Member Info for ownthingowntime

Seizure of JPMorgan fund assets by Russia is looking more and more likely, from where I'm sitting. See today's RNS: https://www.londonstockexchange.com/news-article/JEMA/russian-court-order-update/16722778

Contesting very sizeable legal claims under Russian law, with the counter-party being VTB, a majority state-owned Russian bank doesn't seem like a level playing field to say the least. I note that VTB obtained a $439m judgement straight out of the gate, now to be appealled by JPM. I am certainly begining to think that those who predicted from the outset that JEMA shareholders would be royally shafted by the Kremlin vis a vis the Russian assets were correct. In any event, lawyers fees will be painful, and seemingly material in the context of the trust's diminutive NAV.

‘Behind it’ as in the market views a trump end to war as good for JEMA. Perhaps as end to war could be the beginning of a long path back to more normal relations with Russia (a profitable path for JEMA holders, I might add)

Why the recent rises? Only back up to pre-Russian-court-order episode, but something causing recent momentum. I would speculate that perception of increased probability of Trump presidency and his ‘ending war in one day’ rhetoric are behind it.

Just had a pleasing notificaton from Tabys giving me the AIX depositatry receipt for my holding :) It also includes a handy link to transfer the shares to an AIX registered broker in the event that i wish to sell.

Me too and mine haven't updated yet. hopefully should happen soon

BB- FFS give it a rest.

Neither Poly nor Poly shareholders are responsible for Russian atrocities in any way.

Investment projections that are somewhat optimistic don't always equal rampling.

Given all that has been thrown at him, Mr Nesis is performing heroically, and may just see us through to better days.

Also AIX and Tabys are just fine. Very happy so far.

Why they haven't banned you long ago is a mystery. I genuinely hope that you choke on your soup. You are pathetic and abusive. seek medical help

Many thanks, J-A-B. I only got round to asking for the code today. Glad that it's being finalised and isn't forgotten or scrapped

Hi Folks

Is anyone else waiting on a unique access code from Polymetal IR team, needed in order to register on Tabys app? or have any info relating to this, please?

Onbeyondzebra- thanks for your post. I am 100% allingned with your sentiments. Also waiting on II as my broker.

Honestly BB, as if an IFA is going to suggest putting money into Polymetal. Of course not. More likely a fund of funds. Moreover IFAs are guided by legal advice, and whether or not Poly traded on AIX may be held in an ISA is a question of law not one for an IFA.

To bb - Oh dear, I didn't mean to rattle your cage . Although I note that you haven't added anything pertinent to the specific topic being discussed. perhaps if you had been informed by an IFA or lawyer you should open your mouth.

Elguri- ok. will do. expect to be able to

Ha, Elguri, my dear friend, let me emphasise that I don't want to trade, I don't really care about liquidilty. I merely expect for a UK broker to hold what may be legally held in my wrapper, collect any divis that are mine, and - ideally- provide sell only exectution should that ever be required. I dont' expect them to provide seamless trading on AIX.

Elguiri. forive me if you are not familiar with UK matters- I'm pretty sure you have to be a UK national or UK taxpayer to open an ISA or SIPP. Poly situation has no bearing on this. I also note that your second sentence confirms my point in relation to those who already have an ISA and/or SIPP.

And for any ISA/SIPP holders who listened to the prestentation earlier (much as I genuinely don't want to do down Maxim), I'm not going to be relying on him for advice as to ISAs. the way he said I.S.A. (like the Americans say IRA) says it all. His comments were canned *~se covering stuff in an area outside of his expertise.

My understanding is that, from a legal point of view, as of 25.01.2019, AIX is a 'recognised stock exchange' for HMRC purposes. Therefore, a share in Poly on AIX is a qualifying investment for ISA purposes (see links below) . If your broker won't let you hold with them, that's an internal policy thing within broker, seperate from what is legally permisable in UK. Obvs, if a broker policy conflicts with your own interests, that may prompt you to think very seriously about which broker you are using.

https://www.gov.uk/government/publications/designated-recognised-stock-exchanges-section-1005-income-tax-act-2007/designated-recognised-stock-exchanges-section-1005-income-tax-act-2007-v3

https://www.gov.uk/guidance/stocks-and-shares-investments-for-isa-managers

https://www.londonstockexchange.com/news-article/JRS/result-of-general-meeting/15728218

Some of these features writers in the investment space are impartial to the point of being dull. And also patronising towards PIs.
All the more reason why I hope that we can pull our Board into line next week. Let there be no doubt amongst those not clouded by morally fuzzy, herd-like, short term thinking of IIs, that the resolutions would be materially harmful to our wealth. It's trully a no-brainer.

Fantasitic work dog and huge thanks for all the work that must have gone into helping to get the message out there.

I agree with you entirely, bourgie.

All in my opinion:

Shareholders must not stand for Sanderson's nonsense (nor that of the other directors). he is failing in his legal obligation as a director to look out for our intersests. he is looking after his own interests. Those are advancing his career as a serial non-exec (just check his records on Companies House). And guess how he gets those appoointments- it is by taking care of the hand that feeds him (namely JPMAM). If one wanted a illustration of the proximity of the relationship between Chair and JPMAM, one need only look at the video of the 2022 AGM. Behind the then Chairman is the 10 foot logo of JPMAM.

I am enraged to see an RNS as to the board's CURRENT intentions. Clearly, such a statement says nothing of intentions in the future. I have no current plans to take a nap. To spout this kind of weasel wording is grossly rispectful to the reader and we deserve better. Of course, we can't expect any cast iron guarantee as to the board future intentions, but to say nothing of this makes me very suspicious, especially when coming from the same board who are proposing the resolutions tabled for 23rd which are so clearly not in the long term best interests of the members as a whole (even if JPMAM would like these, and if City of London AM would happily aid and abet such a daylight robbery by funding a rights issue that PIs don't have the spare change to participate in).

https://am.jpmorgan.com/content/dam/jpm-am-aem/emea/gb/en/annual-general-meeting-and-general-class-meeting/annual-general-meeting/jrs-circular.pdf

Here is the circular, including our Chairman's explanation of the rationale. His explanation does not convince me in any way that we are being taken down the right path. There is simply no logic to his postitions. he complains about the trust not being able to deploy some £19m into equities, and yet it was this board who sold promising Kazak assets in May (realising this cash position) so as to 'de-risk' the trust.

It seems like a classic case of deciding what outcome is desired, and working backwords from there in attempting to come up with a narrative that justifies the outcome. (The 'desired outcome' being that desired by JPMAM who wish to distance themselves from Russian positions that it can't even fully charge investors for, and JPMAM then pulls a spineless and shameful Chairman's strings to this end)

Also, I totally agree with Katenip's sentitments. JRS has endured months of hell, but remains standing. Not a lot more for the trust to lose, lots and lots to possibly gain. Would be a monumentally terrible time to throw in the towel.