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Evening all. If its below £1 on Monday I'm a buyer. How I wish I'd been aware of all this earlier in the day! There were only about 10 trades yeaterday! Goodness knows how many today. The money in the account is clearly not JPMs. It belongs to JEMA. JPM just hold it on their behalf. That, I think, is the case, or can you correct me? Good luck to all fellow shareholders. I also think uncertaintly can supply the canny with profitable oppotunities. We live in interesting times. Sometimes rather sad ones unfortunately. Time for dinner. ALgent.
Pretty amazing movement, £1.30 to 68p lows and back to £1 nearly
Coming back nicely, good opportunity to add..
The defence will be something like :
“we publish an RNS with the Nav of our assets daily which is currently 49p, we do not control market pricing, market pricing is a complicated matter and the market may at times over or under value a company based on market speculation at the time”
Thanks. I was afraid of that. The JP Morgan Bank of old would have put fundholders right (even if legally not obliged to), in order to protect its reputation. But times have changed... no longer is it "My word is my bond".
Unfortunately, oh yes it is,
"JEMA has been named as a defendant to civil proceedings being brought by VTB in the Russian courts which were commenced on 17 April. The claim has been brought against certain J.P. Morgan entities and relates to $439m held in a correspondent banking account with JPMCB (NY Branch) which has been blocked due to sanctions. We are not aware of any nexus between JEMA and amounts owing to VTB. "
i like how the company puts "The funds in the Company's 'S' Account have no value in the Company's accounts because the sum of £19.3m in the 'S' Account " when the value of the actual stock held in Russia IS in excess of $200m-$250m at market prices.
Doesn't look to have affected it at all... price will probably go up knowing how the marked works.
Reported a few minutes ago. How is JEMA affected?
The directors are not shining beacons of wisdom…but having said that they are not buying, so maybe not such idiots as the rest of us who are marooned with this stock.
What I would like to know is , having decided to change the investment policy, why the NAV is knuckle-draggingly low…..the free cash was in short term deposits, which should have been earning something??? Unless it is all going on management fees?
Afternoon sk. I first bought in on 28/02/22 which was a few days after the terrible events commenced. Initially, I bought in at 381p! I traded in and out a bit buying some as low as 69p. I'd like to see the board buy a few more shares. The daily turnover seems very low indeed? I suspect the register is chock full of investors who, like myself, bought in as an asset play. If in exchange for me losing the lot there could be peace then I'd happily lose the lot! I kid you not. Time for dinner. ALgent.
You obviously bought post the Russian invasion when the company in its old guise tanked.
Thanks for your response. My opinion, for what it's worth, is that normality will return. Conflicts are not interminable. I have a holding (that by luck is showing a small profit) that I will not sell. I expect to make a profit though when only the Almighty knows. ALgent.
AL. This is really a punt on whether there will be a return to normal relations with Russia (post Putin) because that's where the real hidden value lies. A very long shot and I'm not inclined to tie up money here right now. NAV in the order of £7 but most tied up in Russia
Afternoon all. Has anyone any idea of the NAV to date please? Any decent estimates would be interesting to have. I should have done the work myself and am annoyed I neglected it. Sorely tempted to buy some more. Trying to guage the up/down sides is difficult, but interesting. My sort of punt, that's for sure. ALgent.
Jema isn't very lucky. War follows it everywhere.
Good morning Db90. Are you still keeping a record of the NAV and dividends accumulating from the Russian holdings? Could you share your findings with me and the other investors please? Do you have upto date figures? I am looking to put a bit more into JEMA (I stress the bit more!) and all info is useful to me/us. I appreciate you've done the work here and I've not. I hope many are in profit with their holdings. It's an interesting stock market play for sure. ALgent.
My broker allows me to take advantage of JEMA dividend reinvestment plan but the wording is ambiguous. It basically says "I want to reinvest my dividends on the basis of XXX shares held according to the DRIP", but after I filled the form the broker form says I requested XXX shares. So is it like a private placement and you can request any number of shares, and if they can they fill your order, with the dividends simply being deducted from the total price, or do you get whatever number of shares your dividend can pay for ?
I've got the value of the Russian holdings based on their current MOEX valuations, plus outstanding dividends from those holdings, together totalling a NAV around £6.50 per share.
I too think there's potential. Potentially rather a lot. I think it would be very useful to know what is the present valuation of the Russian holdings. I wonder if anyone has attempted calculating it and, if they have, would they kindly share their findings (and their methodology) with us?
I note the fairly recent purchase of 5% of JEMA's shares by the Camac Fund, an American investor. They also, perhaps, see potential.
I should like the directors own a few more shares and wonder why they don't. Can they not see the potential? I looked back to the start of the year and they had not bought any more shares than revealed in the last annual accounts?
ALgent.
Thanks rico. Even better if we still have them just rated at zero. That means there is still potential.
Avocet,
I'm 99% sure the Russian stocks have not been sold, they have just been valued by JPM at 0 or 1% or something as they can't be accessed due to the sanctions. If you go back there is an RNS on 17th of August regarding two of their Russian holdings.
I'm in until the conflict in Russia is resolved when the true value will be unlocked so all this talk about the middle east, pipeline sabotages etc. is irrelevant. Obviously that is going to take a while so need to be in for the long term but could pay off big time.
John,
As far as I can see the fund has sold of its russia associated equities and completely reinvested itself in emerging europe, middle east and africa. Have a look at their fact sheet and management reports.
This fund has nothing to do with Russia.
But its middle east investments are obviously suffering currently from the new Israeli war. From one war to the next.
I was once optimistic about this fund, but it has become completely impossible to be so. As time passes by, it has become clear that the west has no intention of allowing Russia to resume activity as normal and it’ll be a rough few years to adjust in terms of energy procurement but with US LNG and the shale revolution it’ll be very easy long term. We can no longer morally associate with this state sponsor of terrorism whilst it continues to wreak havoc everywhere around the world. Just in the last week alone they have sabotaged another pipeline and have given Intel to help massacre Israelis. Good luck to anybody holding, I can’t see this yielding a positive outcome in the near future or potentially ever.
@ Slownsteady
Where did I say that statement was about one demographic only? Pretty sure I didn't?
Are you saying because I am born British, I can't believe taking lives for political reasons is not ok? Strange logic.
Cannae see any info for the surge today, nothing in daily rns
but for weeks now, buys well out sold sells,
be nice if the company decided to put the divi back
but maybe not, if the situation in africa,middle east gets any worse
which is where they decided to go to after the original listing here.