⌘K
t
| TIDM | JII |
| Share Price | £867.00-0.46% |
| Market Cap | £69.18bn |
JPMorgan Indian Investment Trust PLC clarified the NAV calculation for a performance-related conditional tender offer, originally announced on 26th January 2021. This offer, for up to 25% of the Company's outstanding share capital, is triggered if its NAV total return does not exceed the MSCI India Index plus 0.5% per annum over five years from 1st October 2020. For the trigger calculation, the NAV per share will be adjusted to add back all Indian capital gains tax paid or accrued, plus surcharge and cess, in respect of realised and unrealised gains.
| Date | 1 Jul 2022 |
| Time | 17:12:13 |
| Category | Capital structure |
| ID | 1030R |
JPMORGAN INDIAN INVESTMENT TRUST PLC
Performance-related Conditional Tender Offer - Clarification of NAV Calculation
Legal Entity Identifier: 5493006R74BNJSJKCB17
As announced on 26th January 2021, a tender offer will be made to shareholders for up to 25% of the Company's outstanding share capital at net asset value ("NAV") less costs if, over the five years from 1st October 2020, the Company's NAV total return in sterling on a cum income basis does not exceed the total return of the MSCI India Index in sterling terms (the "Benchmark") plus 0.5% per annum over the five year period on a cumulative basis. If the tender offer is triggered, it will be subject to shareholder approval at the relevant time. Any tender offer will also be conditional on shareholders approving the Company's continuation vote in 2024.
The Company's Benchmark does not take any account of actual or potential tax on gains. In contrast, the Company is required to pay capital gains tax on long-term and short-term capital gains at the headline current rates of 10% and 15%, respectively.
For the avoidance of doubt, in order to ensure that the terms of the conditional tender offer more correctly reflects the Investment Managers' performance rather than the impact of capital gains tax, in calculating whether the tender offer has been triggered the NAV per share will be adjusted to add back all Indian capital gains tax paid or accrued plus any surcharge and cess in respect of realised and unrealised gains made on investments.
1st July 2022
JPMorgan Funds Limited
Company Secretary
Name of contact and telephone number for queries:
Divya Amin 020 7742 4000
Numis Securities
Corporate Broker
Name of contact and telephone number for queries:
David Benda 020 7260 1000