JPMorgan Global Growth & Income PLC Proposed rollover of assets from MATE (6770A)
24 Enero 2024 - 1:00AM
UK Regulatory
TIDMJGGI
RNS Number : 6770A
JPMorgan Global Growth & Income PLC
24 January 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
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EEA OR IN ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE
UNLAWFUL.
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an offer to acquire, securities in the United States or in any
other jurisdiction in which the same would be unlawful. Neither
this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
24 January 2024
JPMorgan Global Growth & Income plc
Legal Entity Identifier: 5493007C3I0O5PJKR078
Proposed rollover of assets from JPMorgan Multi-Asset Growth
& Income plc
Introduction
The Board of JPMorgan Global Growth & Income plc (" JGGI "
or the "Company") is pleased to announce that it has agreed Heads
of Terms with the Board of JPMorgan Multi-Asset Growth & Income
plc ("MATE ") in respect of a proposed rollover of assets from MATE
to JGGI to be effected by way of a section 110 scheme of
reconstruction by MATE (the "Scheme") and the issuance of new
ordinary shares of JGGI to MATE shareholders as consideration for
that transfer of assets.
The above proposals are referred to herein as the
"Proposals".
The Board of JGGI believes that the Proposals will provide
additional scale to JGGI allowing shareholders to benefit from
further cost efficiencies, in particular, as a result of the
Company's tiered management fee structure. On the basis of
valuations as at 22 January 2024, following implementation of the
Proposals the weighted average management fee payable on NAV is
expected to be 0.42 per cent. per annum and the ongoing charges
ratio is expected to be below 0.50 per cent.
New JGGI shares that are issued to MATE shareholders will be
issued on a Formula Asset Value ("FAV") for FAV basis. The JGGI FAV
and the MATE FAV will be calculated using the respective net asset
values of each company on an agreed calculation date.
JPMorgan Funds Limited has agreed to make a cost contribution,
to take effect as a waiver of its management fee, equal to the
aggregate of the transaction costs incurred by each of JGGI and
MATE in connection with the Proposals. Any costs of the
realignment/realisation of the MATE portfolio will be borne by
MATE. Any costs associated with the transfer of the MATE portfolio
to JGGI and any admission fees in connection with the issue of new
JGGI shares shall be borne by the enlarged JGGI.
The Proposals will be subject to the approval by the
shareholders of both JGGI and MATE in addition to regulatory and
tax approvals. It is expected that the Scheme and Proposals will be
completed by the end of March 2024.
As it is expected that the rollover of MATE's assets to JGGI
will be effected in accordance with section 110 of the Insolvency
Act 1986, the Proposals are not expected to represent a transaction
falling within the scope of the City Code on Takeovers and
Mergers.
Tristan Hillgarth , Chairman of JGGI, commented:
"The Proposals are expected to provide additional scale to the
Company building on recent transactions and ongoing issuance, all
of which contribute to cost savings for shareholders as JGGI
benefits from its tiered management fee structure and fixed costs
being spread over a larger asset base. This transaction further
demonstrates the interest in the Company's investment proposition
and the Board believes JGGI is well placed to continue to deliver
for shareholders over the long-term."
For further information please contact:
JPMorgan Global Growth & Income plc Contact via Company Secretary
Tristan Hillgarth
JPMorgan Funds Limited
Simon Crinage
Fin Bodman +44 (0) 20 7742 4000
JPMorgan Funds Limited (Company Secretary)
Divya Amin +44 (0) 20 7742 4000
Winterflood Securities Limited
Neil Langford
Haris Khawaja +44 (0) 20 3100 0000
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