not confident that there will be sufficient support for continuation.
The board does not intend to put forward the continuation vote and is considering putting alternative proposals to the company’s shareholders for the orderly liquidation of the company, returning cash to shareholders at NAV less costs. The proposals may also include the option for shareholders to rollover some or all of their investment. The company will make further announcements in due course.
[As we have been saying recently, we think it is important that shareholders are given at least one option to rollover their investment into another closed end fund. In this case, there is no other fund doing the same thing, however.]
JGCI : JPMorgan Global Convertible gives up