JP Morgan European Discovery trust proceeds with double tender offer as it attempts to narrow discount

Includes performance-related offer

The JP Morgan European Discovery trust has been given the green light to proceed with its two tender offers, which are part of the board's latest efforts to manage the company’s widening discount.

Prior to the annual general meeting last month (20 June) the board unveiled plans for two tender offers, one of was performance-related. Both measures were for up to 15% of the issued share capital and the primary offer will run on a tender price equal to a 2% discount to the prevailing net asset value per share as at the calculation date, excluding the costs of implementing the tender offer. JPMorgan European Discovery unveils two tender offers This offer will be managed Cavendish Capital Markets Limited. The performance-based offer will only kick in if the company's net asset ...