18 Mar 2022 16:55
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") recent announcements regarding the US/EU/UK sanctions, the Board provides the following update:
Earlier today, the Company announced the unaudited net asset value per share, including income, of 40.3p, as at 17th March 2022. As described, due to the continued closure of the Moscow Exchange (MOEX), the Company considers that there has been a material change to the market value of its investments and it is in the best interests of the shareholders to apply an alternative valuation method. Following the unavailability of prices for the MOEX, RDXUSD (Russian Depositary Index USD) and prices of American Depositary Receipts (ADR) and Global Depositary Receipts (GDR), the Company has applied a fair value against these investments. While the Company has applied a fair value against these investments there is no certainty that any value will be achievable from them over the short, medium or even long term due to the factors arising following the imposition of additional sanctions against Russia.
As at 17th March 2022, the Company's unaudited net assets, after the application of a fair value, were £16,296,992 and the breakdown as a percentage of unaudited net assets was as follows:
Companies listed in Kazakhstan: 66.8% (no fair valuation applied)
MOEX traded securities, GDRs and ADRs: 6.5% (fair valuation applied)
Russian securities traded on other international stock exchanges:
11.3% (no fair valuation applied)
Cash and cash equivalents held in US$ money market funds: 15.4%
18st March 2022
For further information:
Paul Winship
Tim Mitchell
JPMorgan Funds Limited 020 7742 4000
Hugh Jonathan
Numis Securities plc 020 7260 1000