JPM Income & Capital trust launches with £108m

A split cap roll-over from the JPMorgan Income & Capital investment trust, the firm says elections and applications under the placing and offer for ordinary shares and units in the new vehicle have been fully satisfied. JPMorgan says the zero dividend preference shares have been subject to scaling back to balance the capital structure of the new company. The closed-ended investment company will have a 10 year fixed life and will expire on 28 February 2018. Its existing board of directors will continue in the company. “By raising and rolling over £108m, we have confirmed our long held bel...