JPMorgan American IT PLC Update Statement (9718P)
October 15 2019 - 9:06AM
UK Regulatory
TIDMJAM
RNS Number : 9718P
JPMorgan American IT PLC
15 October 2019
STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN AMERICAN INVESTMENT TRUST PLC
UPDATE STATEMENT
Legal Entity Identifier: 549300QNAI4XRPEB4G65
Information disclosed in accordance with provision 1.D.4 of the
2018 UK Code of Corporate Governance and principle 5.2.4 of the
2019 AIC Code of Corporate Governance.
At the Company's AGM held on 2nd May 2019, the Company received
the following votes in respect of resolution 14: to approve the
Company's new Investment Policy:
Resolution For Against Total Cast Withheld
(excluding
votes withheld)
14. To approve
the new Investment
Policy 90,957,517 23,898,101 114,855,618 89,433
----------- ----------- ----------------- ---------
Percentage of votes
cast 79.19% 20.81% 100.0% -
----------- ----------- ----------------- ---------
Following the AGM, the Board was pleased to announce that
shareholders approved the Company's new investment policy, which
incorporated the changes required to move the Company's large-cap
equity portfolio to a higher-conviction investment approach
combining the best ideas from JPMorgan Asset Management's US growth
and value investment teams. Furthermore on 5th June 2019, the Board
announced that the Company's portfolio had been transitioned to a
portfolio reflecting the new investment process.
Since the results of the AGM and in light of the votes against
the resolution to approve the new investment policy, which equated
to 20.81% of the total shares voted by proxy, the Board, via the
Chair and the Manager's investor relations team has been in
frequent dialogue with major shareholders, including recent
meetings with the two key dissenting shareholders to address their
concerns.
The Board continues to believe that the change in investment
process is in the best interests of the Company and its
shareholders. Shareholders are reminded that alongside the changes
in investment process, the Board negotiated amendments to the fees
paid to the Manager, through the removal of the performance fee
element of the fee, and a short-term fee waiver through to the end
of February 2020. The Manager is also bearing the transaction costs
associated with the reorganisation of the portfolio to the new
investment strategy.
Future steps
In light of the Company's meetings with shareholders since the
AGM, the Board will not be taking any further specific action
regarding this vote, other than to continue with its ongoing
engagement with shareholders.
The full text of all the resolutions can be found in the Notice
of Annual General Meeting contained in the Annual Report and
Accounts which is available for viewing at the National Storage
Mechanism which can be located at www.morningstar.co.uk/uk/NSM and
on the Company's website, www.jpmamerican.co.uk.
A summary of the proxy votes received is also available on the
Company's website, www.jpmamerican.co.uk.
15th October 2019
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Funds Limited - Secretary
020 7742 4000
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END
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