JPMorgan Asia G&I - Publication of Circular and Notice of GM
01/11/2024 07:00
For best results when printing this announcement, please click on link below: https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241101:nRSA4970Ka&default-theme=true RNS Number : 4970K JPMorgan Asia Growth & Income PLC 01 November 2024 THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, ANY MEMBER STATE OF THE EEA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. 1 November 2024 JPMorgan Asia Growth & Income plc (the "Company" or "JAGI") Publication of Circular and Notice of General Meeting to Renew the Company's authority to buy back Ordinary Shares The Board of JAGI announces that it has today published a Circular (the "Circular") which contains a notice of a general meeting (the "General Meeting"), at which the Board seeks Shareholders' approval to renew the Company's share buy-back authority. The General Meeting will be held at 10:30 a.m. on 18 November 2024 at 60 Victoria Embankment, London EC4Y 0JP. In normal market circumstances, the Company will use its authority to buy back Ordinary Shares in order to ensure that, as far as possible, the Ordinary Shares trade at a discount no wider than 8 per cent. to 10 per cent. relative to the underlying cum-income net asset value per Ordinary Share. In the light of the Company's recent buy-back activity, the Board and the Investment Manager anticipate the existing authority to repurchase Ordinary Shares, granted at the Company's last annual general meeting held on 15 February 2024 (the "2024 AGM"), will likely be fully utilised before it can be refreshed at the Company's next annual general meeting, which is expected to be held in February 2025. As a result, in order to ensure that the Company can continue to effectively operate its discount management policy, the Board is seeking Shareholder approval for the early renewal of its authority to repurchase Ordinary Shares. At the 2024 AGM, Shareholders granted the Company the authority to buy back up to 13,111,456 Ordinary Shares (the "Existing Authority"). In the period from the 2024 AGM to close of business on the Latest Practicable Date the Company bought back 10,499,750 Ordinary Shares into treasury, representing 80.1 per cent. of the Existing Authority. As at close of business on the Latest Practicable Date, the Company's remaining buy-back authority, therefore, permitted the repurchase of up to a further 2,611,706 Ordinary Shares (representing approximately 3.4 per cent. of the Company's issued share capital (excluding Ordinary Shares held in treasury) as at the Latest Practicable Date). The ability to repurchase Ordinary Shares is a necessary element of its discount management mechanisms and, therefore, the Board believes that renewal of the Company's buy-back authority is in the best interests of the Company and its Shareholders as a whole. A copy of the Circular will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism (https://data.fca.org.uk/#/nsm/nationalstoragemechanism) . The Circular and the Notice of the General Meeting will also be available on the Company's website at www.jpmasiagrowthandincome.co.uk. Unless otherwise defined, all definitions used in this announcement will have the same meaning as described in the Circular. For further information please contact: JPMorgan Asia Growth & Income plc Contact via Company Secretary Sir Richard Stagg Cavendish Capital Markets Limited (Financial Adviser and Broker to +44 (0) 20 7220 0500 JPMorgan Asia Growth & Income plc) James King Andrew Worne JPMorgan Funds Limited (Investment Manager) +44 (0) 20 7742 4000 Simon Crinage JPMorgan Funds Limited (Company Secretary) +44 (0) 20 7742 4000 Notes JAGI Legal Entity Identifier: 5493006R74BNJSJKCB17 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 NOGDZMFGNMFGDZM