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27 Oct 2022

JPMorgan Global Growth & Income

Company Notes

Proposed merger with JPMorgan Elect

This morning JPMorgan Global Growth & Income* (JGGI, £1.3bn market cap) and JPMorgan Elect* (JPE, £359m market cap) announced that heads of terms had been signed for a proposed merger between the two funds. Details include:

- Scheme of reconstruction of JPE and transfer of assets into JGGI, expected to complete by end of calendar year 2022.

- JPE has 3 share classes: Managed Growth (MG), Managed Income (MI) and Managed Cash (MC). Assets in MI and MC share classes will be realised and transitioned in line with JGGI’s investment policy. MI and MC shareholders will receive new JGGI shares on FAV-for-FAV basis.

- Due to a less liquid component, assets in Managed Growth (MG) portfolio will be transferred to a new JGGI C share class, with C shares offered as consideration for MG assets. The C share portfolio will be realised over time and transitioned in line with JGGI’s investment policy, before being converted into new JGGI ordinary shares on NAV-for-NAV basis.

- JPMorgan will contribute to the merger costs, equal to eight months of the incremental management fee payable by JGGI on the aggregate assets post-merger.

- Exit at close to NAV will be available as part of the final quarterly conversion opportunity.

*Denotes a corporate broking client of Winterflood Securities