JPMorgan European Growth & Income takes on GBP261 million in assets
(Alliance News) - JPMorgan European Growth & Income PLC on Friday said it had completed the acquisition of about GBP261 million of assets from European Opportunities Trust PLC following the approval of a scheme of reconstruction.
The London-based investment trust said it would issue 175.96 million new shares to European Opportunities Trust shareholders as part of the scheme, which involved the voluntary winding up of European Opportunities.
Under the terms of the scheme, European Opportunities shareholders who elected for the investment trust rollover option received 6.501139 new JPMorgan European Growth & Income shares for each European Opportunities share held.
The new shares are expected to be admitted to trading on the London Stock Exchange's Main Market at 0800 BST on Monday.
Following the issue, JPMorgan European Growth & Income's share capital will comprise 598.33 million ordinary shares, excluding treasury shares, with each share carrying one vote.
Chair Rita Dhut said: "We are delighted to welcome so many new shareholders to [JPMorgan European Growth & Income], particularly at a time when the prospects for Europe's world-class companies are so strong. We believe that the level of rollover into [JPMorgan European Growth & Income] reflects the sector-leading performance delivered by the management team, and our effective utilisation of the investment trust structure, in particular, through its distribution policy which provides an attractive level of income."
JPMorgan European Growth & Income shares closed up 0.4% at 150.60 pence in London on Friday. European Opportunities Trust PLC shares were suspended from trade on August 7.
By Niall Holden, Alliance News reporter
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