Jpmorgan Russian Securit... Share Discussion Threads

[loganair] 04/3/2022 18:27

Holdings as of 31st October 2021...and as of (14th February 2022 % of holding in trust)...

90% of Gazprom is held as ADR (20.5%)& 10% in the Moscow stock exchange.

100% of the following are held as ADR's - Lukoil (13.1%).

100% of the following are held as GDR's - Novatek (6.8%), Rosneft (6.5%), Halyk Savings Bank of Kazakhstan (2.6%), Severstal (2.5%), Novolipetsk Steel, Polyus, X5 Retail, Fix Price, MD Medical Group Investments, Kaspi.KZ.

The following are held on either of the Moscow stock exchanges - Sberbank of Russia Preference (13.1%), Norilsk Nickel (4.7%), VTB Bank (2.8%), Magnit (2.8%), Tatneft, Yandex ‘A, Rostelecom, Sistema, EPAM Systems, Detsky Mir, RusHydro, Globaltruck Management.


Circa 60% of JRS are held either as ADR's or GDR's.

Going forward, I would say Sberbank maybe the biggest drag on JRS.

[se81] 04/3/2022 17:41

Trust holds approx 90% Russia weighting- so reading between the lines, if/when the Russian stock market opens, it goes down 80/90%? Hmmm not sure. The NAV looks more like the net realisable value as things currently stand. I note Shell have taken Russian crude today (at a 28% discount)

[soleman1] 04/3/2022 17:40

I'm afraid not, just my 50p worth of speculation. Did try to find the figures.

[andyforster1] 04/3/2022 17:11

So you think they are writing off all the value of the ADR's and GDR's. Hmmm seems over the top

[loganair] 04/3/2022 17:09

Following the Annual General Meeting of the Company, held today, the Board is pleased to announce that all the ordinary business put to shareholders was passed. The following special business was also passed which:

vi) allow the Company to continue as an investment trust for a further five years.

[loganair] 04/3/2022 17:07

About 40% of JRS are held as ADR's or GDR's which are held outside of Russia.

[andyforster1] 04/3/2022 17:07

Can you point me in the direction of the cash position?

[loganair] 04/3/2022 17:06

Chief Vigilante - Filtered

[soleman1] 04/3/2022 17:04

It looks like they are applying a value of nil on the Russian equities, I believe they have a few outside Russia so that and cash equals 49p is my guess.

[andyforster1] 04/3/2022 16:56

Well it doesn't really does it. We apply fair value, based on what ? Surely it should be placed on the NAV of the previous market price ??

[topazfrenzy] 04/3/2022 16:52

I'll be buying more next week if it's still possible to, long term hold from here

[topazfrenzy] 04/3/2022 16:51

read the RNS it explains it

[andyforster1] 04/3/2022 16:50

How has the NAV reduced by 40% when the underlying stocks are all suspended???

[topazfrenzy] 04/3/2022 16:43

Just released, NAV at 49.8 p now lol

[topazfrenzy] 04/3/2022 16:42

JPMorgan Russian Securities PLC Net Asset Value(s)

04/03/2022 4:31pm
UK Regulatory (RNS & others)

TIDMJRS

RNS Number : 7469D

JPMorgan Russian Securities PLC

04 March 2022


JPMORGAN RUSSIAN SECURITIES PLC (the 'Company')
Legal Entity Identifier: 549300II3MHI98ZLVH37
THE COMPANY ANNOUNCES THE UNAUDITED NET
ASSET VALUE (NAV) As at: 03 March 2022
THE NET ASSET VALUE PER SHARE IN PENCE,
INCLUDING INCOME WITH DEBT AT FAIR VALUE: 49.8
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 today's unavailability
of prices for the 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 all investments held.
Name of contact and telephone number for
queries:
Paul Ainger 0044 207 742 6524
Name of authorised company official responsible
for making this notification:
Paul Winship 0044 207 742 9815 - Company
Secretary
Date: 04 March 2022

[andyforster1] 04/3/2022 16:39

Hi wee monkey where are you getting your cash figure from as I can only see holdings from 31/1 ? Thanks

[topazfrenzy] 04/3/2022 15:58

Added a few just now

Any news on the vote yet?

[weemonkey] 04/3/2022 15:49

if on the 28/02/22 10% of assets were in cash ($) that was when the share price was £3.80

Well at a price of £1.00 the proportion of that cash has ballooned to near 40%.

I had conversation with them on phone and they make no promises but say that their russian counterparties are keen to do business as soon OEX reopens (if it ever does) .

I have nibbled

[se81] 04/3/2022 14:36

AGM about to start? Anyone here attending? Would be interesting to know if any thoughts to winding up- the NAV here suggests they've already written down assets to around 10p in the pound since Russian invasion of Ukraine? That looks unbelievably stingy given oil and mining interests (and Sber prefs)

[loganair] 04/3/2022 14:05

Just because one disagrees with another poster, there is absolutely no need to make toxic personal comments.

I set up this thread for all sides to discuss any information or opinion on the Russian investment environment and JRS, whether in agreement or disagreement, in an adult and mature manner.

[quepassa] 04/3/2022 12:40

if you wanna believe that the coordinated sanctions have had no impact on liquidity/marketability and prices of securities, be my guest