Wyre Fox
26 Jan 2018
Re: The iii site is missing the RNS about op... Extract from another recent RNS:"The portfolio has seen strong performance in recent months and, in light of the upcoming Termination Date and market uncertainties, the Board announces that it has instructed the Investment Manager to liquidate the Portfolio, such that it now comprises solely cash and cash equivalents. The Board deems this approach to be in the best interests of the Company and its shareholders as whole."The Board are anticipating that a substantial proportion of shareholders will choose to cash in.
Krayl
26 Jan 2018
Re: The iii site is missing the RNS about op... Thanks for posting this. The lack of RNS's from II is getting to be a real problem.I have not yet received anything from my broker about the options - someone please post if they get the info.
Wyre Fox
26 Jan 2018
The iii site is missing the RNS about options after 28/02/2018 From London Stock Exchange: Google search: RNS JPI25 January 2018JPMORGAN INCOME & CAPITAL TRUST PLC Scheme of Reconstruction - Publication of Circular Legal Entity Identifier: 549300VB8OIJVLR6HX75On 17 October 2017, JPMorgan Income & Capital Trust plc (the "Company"
announced, in its interim results, that it was considering offering shareholders a rollover option into a new multi-asset investment trust as an alternative to liquidating their shares for cash to coincide with the end of the Company's fixed life on 28 February 2018. Following consultation with Shareholders, the Board is pleased to announce that it is putting forward proposals to offer Shareholders the choice of: (i) a tax and cost efficient rollover into JPMorgan Multi-Asset Trust plc ("MATE"; and/or (ii) cash (the "Proposals".MATE has a long term objective to deliver a total return of 6% p.a., including a 4% p.a. initial target distribution (paid quarterly) and will seek to maintain lower levels of volatility than a traditional equity portfolio. MATE will provide investors with access to the JPMorgan Multi-Asset platform, including alternative funds which were previously inaccessible to retail investors. MATE published a prospectus on 24 January 2018 in connection with the issuance of shares pursuant to the rollover, together with an initial placing, offer for subscription and intermediaries offer for a target issue of £150 million.A circular in connection with the Proposals and containing notices of the General Meetings and Class Meetings (the "Circular" has been published and will today be sent to Shareholders. The Proposals are subject to the approval of both the Company's Shareholders.The Circular is available on the Company's website atwww.jpmincomeandcapital.co.uk and on the National Storage Mechanism at www.morningstar.co.uk/uk/NSM.
Ripley94
24 May 2017
News letter n/c
Krayl
14 May 2017
Re: Hurdle rate 6.8% pa ....... I am trying to understand the hurdle rate. The committment is to pay out 192.13p for the Zeroes (JPIZ) in Feb 2018. The current NAV for JPIZ is 182.13, which means the NAV needs to increase by 5.5% (which is an equivalent annual rate of 7.5% - I think this is the 'hurdle rate')If the shortfall is not made up by Feb this will be made up from JPI. There are approx 1.5 JPI shares to each JPIZ. So at the moment there seems a reasonable chance that the JPIZ target will be met or maybe a couple of pence will need to be taken from JPI.Keep a watch on the NAV of JPIZ.
sage in the hills
26 Oct 2016
Hurdle rate 6.8% pa ....... to Feb 2018 ... ie, in order to have the assets to return capital to Ord shareholdersThe JPI portfolio 6% , .... underperformed its benchmark 12%, during the last period ........ according to the Half Year Report by Sir Lawrence Magnus, Chairman.So what are the chances JPI will be able to meet or exceed its Hurdle rate of 6.8% pa to Feb 2018 ? ........SAGE
Bowler6443
13 Aug 2016
Re: What happens at the end of Feb 18 Thanks for the replies guys. They've been really useful
Wyre Fox
11 Aug 2016
Re: What happens at the end of Feb 18 This Investment Trust has been through the process before in Feb 2008. If you search back through the archive you can even find posts from that time 
The Trust will put forward a vote at an AGM or EGM on whether to continue the Trust beyond the wind-up date. Most of these votes get passed by the shareholders.There will be an opportunity for those who want to redeem their shares to cash in.There will also be the opportunity to roll-over into a future ZDP and Ordinary shares without the need to pay another round of stamp duty.Last time the conversion ratio was 8903 new Ordinary shares for 8350 old ones, but the quarterly dividend was cut from 2p to 1.25p. It has been steadily increased to 1.8p since 2011.I would expect that less generous terms will be offered to the next round of ZDP shares. 6.5% last time now appears awfully generous given the rates of return available on bonds and cash.
sage in the hills
10 Aug 2016
Re: What happens at the end of Feb 18 Hi Bowler 6444, (this is now the next over ...)My experience has been that with successful big trusts from well established fund managers,ie, such as Jupiter, and JPM, ..... they have tended to support continuation of a successful product theme. It is also less expensive for them, i believe, to roll a fund over .... without winding it up;it does have a new life and pricing from then on .... but the portfolios can be very much kept the same.This happened with Jupiter Split Cap awhile ago.It is also in customers interests to keep a good theme going.There is also a risk to the fund managers of loosing funds under management if they unwind a trust.This is my recollection ... hopefully others will contribute too.SAGE
Bowler6443
10 Aug 2016
What happens at the end of Feb 18 The JP Morgan website shows that this Trust is currently trading at a discount to NAV of just over 14% which makes it look very attractive.However, I note that it has a 10 year life which expires on 28th Feb 2018 and so I am wondering what happens then. What is the procedure at this time. Is the life of the Trust likely to be extended and if not, will investors be repaid the NAV at the time or does the amount owing to ZDP shareholders get deducted from this.I'm afraid I'm a little confused so if anyone can help me understand this, I'd be very gratefulThanks
