Jupiter Second Split rollover proposals published

JSS : Jupiter Second Split rollover proposals published

Jupiter Second Split Trust is coming to the end of its life. The Board, chaired by Lord Lamont (pictured), have published proposals today that, if approved by shareholders, will allow for a rollover into Jupiter Strategic Reserve Fund – an open-ended fund managed by Miles Geldard, Jupiter Second Split’s manager. The aim of the proposals is that rolling over would avoid crystallising any Capital Gains Tax liability.

The rollover proposal is only being made to ZDP shareholders – they are the only ones with any gains to roll over as the Geared Ordinary Shareholders have lost money. If Geared Ordinary shareholders did want to invest in the open-ended fund, Jupiter has said it will facilitate that on the same terms as are being offered to the ZDP shareholders.

It is unclear to us though that ZDP shareholders will be attracted by Jupiter Strategic Reserve Fund – it seems a shame that the Board did not identify a rollover into a closed-end fund and / or a rollover into a new ZDP issue for ZDP shareholders.

Geared Ordinary shareholders will have to wait for part of their money as one of JSS’s investments is subject to a lock in arrangement – about 0.74p per share.

NB – ZDP Shareholders must be wary – ZDP shareholders will be deemed to have elected for the rollover option if they fill in the forms wrong or forget to submit them.

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