JPMorgan Asia Growth & Income plc commences an Equity Buyback Plan for 14,644,360 shares, representing 14.99% of its issued share capital, under the authorization approved on February 9, 2022.
May 20, 2022 at 09:30 am IST
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JPMorgan Asia Growth & Income plc (LSE:JAGI) commences share repurchases on May 20, 2022, under the program mandated by the shareholders in the Annual General Meeting held on February 9, 2022. As per the mandate, the company is authorized to repurchase up to 14,644,360 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is 25 pence and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System.
The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to meet the company's obligations under its employee share schemes. The authority shall expire at earlier of the conclusion of the next Annual General Meeting of the company or August 8, 2023. As of December 6, 2021, the company had 97,694,197 ordinary shares in issue.
JPMorgan Asia Growth & Income plc is a United Kingdom-based investment trust company. The Company's objective is to provide capital growth from a diversified portfolio of around 50 to 80 companies quoted on the Asian stock markets, excluding Japan. The Company pays quarterly dividends equivalent to 1% of its net asset value, set on the last business day of each financial quarter. It also has the ability to use gearing up to a maximum level of 20% of net assets to increase potential returns to shareholders. The Company invests in various sectors, such as financials, information technology, consumer discretionary, industrials, communication services, materials, health care, real estate, consumer staples, energy, utilities and others. It also has investments in various geographic areas, including China, India, Taiwan, Korea, Hong Kong, Singapore, Indonesia, Thailand, Australia, Malaysia and Philippines. JPMorgan Funds Limited is the Alternative Investment Fund Manager of the Company.
JPMorgan Asia Growth & Income plc commences an Equity Buyback Plan for 14,644,360 shares, representing 14.99% of its issued share capital, under the authorization approved on February 9, 2022.