JPMorgan Russian Securities PLC Sanctions Update (2396D)
01 Mars 2022 - 3:21PM
UK Regulatory
TIDMJRS
RNS Number : 2396D
JPMorgan Russian Securities PLC
01 March 2022
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 24(th) February 2022 regarding the US/EU/UK
sanctions, the Board provides the following update:
Portfolio:
As at 28(th) 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 28(th) 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 11(th) March 2022, as
declared on 27(th) 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 4(th) March 2022. The Board will monitor
developments closely thereafter.
1(st) 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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