JPM plan to offer warrants

Shareholders on JPM Private Equity trust to be offered warrants instead of buybacks

JPMorgan Private Equity Ltd will offer warrants, instead of buying back shares, to narrow its 40% discount, its board of directors claims. The deal will allow existing shareholders to convert the options into shares at any time in the five years from 30 June, at a premium of between 1% and 10% to the NAV at the time. The company announced in February it was considering a range of options to combat the discount, including tender offers, capital restructuring and creating new related investment vehicles. According to a statement from the board: "To further address the continued discount...