REG - JPMorgan Mid Cap - Combination with JMI - Result of Elections

JPMorgan Mid Cap Investment TrustAnnouncement

23/02/2024 09:00

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RNS Number : 2624E  JPMorgan Mid Cap Invest Trust PLC  23 February 2024

23 February 2024

 

 

JPMorgan Mid Cap Investment Trust plc

 

Legal Entity Identifier: 549300QED7IGEP4UFN49

 

 

Result of Elections

 

In connection with the proposals for a combination of JPMorgan Mid Cap
Investment Trust plc (the "Company" or "JMF") with JPMorgan UK Smaller
Companies Investment Trust plc (to be renamed JPMorgan UK Small Cap Growth
& Income plc) ("JMI") by way of a scheme of reconstruction of the Company
under section 110 of the Insolvency Act 1986 (the "Scheme"), the Board of the
Company is pleased to announce the following Elections in connection with the
Scheme:

 

Rollover Option: 18,316,856 Shares

Cash Option: 5,436,381 Shares

 

The Cash Option, which is limited to 15 per cent. of the Shares in issue, was
therefore oversubscribed.  Accordingly, the Basic Entitlement of all
Shareholders who have validly elected or deemed to have elected for the Cash
Option will be accepted in full and Excess Applications for the Cash Option
will be scaled back into New JMI Shares on a pro rata basis.  Excess
Applications will be satisfied to the extent of approximately 33.08 per cent.
of the Excess Applications made.

 

In accordance with the Scheme, eligible Shareholders that made no Election
have been deemed to have elected for the Rollover Option.  Excluded
Shareholders have been deemed to have elected for their Basic Entitlement in
respect of the Cash Option and to receive New JMI Shares for the remainder of
their shareholding.

 

Accordingly, after scaling back Excess Elections, 85 per cent. of the
Company's Shares will roll over into JMI, with the balance receiving the Cash
Option. Therefore, the Shares will be reclassified as follows:

 

18,316,856 Shares with "A" rights, being the right to receive New JMI Shares;
and

3,232,386 Shares with "B" rights, being the right to receive cash.

 

The listing of the Company's Reclassified Shares is expected to be suspended
at 7.30 a.m. on 27 February 2024.

 

Unless otherwise defined, all capitalised terms used but not defined in this
announcement shall have the meaning as given to them in the Company's circular
to Shareholders dated 23 January 2024 (the "Circular").

 

The Circular is available for viewing on the Company's website at
www.jpmmidcap.co.uk (http://www.jpmmidcap.co.uk) and at the National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

 

 

 

 

For further information please contact:

 

 

 JPMorgan Mid Cap Investment Trust plc                                                                                                                         Contact via Company Secretary

 John Evans

 JPMorgan Funds Limited                                                                                                                                        +44 (0) 20 7742 4000

 Simon Crinage

 Fin Bodman

 JPMorgan Funds Limited (Company Secretary)                                                                                                                    +44 (0) 20 7742 4000
 Alison Vincent

 Investec Bank                                                                                                                                                 +44 (0) 20 7597 4000
 plc

 David Yovichic

 Tom Skinner

 Helen Goldsmith

 

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