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JPMorgan Mid Cap Investment Trust PLC and JPMorgan UK Smaller Cos Investment Trust PLC on Tuesday published details for the merger they announced back in November.
The pair hope to complete the merger by the end of February to create a combined company that will be called JPMorgan UK Small Cap Growth & Income PLC. It still will be managed by JPMorgan Funds Ltd via JPMorgan Asset Management (UK) Ltd and will have a combined net asset value of about £430 million.
Also Tuesday, JPMorgan Mid Cap declared a pre-liquidation dividend of 14.00 pence per share, with an ex-dividend date of February 1 and payment date of February 26. JPMorgan UK Small Cos declared a pre-completion interim dividend of 3.60p to be paid on February 27.
Going forward, the combined trust will introduce an enhanced dividend policy that will target a 4% per annum yield on NAV.
Both companies will hold general meetings to approve the deal on February 12. JPMorgan Mid Cap will hold a second general meeting on February 27.
Shares in the combined company are expected to start trading on the London Main Market on February 28.
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