JPMorgan European Investment Trust plc - Growth Shares commences an Equity Buyback Plan for 24,499,862 shares, representing 14.99% of its issued share capital, under the authorization approved on July 15, 2020.
January 11, 2021 at 12:00 am EST
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JPMorgan European Investment Trust plc - Growth Shares (LSE:JETG) commences share repurchases on January 11, 2021, under the program mandated by the Annual General Meeting held on July 15, 2020. As per the mandate, the company is authorized to repurchase up to 11,131,547 growth shares or 13,368,315 income shares, representing 14.99% of the issued share capital of each class. The minimum price to be paid for growth shares and income shares shall be £0.05 or £0.025 respectively. The maximum price which may be paid for any ordinary share shall be an amount equal to 105% average of the middle market quotations for a growth or income 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 purchased or the price of the last independent trade or the highest current independent bid. The authority will be renewed at company's Annual General Meeting in 2020, or January 14, 2022, whichever is earlier. As at June 10, 2020, the company had 72,259,820 growth shares and 89,181,557 income shares in issue.
JPMorgan European Growth & Income plc, formerly JPMorgan European Investment Trust PLC, is a United Kingdom-based investment trust company. The Company's investment objective is to provide capital growth and a rising share price over the longer term from Continental European investments by taking controlled risks through an investment method that is communicated to shareholders. Currency exposure is predominantly hedged back towards the benchmark. The Company has the ability to use borrowing to gear the portfolio within the range of 10% net cash to 20% geared in normal market conditions. It invests in sectors including food beverage and tobacco, semiconductors and semiconductor equipment, financials, pharmaceuticals biotechnology and life sci, consumer durables and apparel, capital goods, household and personal products, energy, banks, materials, and insurance. JPMorgan Funds Limited (JPMF) is the alternative investment fund manager of the Company.
JPMorgan European Investment Trust plc - Growth Shares commences an Equity Buyback Plan for 24,499,862 shares, representing 14.99% of its issued share capital, under the authorization approved on July 15, 2020.