REG - JPMorgan Euro Discov - Publication of Circular

Jpmorgan European Discovery TrustAnnouncement

Mon 07:00

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RNS Number : 3197G  JPMorgan European Discovery Trust  28 April 2025

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.

28 April 2025

 

JPMorgan European Discovery Trust plc

(the "Company" or "JEDT")

 

Publication of Circular and Notice of General Meeting

to Renew the Company's authority to buy back Ordinary Shares

 

The Board of JEDT 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 will seek Shareholder approval to renew the
Company's share buy-back authority. The General Meeting will be held at 11.00
a.m. on 16 May 2025 at 60 Victoria Embankment, London EC4Y 0JP.

The Board continues to monitor the level of the share price discount to net
asset value ("NAV") and believes that its ability to repurchase Ordinary
Shares to minimise the short-term volatility and the absolute level of the
discount to NAV per Ordinary Share at which the Company's Ordinary Shares
trade is of prime importance to Shareholders.

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 24 July
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 July 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 21,145,921 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 13,881,220 Ordinary Shares into treasury, representing 65.64 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 7,264,701 Ordinary Shares
(representing approximately 5.15 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.jpmeuropeandiscovery.co.uk
(http://www.jpmeuropeandiscovery.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 European Discovery Trust plc                                      Contact via Company Secretary

 Marc van Gelder

 Cavendish Capital Markets Limited (Corporate Broker to JPMorgan European   +44 (0) 20 7220 0500
 Discovery Trust plc)

 Andrew Worne

 Robert Peel

 Hamish Kennett

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

 Priyanka Vijay Anand

 

Notes

JEDT's Legal Entity Identifier: 54930049CEWDI46Y3U28

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