JPMorgan Indian Inv - Performance-related Conditional Tender Offer - NAV
03/02/2023 16:45
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230203:nRSC9285Oa&default-theme=true
RNS Number : 9285O JPMorgan Indian Invest Trust PLC 03 February 2023
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INDIAN INVESTMENT TRUST PLC
Performance-related Conditional Tender Offer - NAV Calculation
Legal Entity Identifier: 549300OHW8R1C2WBYK02
A tender offer will be made to shareholders for up to 25% of the Company's
outstanding share capital at net asset value ("NAV") less costs if, over the
five years from 1st October 2020, the Company's NAV total return in sterling
on a cum income basis does not exceed the total return of the MSCI India Index
in sterling terms (the "Benchmark") plus 0.5% per annum over the five year
period on a cumulative basis. If the tender offer is triggered, it will be
subject to shareholder approval at the relevant time.
As previously announced, the Company's Benchmark does not take any account of
actual or potential tax on gains. In contrast, the Company is required to pay
capital gains tax on long-term and short-term capital gains at the headline
current rates of 10% and 15%, respectively, plus associated surcharges of
approximately 1-1.5%. For the avoidance of doubt, in order to ensure that the
terms of the conditional tender offer more correctly reflects the Investment
Managers' performance rather than the impact of capital gains tax, in
calculating whether the tender offer has been triggered the NAV per share will
be adjusted to add back all Indian capital gains tax paid or accrued.
The NAV per share excluding the impact of these taxes as at 30th September
2020 was 689.24 pence and as at 31st January 2023 it stood at 1002.32 pence
per share. This equates to a NAV performance (without the impact of these
taxes) of 45.4% since 1st October 2020. Going forward, the adjusted NAV will
be published on a monthly basis.
3rd February 2023
JPMorgan Funds Limited. Secretary
Name of contact and telephone number for queries:
Divya Amin 020 7742 4000
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END TENEAKADELFDEFA