JFT Jpmor.FL.Tec.

RNS Number:9167C
JPMorgan Fleming Technology Trust  
24 October 2002

24 October 2002



JPMorgan Fleming Technology Trust plc



Re:      Reconstruction proposals - pricing



Further to its announcement of 24 September, 2002, the Board of Directors of
JPMorgan Fleming Technology Trust plc announces that under its proposals for the
reconstruction of the Company, the preference shareholders' entitlement will be
valued at 148 pence per share.  Dividends will continue to be payable on the
preference shares in respect of the period up to the effective date of the
reconstruction on a pro rata basis.



The Company's ordinary shareholders will be entitled to the surplus assets of
the Company after meeting the entitlements of preference shareholders, repaying
the Company's bank loan (including the costs of cancelling the associated swap
agreement) and meeting the costs of liquidation.  Based on the net asset value
of the Company published on 24 October, 2002, the Board estimates that the
entitlement of the ordinary shareholders would have amounted to approximately 53
pence per share, ignoring direct costs of disposal of underlying investments and
market spread.    However, this is an estimate, not a forecast and in any event
the amount finally available to ordinary shareholders will depend, inter alia,
on intervening changes in the sterling value of the Company's investments.
Henceforth the Board intends to publish a Formula Asset Value calculated in the
manner described above on a weekly basis in addition to the daily publication of
Net Asset Value.



The Board has received indications of support for the reconstruction of the
Company on these terms from holders of a significant proportion of the
outstanding preference and ordinary shares.  The proposals will require the
approval of shareholders at extraordinary general meetings as well as the
approval of both ordinary and preference shareholders as separate classes by, in
each case, a three quarters majority of votes cast.



The Board continues to examine the feasibility of providing shareholders the
opportunity, for those shareholders who so wish, to "roll over" their investment
into appropriate investment vehicles.



A circular containing full details of the Board's proposals is expected to be
published within four weeks.



Enquiries:



John P de Blocq van Kuffeler

Chairman, JPMorgan Fleming Technology Trust plc

 020 7245 0270



JPMorgan Fleming Asset Management:

 Craig Cleland 020 7742 3418



Teather & Greenwood:

Paul Fincham             020 7426 7736/Jonathan Becher   020 7426 3269




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

FURMIBITMMBTBFT

Jpmor.FL.Tec. (LSE:JFT)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Jpmor.FL.Tec. (LSE:JFT)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024