Summary of reclassification and new issue of Shares
Following the approval of the Reconstruction Proposals at the First
General Meeting of the Company held on 5 October 2009 the Board of
Jupiter Second Split Trust PLC is pleased to confirm that application
has been made for a total of 216,361,793 Geared Ordinary Shares and
432,723,586 Zero Dividend Preference shares (some of which will be
delivered in the form of 22,777,008 separately traded Packaged Units
each comprising one Geared Ordinary Share and two Zero Dividend
Preference shares) to be admitted to the Official List and to trading
on the London Stock Exchange. Dealings are expected to commence at
8.00 a.m. on 3 November 2009.
These shares have an aggregate issue price of £216,361,793. This
compares with the Formula Asset Value ("FAV") of the Company
published on 26 October 2009 of £146,995,710.
Results of the Company's Reconstruction
Rollover elections were received from Shareholders in the Company for
149,605,267 Geared Ordinary Shares and 183,973,019 Zero Dividend
Preference shares (4,777,544 of which will be delivered as separately
tradable Packaged Units). This represents 78 per cent. of the shares
previously in issue in the Company. There was no scaling back of
elections to roll over.
Results of Jupiter Second Enhanced Income Trust PLC ("JSE") Rollover
Rollover elections were received from Shareholders in JSE for
11,590,242 Geared Ordinary Shares and 122,834,051 Zero Dividend
Preference shares (1,789,374 of which will be delivered as separately
tradable Packaged Units). This represents 68 per cent. of the shares
previously in issue in JSE. There was no scaling back of elections
to roll over.
Results of the Defined Capital Return Fund Limited ("DCR") Rollover
Rollover elections were received from Shareholders in DCR for
2,788,286 Geared Ordinary Shares and, 55,260,928 Zero Dividend
Preference shares (597,635 of which will be delivered as separately
tradable Packaged Units). This represents 46 per cent. of the shares
previously in issue in DCR. There was no scaling back of elections
to roll over.
Results of the Placing
Applications were received for 30,492,347 Geared Ordinary Shares,
36,181,349 Zero Dividend Preference shares and 9,066,800 separately
tradable Packaged Units (comprising a further 9,066,800 Geared
Ordinary Shares and 18,133,600 Zero Dividend Preference shares) under
the Placing. All valid applications have been accepted in full.
Results of the Offer for Subscription
Applications were received for 6,273,195 Geared Ordinary Shares,
3,249,328 Zero Dividend Preference shares and 6,545,655 separately
tradable Packaged Units (comprising a further 6,545,655 Geared
Ordinary Shares and 13,091,310 Zero Dividend Preference shares)
under the Offer for Subscription. Again, all valid applications have
been accepted in full.
Rollover Conversion Ratios
One of the Company's Geared Growth shares will roll over into
1.768714815 Geared Ordinary shares or 2.358286419 Zero Dividend
Preference shares or 0.7074859258 Packaged Units or £0.7074859258 if
elected for cash.
One of the Company's Zero Dividend Preference shares will roll over
into 2.103437654 Geared Ordinary shares or 2.804583538 Zero Dividend
Preference shares or 0.8413750615 Packaged Units or £0.8413750615 if
elected for cash.
One JSE Geared Growth shares will roll over into 0.265981745 Geared
Ordinary shares or 0.354642326 Zero Dividend Preference shares or
0.106392698 Packaged Units or £0.1063926978 if elected for cash.
One of JSE's Zero Dividend Preference shares will roll over into
2.103437654 Geared Ordinary shares or 2.804583538 Zero Dividend
Preference shares or 0.841375062 Packaged Units or £0.8413750615 if
elected for cash.
One DCR Ordinary share will roll over into 3.4122500000 Geared
Ordinary shares or 4.5496666667 Zero Dividend Preference shares or
1.3649000000 Packaged Units or £1.3649 if elected for cash. However,
please note that the final capital entitlement of Ordinary
shareholders in DCR to 136.49p has been calculated on the assumption
that (1) the closing level of the FTSE 100 on 30 October 2009 is not
below 85 per cent of its level on 1 November 2004 of 4,615.40 (i.e.
3,923.09) and (2) that the payment in full of DCR's six floating rate
notes which also mature on that date. If these assumptions are not
fulfilled the final capital entitlement will be reduced accordingly.
Fractional Entitlements
Fractional entitlements will be rounded down to the nearest whole
Share. Any such fractional entitlements will be aggregated and sold
in the market for the benefit of the Company.
Tickers
The Geared Ordinary Shares, Zero Dividend Preference shares and
Packaged Units will have the tickers of JSS, JSSZ and JSSU
respectively.
Background Information
The Directors of Jupiter Second Split Trust PLC, Jupiter Second
Enhanced Income Trust PLC and The Defined Capital Return Fund Limited
announced on 11 September 2009 the publication of circulars sent to
their respective shareholders setting out details for a rollover
opportunity for shareholders in Jupiter Second Enhanced Income Trust
PLC and The Defined Capital Return Fund Limited into Jupiter Second
Split Trust PLC, a new issue of shares by Jupiter Second Split Trust
PLC and the extension of the planned life of Jupiter Second Split
Trust PLC for a further five years to 31 October 2014. Jupiter Second
Split Trust PLC has been managed by Philip Gibbs on behalf of Jupiter
Asset Management Limited since its launch in November 2004.
Links to the individual documents sent to shareholders can be found
at the following website:
http://www.jupiteronline.co.uk/PI/Our_Products/Investment_Companies/Investment+Companies.htm
Defined terms used in this announcement shall, unless the context
otherwise requires, bear the meaning given to them the in Prospectus
dated 11 September 2009.
For further information please contact:
Richard Pavry
Director of Investment Trusts
Jupiter Asset Management Limited
020 7314 4822
rpavry@jupiter-group.co.uk
Suzanne Evans
BDO Corporate Finance
020 7486 5888
Suzanne.Evans@bdo.co.uk
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solely responsible for the content of this announcement.