Email of the day on JPMorgan Indian Investment Trust Plc Subscription Shares:
“Thanks [Sarah], I submitted this requesting a view as it's not something I completely understand - I think others probably have this expiry coming up soon too - Thanks in advance for passing it on to the guys and thanks once again for sorting my login, tech support was great:”
Corporate event regarding JP MORGAN INDIAN INV TRUST PLC SUB SHS
THE TERMS OF THE EXERCISE ;
THIS IS THE FINAL OPPORTUNITY TO EXERCISE THESE SUBSCRIPTION SHARES.
Each Subscription Share entitles the holder to subscribe for 1 New JP MORGAN
INDIAN INV TRUST PLC Ordinary Share of GBP0.25 at a Subscription price of 291p
I personally took up this offer for the JP Morgan Indian Investment Trust (JII LN) when it was first offered and if I had not done so for any reason I would today, because it is available at a significant discount. Moreover, JII was still trading at a discount to NAV of 13.15%, according to Bloomberg.
JII has underperformed due to this discount to NAV and also Sterling’s strength against the Rupee GBP/INR. However, after a very difficult time for India since 2008, the real appeal is the new government we are likely to have if Narendra Modi is elected Prime Minister during the first half of next year, as seems likely. I wrote about this last week and here is another article published by Bloomberg today: India Stocks Climb to Record as Opposition Wins Strengthen Rupee.