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1 Mar 2022 14:21
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN RUSSIAN SECURITIES PLC
Legal Entity Identifier: 549300II3MHI98ZLVH37
Update from the Board of JPMorgan Russian Securities plc
Further to JPMorgan Russian Securities plc's (the Company) announcement on 24th February 2022 regarding the US/EU/UK sanctions, the Board provides the following update:
Portfolio:
As at 28th February 2022, the Company's portfolio comprised holdings in locally listed stocks of 49.4%, which the Company is currently unable to trade due to recent restrictions. 40.1% of the Company's holdings are in ADR/GDRs, where trading is disrupted. 10.5% of the Company's assets are held in mostly US Dollar cash and cash equivalents.
The Company currently holds VTB Bank stocks which represented approximately 1.9% of the Company's portfolio as at 25th February 2022. The Company's Manager continues to monitor the impact of the developing sanctions regimes on these stocks.
Management Fees:
The Company's Manager has advised the Board of its intention to waive its management fee. The waiver will take effect following payment of the management fee to 28th February 2022 and will apply until further notice.
NAV:
The Company will continue to calculate and announce its unaudited NAV on a daily basis. Details of the methodology applied to the calculation of the unaudited NAV will be included in these announcements.
Dividends:
As previously announced, the Company will pay its final and first interim dividends to shareholders on 11th March 2022, as declared on 27th January 2022. However, the current sanctions and restrictions in Russia are expected to restrict the Company's ability to pay any further dividends until further notice. It remains the Company's intention to resume quarterly dividend payments once circumstances permit.
Share Buyback:
The Company will not be buying back shares whilst current market conditions prevail.
AGM:
The Board continues to recommend that shareholders vote in favour of the resolution for the continuation of the Company at the Annual General Meeting on 4th March 2022. The Board will monitor developments closely thereafter.
1st March 2022
For further information:
Paul Winship
Tim Mitchell
JPMorgan Funds Limited 020 7742 4000
Hugh Jonathan
Numis Securities plc 020 7260 1000
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