JPMorgan American Investment Trust plc commences an Equity Buyback Plan for 32,217,009 shares, representing 14.99% of its issued share capital, under the authorization approved on May 2, 2019.
May 07, 2019 at 12:00 am EDT
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JPMorgan American Investment Trust plc (LSE:JAM) commences share repurchases on May 7, 2019, under the program mandated by the shareholders in the Annual General Meeting held on May 2, 2019. As per the mandate, the company is authorized to repurchase up to 32,217,009 shares, representing 14.99% of its share. The minimum price which may be paid for a share shall be 25p and the maximum price which may be paid for a share shall be an amount equal to the highest of 105% of the average of the middle market quotations for a share taken from and calculated by reference to the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is contracted to be purchased. The authority shall expire on October 1, 2020 unless it is renewed at the company’s Annual General Meeting in 2020 or at any other General Meeting.
JPMorgan American Investment Trust plc is a United Kingdom-based closed-ended investment company. The Company's investment objective is to achieve capital growth from North American investments by outperformance of the Companyâs benchmark. It aims to outperform a benchmark, which is the S&P 500 Index, with net dividends reinvested, expressed in sterling terms. The Company predominantly invests in quoted companies including, when appropriate, exposure to smaller capitalization companies, and emphasize capital growth rather than income. The Company's gearing policy is to operate within a range of 5% net cash to 20% geared in normal market conditions. It invests in sectors, including information technology, financials, consumer discretionary, health care, industrials, real estate, communication services, energy, materials, consumer staples and utilities. The Company's alternative investment fund manager is JPMorgan Funds Limited (JPMF).
JPMorgan American Investment Trust plc commences an Equity Buyback Plan for 32,217,009 shares, representing 14.99% of its issued share capital, under the authorization approved on May 2, 2019.
JPMORGAN AMERICAN INVESTMENT TRUST PLC 
