Jupiter Dividend & Growth Trust PLC Update regarding fixed life of Company (6696Q)
13 Septembre 2017 - 4:23PM
UK Regulatory
TIDMJDT
RNS Number : 6696Q
Jupiter Dividend & Growth Trust PLC
13 September 2017
Jupiter Dividend & Growth Trust PLC (the "Company")
13 September 2017
Update regarding fixed life
The Company has a planned life under the terms of its articles
of association to 30 November 2017.
The Company today announces that it has agreed in principle to
proposals with Jupiter UK Growth Investment Trust PLC ("Jupiter UK
Growth") under which the Company, through a scheme of
reconstruction expected to be effected under section 110 of the
Insolvency Act 1986, will be wound up voluntarily and the
Shareholders will be offered a choice of:
-- rolling over their investment on a cost and tax efficient
rollover into new ordinary shares to be issued by Jupiter UK
Growth; &/or
-- electing for a cash exit at their final asset value
calculated in accordance with the Company's articles.
Jupiter UK Growth is an investment trust which aims to achieve
capital appreciation by principally investing in companies which
are listed and/or which undertake a significant proportion of their
business in the UK. As well as Jupiter UK Growth offering
Shareholders a similar investment exposure, it was important to the
Company's consideration that Jupiter UK Growth implements a
discount and premium policy under which it uses share buy backs and
issues with the intention of ensuring that, in normal market
conditions, the market price of its shares tracks their underlying
net asset value.
In its planning for the Company's winding up, the Board has been
conscious that the final asset value attributable to the Ordinary
and Common shares will be sensitive to the costs of any proposals.
We are therefore pleased to note that Jupiter has proposed a
payment to the Company intended to limit the costs incurred to a
level that would be expected on a standalone winding up.
We are planning to publish details of the proposals during
October and to convene the necessary shareholder meetings to seek
approval in November for the proposals from each of the Company's
share classes and from the Company as a whole.
For further information, please contact:
Richard Pavry
Head of Investment Trusts
Jupiter Asset Management Limited, Company Secretary
investmentcompanies@jupiteram.com
020 3817 1496
Numis Securities Limited
Nathan Brown, Corporate Broking and Advisory
n.brown@numis.com
Tel. 020 7260 1426
This information is provided by RNS
The company news service from the London Stock Exchange
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