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@Slownsteady - yes, JRS ARE an "unfriendly" foreign shareholder, BUT they aren't looking to LEAVE Russia - their whole existence is based around being heavily invested into Russia. If they left, they might as well drop the "RS" from the ticker. But, since they're not leaving Russia, they don't face that same treatment as BP who are leaving Russia.
BP have made no RNS announcements yet. JRS are also an ("unfriendly") foreign shareholder. But of course, let's hope you are right.
i dont think we can compare the BP scenario to JRS as the treatment towards companies leaving russia from unfriendly countries is different to companies that are not leaving, also this is an investment vehicle which will most likely be treated within the finacial system rules with the dividend being held somewhere until JRS can trade the shares once more, if this wasnt the case there would be a notification from JRS, surley we would be informed if the dividends were to be confiscated
Well, that's how it was reported in the DT. Confirmed by BP.
But, typical for the DT, the headline was even worse, indicating that the complete BP shareholding in Rosneft was being confisicated. That turns out to be nonsense (so far). But that's the DT for you... Masters of the Dog whistle. The Barking Mad readers' comments are always predictable, and often shocking.
I don't believe that's how things really work. Even in a country like Russia they would still look to follow financial rules otherwise foreign investors will struggle to ever look back at investing into Russia again. I don't think they have any right to intercept divs meant for shareholders even if thats' held by nationals that they wish otherwise to be unfriendly either.
Yes, divs are being paid into a special account. To be used by the Russians for debt repayments and other things. That is if you fit into their list of "unfriendly" nations. And JRS are a UK Company managed by an American Bank (both countries on the "unfriendlies" list).
So we can forget about Rosneft's "record" dividends.
More interest in why Kazakhstan assets sold. Probably returning cash
Yes it is a shame this whole thing is dragging out for this long. However, I don't believe our divs are lost forever. Although I'm not sure how div payments will work when under sactions (never been in this situation) I would assume divs would be collect in an account out to be waited out until our current situation passes and we get paid some sort of special div. Anyone with better knowledge please do correct below.
I'm araid we can forget about this. Russia have just confisicated BP's Rosneft Dividend.
Our Duck-ing politicians are to blame. Britain can't get over the fact it is no longer a world power, and that 'thick as two planks' Truss wo.man can't keep her mouth shut. So we are top of "unfriendly" countries list. Sanctions work both ways.
https://www.ft.com/content/6f31bbae-8f2c-4502-8b57-fdefba143041
I bought shares in JRS late February. If JRS were to give out special dividends would I be able to receive these?
RNS out- anyone have any idea why JRS would sell all their Kazakhstan investments?
Soloman the dividend will not be paid until the ADR are converted into ordinary shares. No interest is accumulating on the dividends
Thanks Soleman. You are basically endorsing my thoughts? I see Sanctions continuing beyond any war cessation because of the stupidity of the self-harming West (in particular the Yanks and their lapdogs, the Brits).
But as Warren Buffett once said.... "I don't care if the Stockmarket shuts down for ten years". (To be fair, he also said he wouldn't touch Russia after seeing Gangster Capitalism at work during his Chairmanship of Saloman). As someone commented earlier, the cash dividend surplus will build up.
Foreign investors are not permitted divis....
That is basically how I see things Soleman
I myself for months have been wondering what the catch is. I haven't been able to think of a plausible downside outcome, its worth remembering jpm are a huge American firm with a UK listing and mainly Russian stocks.
I'm extremely doubtful of risk from the Russians as they require future investment, stealing assets would be suicide and thus far they have made no indication of this and intact criticised the west. Jpm are well established within Russia and still hold a highly coveted banking license so in truth could probably release the funds from assets if they wanted to.
Jpm themselves could only shut the fund by making us a big offer so no risk there.
The US and UK don't want any new investment ATM in Russia but that is irrelevant. They can't force sale of stock that can't be sold and when it can this war is over so there's no motivation to sanction.
Having already shown my ignorance to wiser heads, I would appreciate comments/views on my assessment of the risks entailed or this Fund.
As I see it, the Shareholders have approved a 5 year extension, so it won't be wound up. JPM may feel the reputational risk does not warrant association with Russian Investments, so may look to transferring management to someone else. But who would take this on? Russia is deemed uninvesable.
The risks lie in the UK Govt/Regulators forcing the Trust to sell its Russian holdings (when allowed to do so by the Russians), but where will they put their liquid funds? In former Soviet satellites.
The real risk to me is that o the Russians simply expropriating foreigner' hholdings (nationalisation) in the Communist way. But if they were so inclined, they would already have done so, surely? Otherwise they would have defaulted on the foreign debt, which as far as I am aware, they have not done so far.
The risk of JPM buying out the Trust (hence the low Nav?) at the stated Nav of 40 something pence rather than 400 something pence would. I hope, be rejected by the Shareholders and an Independent Board.
Tbh the war is getting dropped from most main media outlets and ficus moved elsewhere that I doubt it will be a big problem
Yes the Gazprom divvi is around 25p/jrs stock, for now it has to sit in a Russian account racking up double digit interest. They will probably attribute 0.1p to the nav for now to continue appearing to be detrimentally affected by the war.
Yes I know that. I mean once restrictions on foreigners are lifted on the Russian side. There will be a short term stampede for the door as the big Institutions try to cover their behinds from a legal and regulatory/govt viewpoint. Would be a bad time to sell.
You can’t be forced to sell something that currently cannot be sold
Oh ok thanks. I'll take your word for it. If so, that's a massive relief. I couldn't find any (latest) commentary on their web page.
I just hope The Sleepy One doesn't force them to sell the Russan holdings.
If you download the holdings list you will see that they have not changed, just the value that they attribute to them has changed
Now efectively a Kazakh fund.