The merger between JP Morgan Elect (JPE) and the £1.5bn JP Morgan Global Growth Income (JGGI) trust is forging ahead as the company announced a 77% alignment between their two share classes.
In a stock exchange announcement, the JGGI board said the merger was “progressing well”.
Once sufficiently aligned, the JPE shares will be converted into JGGI ordinary shares on an NAV for NAV basis, with JPE shareholders potentially in line to be paid a dividend prior to conversion.
The merger, announced in October, will see JGGI’s assets under management grow to around £1.7bn. It follows on from JGGI’s previous merger with Scottish Investment Trust in August.
In December, Steve Bates was appointed as non-executive director of the trust.
