We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Jpmorgan Russian Securities Plc | JRS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 83.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 83.00 |
| Top Posts |
|---|
Posted at 10/11/2022 10:30 by loganair If Detsky Mir is taken private and JRS redeems its shares at todays share price and at an exchange rate of GBP/RUB of 70 = 9.46p per share (£4.28mln)By Easter next year, 2023 if this monies is put in to JRS 'C' account + dividends to come = circa 75p per share in JRS 'C' account which is around the current share price. JRS also have circa 37.5p per share in cash from the sale of their 4 Kazak holdings = by Easter 2023 112.5p per share cash in the bank. This will mean by Easter 2023, if JRS remains at the current share price, JRS will be valued at circa 35p per share less then it has cash in the bank. As a side note JP Morgan is one of two U.S. banks that the U.S. Government has allowed to continue to offer banking services to Russian companies, in Russia. |
Posted at 07/11/2022 13:43 by loganair I think Rosneft intend to pay a bumper dividend in order to try and keep BP on board.Rosneft accounted for around half of BP's oil and gas reserves and a third of its production. Dividends due to BP in the amount of $700 million for the second half of 2021 were paid in full. "We can only heartily advise our colleagues from BP to remove the issue of exiting assets in Russia from the agenda and return to their native bosom," Rosneft said. There are no restrictions on BP, which remains a shareholder in Rosneft and participates in a number of joint ventures in Russia, to use the dividends for joint projects that Rosneft is executing alone, fulfilling the obligations. In September, Rosneft launched a major gas project in Kharampur with an annual production capacity of 11 billion cubic meters. In November, the Board of Directors of Rosneft will decide on an interim dividend, which BP might think of using for projects in Russia. The dividend policy of Rosneft stipulates that at least 50 per cent of its IFRS net income may be allocated to dividends. Therefore, BP may increase its revenue from the Russian business by $700 million. To date, BP has earned approximately $37 billion from its participation in equity capital and joint venture with Rosneft, while, in total, $10 billion was invested in cash. This is a reasonable result. BP deliberately misrepresented the information in its financial statements by failing to reflect the dividends received from Rosneft. It is done for both political and economic reasons on the one hand, BP wishes to avoid criticism from western politicians; on the other hand, it expects to save money by reducing the tax base in its country of incorporation and shareholder dividends. |
Posted at 29/10/2022 22:54 by loganair Smithie6 - As of today, at the current exchange rate of GBP/RUB 70, so far JRS has received circa 41.7p per share in dividends into their frozen Russian bank account.Friday 28th October 2022 - Lukoil BOD has recommended a dividend = 10.5p per JRS share. If passed by Extraordinary General Shareholders Meeting then JRS will have received 52.2p per share in dividends into their frozen Russian bank account. As dividends paid to JRS are in their frozen bank account in Russia, none of this money is included in the NAV. |
Posted at 29/10/2022 00:19 by popit squeaky19 / loganairYes it is true that JRS is not at present seeking any capital raise that may dilute existing shareholders. The question though is what may come next after the name change and the mandate change? Is it perhaps the first of several steps in transforming JRS into something completely different? Is JPM going to all of this trouble to change the name and the mandate just so that they can invest the £16 million cash that JRS is holding? JPM are used to managing much larger sums in their various Investment Trusts as that is how they make their fees. Most of their Investment Trusts have Market Caps of hundreds of millions or over one billion. The Market Cap of JRS is only about £30 million, so you have to wonder how long will JPM be willing to continue with such a small Investment Trust? So if they succeed in getting the name and mandate changed, it does not seem unreasonable to speculate that a new capital raise may be the next step. The price of the issue would probably be around the current NAV of about 40p. I would also assume that a shareholder vote would be needed to approve any new capital raise, but this is no guarantee that it would not happen. Most shareholders will hold their JRS shares through stockbrokers such as HL or Interactive Investor, and these brokers will often just vote their total shares in favour of any resolution. The institutions who still hold JRS may also vote in favour of any new capital raise if they think it will benefit the Trust over the longer term. It is not their own money they have invested in JRS and so they will probably not be as concerned about a new capital raise as private investors. If any JRS shareholder is concerned that this new name change and mandate may eventually lead to a new capital raise and dilution of their shares, they should send an email to Eric Sanderson the JRS Chairman at the email address given in the recent circular. He has explicitly asked JRS shareholders to write to him with any views or questions on what the company is proposing. It would be a good opportunity to tell him and the JRS Board of Directors that we are completely opposed to any future capital raise or dilution of our JRS shares. |
Posted at 27/10/2022 03:10 by popit squeaky19Thanks for the very considered response which does make perfect sense to me. I think my only further thought would be why don't they change the name? It's not owned by JPM, so they could quietly switch it to "Harry's Trading Company" and five minutes afterwards no-one would be any the wiser. Then the company could re-domicile? I think if JRS were to change their name they would simply be faced with the same issues and difficulties. Would a change of name do any good? And what would be the costs, both direct and indirect? JPM are not the owners of JRS but they are the managers of the Investment Trust. So, assuming they change their name to XYZ, how is the press and media in the UK and US likely to react to the news that JRS has changed its name in order to avoid Russian sanctions? JRS is keeping a low profile at present as the conflict continues, and so both they and JPM are unlikely to want to become the centre of a hot news story about attempting to avoid Russian sanctions. The bad publicity could easily wipe billions off the market value of JPM. Is it worth all the bad publicity and reputation damage for the sake of a small UK Investment Trust with assets of a few million? And as I said before, there is no guarantee that Russia would accept any new change of name or domicile by JRS. Russia may view it as a scheming attempt by a company from an unfriendly nation to avoid Russian sanctions. They are not stupid. Russia will very easily see from the share registers that all of the JRS Moex holdings have simply been transferred to XYZ Co. in Hong Kong. Russia will know that XYZ is simply a new name for “unfriendly So I think such a plan has some major problems. The indirect costs and reputation damage could potentially be huge for JPM who are the managers of JRS. It is also quite possible that Russia would not accept any change of domicile, and they may continue to view the new company as “unfriendly |
Posted at 24/10/2022 19:38 by popit squeaky19I asked JRS this question in an email a few months ago but they did not answer it. They answered several of my other questions and so I assume that they do not want to address the issue of change of domicile. In my opinion there is no reason why JRS could not relocate their domicile. As you say they are a UK plc and there is nothing to stop them. They could move to Hong Kong or Singapore or even Russia. The question is what good would it do them, and what would be the costs? The assets of the company are not huge and so it is not like HSBC considering a change of domicile from UK to Hong Kong. There would be quite large direct costs for the company, and potentially huge indirect costs for the JPM reputation and brand. What would the media and press in the UK and US say about JPM trying to avoid Russian sanctions by moving the domicile of one of their Investment Trusts? The negative publicity could wipe billions off the JPM share price. And there is not even any guarantee that Russia would accept such a change of domicile. If JRS moved domicile to Hong Kong for example, Russia may just say that it was a contrived move by a company that was originally from an unfriendly country. So Russia may simply refuse to recognise any change of domicile by JRS. So JRS may have just decided that a change of domicile is not practical for all of these reasons. Eventually the 50p annual dividend income for JRS will be released. And eventually the Moex will open up for JRS to trade their holdings as normal. And eventually the JRS share price will return to nearer to the real NAV of over £6. It may all take a few months, or even a few years, but eventually it will happen. |
Posted at 24/10/2022 14:44 by squeaky19 I realise that JPM are a U.S. company.However, JRS is a UK Public Limited company that happens to employ JPM as the asset manager. JPM don't own JRS (well, JPAM own 1.45% but that's hardly a controlling share). In the limit JRS could replace JPM as asset manager? But I'm not sure that's relevant because aside from the 1.45% JPM are not the beneficial owners of JRS. So I'm not asking if JPM can relocate, but asking if JRS could relocate? I've not read the small print in all the new rules but my understanding is JRS cannot receive dividends / funds from Russia because it is domiciled in the UK which has nothing to do with JPM? |
Posted at 19/9/2022 03:44 by popit loganairThat is interesting information about the dividends of 50p each year accumulating in the frozen account. It will be very good news if some of these dividends can be paid to JRS shareholders. And what kind of chance would you give of this dividend money being available to JRS shareholders before the end of next year? A 50/50 chance? Or higher or lower than 50/50? And there has been quite a lot of chat on the JRS Telegram group about the potential risks of JRS issuing or placing new shares if they change the mandate. They could presumably issue any number of new shares that they wanted at the latest NAV price of about 45p. It would also allow JRS to get new funds to invest, and they would also get a big increase in annual fees if they issued many new shares. A new issue of 40 million JRS shares would dilute current shareholders by half, and an issue of 400 million shares would dilute us by 90%! If this happened the 50p dividends in the frozen account would only be worth 5p each year to us! So do you not see any risks of future dilution by JRS? Are you quite confident that JRS will not heavily dilute current shareholders with new shares? Thanks |
Posted at 18/9/2022 15:37 by loganair Some of the dividends paid into JRS Frozen bank account in Russia:Rosneft dividend is 23.63rub per share. JRS has 3.6mln Rosneft x 23.63 = 85mln rub = £1.2mln = 2.6p per share. Gazprom Neft dividend is 56rub per share (not to be confused with Gazprom) JRS has 1.2mln Gazprom Neft x 56 = 67.2mln rub = £960k = 2.1p per share. Norlisk Nickel dividend is 1,166rub per share JRS has 71k NN x 1,166 = 82.7mln rub = £1.18mln = 2.6p per share. Novatek dividend is 43.7rub per share & 437rub per GDR JRS has 103k Novatek x 43.7 = 4.5mln rub JRS has 126k Nov GDR x 437 = 55mln rub .................... Gazprom dividend is 51.03rub per share. JRS has 19mln Gazprom x 51,03 = 969mln rub = £13.8mln = 30.5p per share. At current exchange rate, so far JRS has received circa 39.6p per share in dividends into their frozen Russian bank account. At current exchange rates - Depending on what Lukoil does with its dividend, could add as much as 10.7p per share, Detsky Mir declare and pay in December last year came to 0.6p per JRS share, Tatneft last year dividend came to 1.7p per JRS share, Rostelcom 0.9p and Fix Price 0.15p therefore a further circa 14p per JRS share maybe added to dividends already paid this year. The two banks that JRS hold Sberbank and VTB and all other companies I have not mentioned that are in JRS portfolio have declared they will not be paying a dividend this year. |
Posted at 05/9/2022 01:23 by popit loganair,What are your thoughts on the JRS plan to change the mandate? Do you think it will be positive or negative for the JRS share price? Will you vote for it? Some people on the Telegram group think that it could lead to a huge dilution of our £7 Moex NAV if new shares are issued at the current NAV of 45p. Do you think there is any risk of this? I think a new mandate may be ok for JRS, and it does not necessarily mean that there will be a big issue of new JRS shares or dilution. And what are your thoughts on the ending of restrictions for JRS? When do you think that JRS is likely to get full access to their dividends in their “C” Account? And when do you think that JRS will be able to sell their Moex holdings at full Moex value? Do you think that it could happen in the next one or two years? Thanks |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
