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JPMorgan Income and Capital finds a MATE – On 17 October 2017, JPMorgan Income & Capital Trust announced, in its interim results, that it was considering offering shareholders a rollover option into a new multi-asset investment trust as an alternative to liquidating their shares for cash to coincide with the end of the company’s fixed life on 28 February 2018. Following consultation with shareholders, the Board has announced that it is putting forward proposals to offer shareholders the choice of: (i) a tax and cost efficient rollover into JPMorgan Multi-Asset Trust plc (“MATE”); and/or (ii) cash.
MATE has a long term objective to deliver a total return of 6% p.a., including a 4% p.a. initial target distribution (paid quarterly) and will seek to maintain lower levels of volatility than a traditional equity portfolio. MATE will provide investors with access to the JPMorgan Multi-Asset platform, including alternative funds which were previously inaccessible to retail investors. MATE published a prospectus on 24 January 2018 in connection with the issuance of shares pursuant to the rollover, together with an initial placing, offer for subscription and intermediaries offer for a target issue of £150 million.
The Proposals envisage a reconstruction of the company by means of a members’ voluntary liquidation pursuant to a scheme of reconstruction under section 110 of the Insolvency Act. Under the Scheme, ZDP shareholders may elect to receive their final capital entitlement payment of 192.132627 pence per ZDP Share in:
Ordinary shareholders may elect to receive their entitlements on a winding up in:
The directors consider that the proposals should have the following benefits for those who choose to rollover their investment into New MATE Shares.
Dividends
The company has declared a fourth interim dividend of 2.0p per ordinary share which will be paid on 23 February 2018 prior to the Wind up Date.
In light of the timing of the fourth interim dividend payment, relative to the expected scheme timetable, no dividend reinvestment will be made available to shareholders.
The proposals are conditional on the approval of shareholders.
JPI / JPIU / MATE : JPMorgan Income and Capital finds a MATE
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