JPMorgan Japanese Investment Trust plc commences an Equity Buyback Plan for 24,171,085 shares, representing 14.99% of its issued share capital, under the authorization approved on January 17, 2020.
May 12, 2020 at 12:00 am EDT
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JPMorgan Japanese Investment Trust plc commences share repurchases on May 12, 2020, under the program mandated by the shareholders in the Annual General Meeting held on January 17, 2020. As per the mandate, the company is authorized to repurchase up to 24,171,085 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.25 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting, or on July 16, 2021, whichever is earlier. As of September 30, 2019, the company had 161,248,078 ordinary shares in issue and no shares in treasury.
JPMorgan Japanese Investment Trust plc is a United Kingdom-based investment trust. The Companyâs objective is to provide shareholders with capital growth from investment in Japanese companies. In order to achieve the investment objective and to seek to manage risk, the Company invests in a diversified portfolio of quoted Japanese companies, or securities providing an indirect investment in Japan. The Company invests in Japanese companies across the market, including robotics, materials, healthcare, e-commerce and business services, as well as companies transitioning to more capital efficient business models. It invests in various sectors, including information technology, industrials, consumer discretionary, financials, health care, materials, communication services, consumer staples, real estate, utilities, energy and others. The Companyâs investment manager is JPMorgan Funds Limited.
JPMorgan Japanese Investment Trust plc commences an Equity Buyback Plan for 24,171,085 shares, representing 14.99% of its issued share capital, under the authorization approved on January 17, 2020.