JPMorgan Russian Securities PLC Tender Period Performance (4441T)
24 Noviembre 2021 - 3:39AM
UK Regulatory
TIDMJRS
RNS Number : 4441T
JPMorgan Russian Securities PLC
24 November 2021
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN RUSSIAN SECURITIES PLC
TENDER PERIOD PERFORMANCE
Legal Entity Identifier: 549300II3MHI98ZLVH37
On 4(th) 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 terms(1) ) over the
5-year period.
The Company is pleased to announce that the performance of the
Company's NAV to 31(st) 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
4(th) 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 31(st)
October 2021 Annual Report and Financial Statements which is
expected to be circulated before the end of January 2022.
24(th) 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 30(th) April 2021, which is available on the
Company's website www.jpmrussian.co.uk
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