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Retail offer by JPMorgan Global Growth & Income

Investment trust JPMorgan Growth & Income (LON: JGGI) has launched a WRAP retail offer alongside a placing that could raise up to £40m.

The investment strategy is capital growth via investment in a portfolio of companies on world stockmarkets. There is no sector specialisation. There has been strong demand for the shares and a wealth manager has indicated interest in acquiring more shares.

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Eligible retail investors can apply for shares via their broker, wealth manager or other intermediaries. To be eligible investors must be a customer of a participating intermediary or other organisation. The minimum subscription is £100. The total amount to be raised via the retail offer will be no more than €8m.

The issue price will be at a 0.6% premium to the last published cum-income NAV/share prior to the close of the fundraising. In the past year, the investment trust shares have been trading at an average premium of 1.19%.

The retail offer is expected to close at 1pm on 20 February and the issue price should be announced on the same day. The result of the retail offer should be announced the following day. Applications could be scaled back.

Microsoft, Amazon and NVIDIA are the three largest investments in the investment portfolio, accounting for 17.3%. The top ten investments account for 39.3% of the portfolio.

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JPMorgan Global Growth & Income is paying quarterly dividends of 4.61p/share. The latest NAV is 528.14p/share, while the market price is 531.5p.

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