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JPMorgan Global Growth & Income PLC - Investment firm - Merges with JPMorgan Elect PLC, after the investment firms had announced signing a head of terms in October.
JGGI buys JPMorgan Elect for the issue of 18.6 million new shares in the capital of JGGI and 26.4 million new C shares in JGGI’s capital.
JPMorgan Global expects scheme shares to start trading on the London Stock Exchange on Tuesday.
In October, the investment firms said they had signed a head of terms for a proposed merger.
The enlarged company will have net assets worth over £1.7 billion based on October 25 valuations, the companies had said.
JPMorgan Global Income, or JGGI, is an FTSE 250-listed investment fund managed by JPMorgan Asset Management which invests in a high-conviction portfolio of 50 to 90 global stocks. JPMorgan Elect, or JPE, offers investors the chance to switch between Managed Growth, Managed Income and Managed Cash on certain quarterly conversion dates, which could mean they avoid incurring liability to UK capital gains tax.
Current JPMorgan Global Growth stock price: 421.31 pence, up 1.6% on Monday
12-month change: down 7.0%
By Tom Budszus, Alliance News reporter
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