24 Nov 2021 09:39
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN RUSSIAN SECURITIES PLC
TENDER PERIOD PERFORMANCE
Legal Entity Identifier: 549300II3MHI98ZLVH37
On 4th January 2017, following consultation with the Company's largest shareholders and its advisers, the Board announced that, subject to the passing of a resolution in favour of the Company's continuation as an investment trust at the Company's 2022 annual general meeting (AGM) it would be obliged to make a tender offer to shareholders for up to 20% of the outstanding share capital at NAV less costs and less a discount of 2 per cent if, over the next five years (from the start of the current financial year being 1st November 2016), the Company's net asset value total return in sterling on a cum income basis is below the total return of the Company's benchmark (the RTS Index in sterling terms1) over the 5-year period.
The Company is pleased to announce that the performance of the Company's NAV to 31st October 2021 outperformed the benchmark over the five years, producing an annualised return of 16.57% and cumulative return of 115.25%, which compares favourably with the benchmark returns of 16.50% and 114.56% respectively. The calculation of the outperformance has been verified by an independent third party firm that are professionally qualified and regulated to undertake such services and were engaged on an arms-length basis for the purpose of confirming the calculations on which the performance was based.
Therefore, if the resolution for the Company to continue as an investment trust is passed by shareholders at the Company's AGM on 4th March 2022, the Board will not make such a tender offer.
Details of any renewal to the Company's tender offer will be detailed in the Chairman's Statement of the Company's 31st October 2021 Annual Report and Financial Statements which is expected to be circulated before the end of January 2022.
24th November 2021
For further information, please contact:
Paul Winship
For and on behalf of
JPMorgan Funds Limited - Secretary
020 7742 4000
1 For further details of the Company's benchmark, see the Glossary on page 26 of the Company's Half Year Report and Financial Statements to 30th April 2021, which is available on the Company's website www.jpmrussian.co.uk