JPMorgan Smaller Companies Investment Trust plc - J.P. Morgan Asset Management
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JPMorgan Smaller Companies Investment Trust plc

ISIN: GB00BV7L8Z35 Bloomberg ticker: JMIS LN

JPMorgan Smaller Companies Investment Trust plc aims to give investors access to the fast growing, innovative smaller companies that help drive the UK domestic economy. The trust is managed by a team dedicated to finding the most attractive high-quality UK-listed smaller companies.


JPMorgan Smaller Companies Investment Trust plc: subscription shares

Some investment trusts issue subscription shares. On issue, they are available to shareholders in the company at that time, and offer them the right to purchase ordinary shares at specified future dates at a pre-determined price.

On 25 February 2015, JPMorgan Smaller Companies Investment Trust plc issued subscription shares to qualifying shareholders on the basis of one subscription share for every five ordinary shares held.

Shareholders of JPMorgan Smaller Companies Investment Trust plc subscription shares can choose to convert their subscription shares at a price of 915 pence on the last day of each month commencing on 31 March 2015 and finishing on 30 June 2017.


How to convert
Through the J.P. Morgan ISA Investment Account

J.P. Morgan shareholders wishing to convert their JPMorgan Smaller Companies Investment Trust plc subscription shares should complete and return the relevant conversion form (provided below) with a cheque to the freepost address at the top of the form. To be valid for exercise at the end of each month from March 2015 to June 2017, the completed conversion form must be received by J.P. Morgan Asset Management at least 7 business days before the end of the month in which you wish to convert your subscription shares. The JPMorgan Smaller Companies Investment Trust plc ordinary shares arising on conversion will be issued, subject to cleared funds being received, within the first 10 business days of the month following the month in which your conversion form is received by J.P. Morgan Asset Management.

Conversion forms
J.P. Morgan Account – Conversion Form for Investment Account or ISA  (JPMorgan Smaller Companies Investment Trust plc)
Certificated form

Shareholders wishing to convert their JPMorgan Smaller Companies Investment Trust plc subscription shares, who hold their subscription shares in certificated form, should refer to the instructions on the reverse of their subscription share certificate(s). To be exercised, a notice of exercise must be received by the registrar no later than 5.00 p.m. on the last business day of each month between and including the last business day in March 2015 and the last business day in June 2017. The JPMorgan Smaller Companies Investment Trust plc ordinary shares arising on conversion will be issued, subject to cleared funds being received, within the first 10 business days of the month following the month in which your conversion form is received by the registrar.

Through CREST (Uncertified Shareholders)

If you hold your JPMorgan Smaller Companies Investment Trust plc subscription shares in uncertificated form (i.e. in CREST), the CREST Participant and Member Account IDs are as follows:

CREST Participant ID = 2RA35
CREST Member Account ID = RA113924

To be exercised, CREST instructions must be submitted no later than 5.00 p.m. on the last business day of each month between and including the last business day in March 2015 and the last business day in June 2017. The JPMorgan Smaller Companies Investment Trust plc ordinary shares arising on conversion will be issued, subject to cleared funds being received, within the first 10 business days of the month following the month in which your CREST instructions are received.


Tax

For the purpose of UK taxation, the issue of subscription shares is treated as a reorganisation of the company's share capital. Whereas such reorganisations do not trigger a chargeable disposal for the purposes of the taxation of capital gains, they do require shareholders to reallocate the base costs of their ordinary shares and subscriptions shares received.

At the close of business on 25 February 2015 the middle market prices of the company's ordinary shares and subscription shares were as follows:

Ordinary shares: 769.00p
Subscription shares: 40.25p

Accordingly an individual investor who on 25 February 2015 held five ordinary shares (or a multiple thereof) would have received a bonus issue of one subscription share (or the relevant multiple thereof) and would apportion the base cost of such holding 98.96% to the five ordinary shares and 1.04% to the subscription shares.


Additional information

Terms used on this page shall, unless the context otherwise requires, bear the meaning given to them in the prospectus dated 23 January 2015.

Download the subscription shares prospectus

Subscription shares calculator

A useful guide to how much you stand to lose or make when converting your subscription share to ordinary shares.
View the subscription shares calculator  

JPMorgan Smaller Companies Investment Trust plc

More about the fund  

Risk warning

The value of your investments and the income from them can go down and up, and you may not get back as much as you paid in. Tax benefits and liabilities depend on individual circumstances and may change in the future.

Past performance is not a guide to the future.