Entitlements under the Scheme
The combination of the assets of JPMorgan Mid Cap Investment Trust plc (the “Company” or “JMF”) with JPMorgan UK Smaller Companies Investment Trust plc (“JMI”) (renamed JPMorgan UK Small Cap Growth & Income plc) (“JUGI”) by way of a scheme of reconstruction of the Company under section 110 of the Insolvency Act 1986 (the “Scheme”), was effected on 27th February 2024.
Shareholders’ entitlements under the Scheme calculated in accordance with the terms of the Scheme were as follows:
- JMF FAV per Share: 1,048.748039 pence
- Cash Pool NAV per Share (net of costs of realising the assets allocated to the Cash Pool): 1,020.240800 pence
- JMI FAV per Share: 322.690000 pence
Therefore, Shareholders will receive the following cash and/or number of JMI Shares:
For Shareholders that elected for the Cash Option:
- Each Share with B rights attached to it will receive 1,020.240800 pence in cash.
For Shareholders that elected (or are deemed to have elected) to receive JMI Shares:
- Each Share with A rights attached to it will roll over into 3.250017 JMI Shares.
In accordance with the Circular, Shareholders who elected, or were deemed to have elected, for the Rollover Option will receive their New JMI Shares; (i) in relation to holders in CREST, via CREST on 28th February 2024; and (ii) in relation to certificated shareholders, in certificated form on 12th March 2024 (or as soon as practicable thereafter). Shareholders who elected, or were deemed to have elected, for the Cash Option will receive their entitlements on 12th March 2024 (or as soon as practicable thereafter) via CREST and/or cheque.
As noted in the Circular, the Directors have set aside sufficient assets in the Liquidation Pool to meet all estimated liabilities and contingencies, including the costs of the winding up of the Company and the costs of implementing the Scheme.
The Liquidation Pool will be applied by the joint Liquidators in discharging all current and future actual and contingent liabilities of the Company and, any balance remaining after discharging such liabilities from the Liquidation Pool will in due course be distributed to Shareholders on the Register on the Effective Date pro rata to their respective holdings of Shares in accordance with the terms of the Scheme.
Following the appointment of the joint Liquidators, all further enquiries regarding the Company should be made to the joint Liquidators, whose contact details are below.
All further queries regarding the Rollover Option should be made to JPMorgan Funds Limited, whose contact details are below.
For further information please contact:
Registrars : 0371 384 2329, +44 121 415 0225 (calling from overseas)
Liquidators : +44(0) 117 203 3700, bristol@frpadvisory.com
JPMorgan Funds Limited : +44 (0) 20 7742 4000, invtrusts.cosec@jpmorgan.com