Jpmorgan Russian Securit... Share Discussion Threads

[1917again] 09/11/2022 12:16

From source I follow, been good and fair to both sides so far, the Russian economy is really starting to hurt. They are selling coal at a -70% discount so making a loss on it. Partly as sea freight risen on EU gas replacement, some Russian freight trains used on war front and world economy slowing.

Even have Russian Bank Governor Elvira Nabiullina on Tuesday.
In one of the strongest comments to date about the sanctions by a Russian official, Nabiullina told lawmakers: "Sanctions are very powerful and their influence on the Russian and global economy should not be downplayed."

[galeforce1] 09/11/2022 12:16

BRWO - in principle, a peace settlement shouldn't be difficult to find if there is willing on both sides.

What Ukraine really wants is membership of the EU and NATO. Its neighbours like Poland have seen their GDP per capita double in the last 10 years as members of the EU. Ukraine remains a poor country.

Membership of the EU has to be the carrot that leads Ukraine to accepting difficult compromises over the Donbas and Crimea. The latter must be recognised as Russian. In Donbas there has to be self-determination, with proper legal protection for minorities.

All the war crimes stuff has to be dropped. I'm sure both sides have done terrible things, as in every war. As for imposing crippling reparations, we know how well that went after the Treaty of Versailles in 1919. This has to be a fair treaty for both sides. Russia must obviously contribute to an international Marshall Fund for Ukraine.

[brwo349] 09/11/2022 11:59

galeforce18 Nov '22 - 11:49 - 4342 of 4350
0 1 1
Calls for Ukraine to change stance and to start being open to peace negotiations with Russia seem to be growing across Europe and the USA. It's not yet a clamour, but it's beginning.


I hope this happens I really do. Obviously all Russian troops need to move back to Russia and that includes moving out of the "annnexed" territories. Of course the war criminals responsible for murdering 10s of thousands need to be turned over to Ukrainians and reparations of hundreds of billions paid. Once that is done yes let's hope we can have a negotiated peace. Fingers crossed.

[hindsight] 09/11/2022 09:52

Yes please keep us posted masergt

[dcr17] 09/11/2022 03:37

masergt - Please keep us posted; especially regarding how they consider this an ordinary resolution requiring only a simple majority.

[masergt] 08/11/2022 18:36

Re previous. No probs. Found alternative addressee.

[masergt] 08/11/2022 16:41

As per the RNS, I've tried to contact Paul Winship at JPM with a couple of queries but my email sent to both [e-mail] and [e-mail] have been rejected. Does anyone have an address for him that works or for someone else I can direct my queries to? Thanks.

[loganair] 08/11/2022 14:19

Instead of buying cheap Russian gas through Nord Stream 1 & 2, the EU prefers to buy its Russian gas more expensively via LNG shipments - the EU must know what it is doing???

[loganair] 08/11/2022 14:17

Russia's LNG exports rose 1.1% on-year to a record high of nearly 4.3 billion cubic meters in October.

Europe has vowed to wean itself off energy from Russia and aims to replace piped natural gas from the country with liquefied natural gas, or LNG.

There's just one problem — Moscow is also a major exporter of LNG, meaning the EU might end up replacing piped Russian gas with imported Russian LNG cargoes.


Personal note - the top importing country of Russian LNG is France.


In the first nine months of 2022, LNG shipments from Russia to the EU rose by 46% from a year ago to about about 16.5 billion cubic meters, Politico reported on Sunday, citing data from the Europe Commission.

[masergt] 08/11/2022 14:15

Re my earlier 4340 post on ordinary or special resolution.

I've replied to a pm from dog239 but feel it useful to share this extract for all to see, comment on and question JPM directly on the matter if you so wish.

"One presumes JPM feel on safe ground re the ordinary resolution but as a layman I don't know how to challenge it. The following extract refers to companies rather than investment funds (which may have different criteria - seems it all depends on the articles) but the JRS fund is constituted as a PLC so the following should apply:

"The law considers certain matters to be so important to the heart of the company’s management that 75% or more of the shareholders must approve any changes. The following is a non-exhaustive list of the most common reserved matters you are likely to come across:

- amending your company’s articles;
- changing your company’s name;
- changing your company from a private to a public company (or vice versa);
- disapplying the shareholders’ rights of first refusal following a new allotment of shares;
- reducing your company’s share capital or instituting a share buyback;
- changing any rights attached to the company’s shares; and
- approving the sale of the company to another buyer."

So it should be a special resolution on name change alone, never mind investment focus. Full link is: hxxps://legalvision.co.uk/corporations/ordinary-vs-special-resolution/ Others links exist."

Despite yesterday's RNS reassurance on pre-emption rights, would I be the only one to have always had them disapplied when it came to the crunch? Well done the board for responding to holders concerns but I'm never comfortable with statements such as "no current plans...". Things can change at the whim of one man - as all LTH's know to their cost.

[smithie6] 08/11/2022 13:50

' LNG costs 3x piped Russian gas price'

on today's price for piped gas or June's price ?

[galeforce1] 08/11/2022 11:49

Calls for Ukraine to change stance and to start being open to peace negotiations with Russia seem to be growing across Europe and the USA. It's not yet a clamour, but it's beginning.

A Republican-controlled Congress and in the US might begin to restrict the supply of USD that's bankrolling Zelenksy and allowing him to pursue his daft 'we must re-capture Crimea' policy.

I've seen lots of stories about just how much money the US is now making from LNG sales to Europe, and this must be unsettling European public opinion on the war. People all over Europe and UK are being made poorer by this war, but the USA is doing very nicely thank you. American LNG costs 3x more than Russian piped gas.

[masergt] 08/11/2022 10:55

This proposed change of name and investment focus is a material change of direction from the stated objectives on which the fund was established. Why, then, is it being put forward as an ordinary resolution (>50% to carry) rather than a special resolution (>75% to carry)?

[smithie6] 07/11/2022 20:57

let us not be stupid or blind

JPM want to enlarge the size of this fund & get income/profit from running it

that is why they have sent out this circular

JPM are not charging I believe for running the fund at present. So, running the fund is costing them money. directors pay, listing fees, admin. staff, audit costs, issuing accounts....£1/2 million/year ?, £3/4 million ?

anyone that thinks the changes are intended to benefit existing shareholders needs their head examining !!

[smithie6] 07/11/2022 20:31

don't forget to vote !!

do it tonight if you haven't done it yet.

[smithie6] 07/11/2022 20:30

"Russia equipment losses...7670"

is lost/destroyed cooking equipment included in that total ?

are lost/destroyed pistols included in that total ?

1 pistol counts as 1 item ?

[hindsight] 07/11/2022 19:59

Vote No and then wait for 1917 mk2, seems the way things are going

Day 256 of the master tactician 3 day war of genocide, one day closer 1917 mk2



News of Russian 155th (elite regiment) getting 25% KIA/WIA and 50% equipment looses. No surprise, 155mm Excalibur are pinpoint accurate like Himars

Videos of conscripts complaining and surrendering, no surprise now its below 0c

Russia equipment losses and transfers to Ukraine continue, Russian losses - 7670, of which: destroyed: 4704, damaged: 186, abandoned: 294, captured: 2486

[loganair] 07/11/2022 13:43

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.

[loganair] 07/11/2022 13:32

The MOEX Russia index was 1.5% higher at above 2,190 on Monday, rising to levels not seen since September with support from energy producers and metallurgists as investors returned from a long weekend.

Rosneft led the oil giants traded in Moscow with a near 3% rise as its board is expected to announce dividend recommendations this week. Other oil companies outperformed the broader index, benefiting from the Finance Ministry’s announcement that it expects energy revenues to have risen in October due to the rebound in global benchmark prices.

In the meantime, miners and metallurgists also benefited from a sharp rebound in base metal prices following reports that neighboring China could ditch its zero-covid policy. Polymetal and Mechal both added more than 3%.

[loganair] 07/11/2022 13:28

I think it is a very good RNS.

It also reads to me that if in the future there is any Capital Raise that the current Russia holdings will remain the preserve of the current JRS share holders.

Since February it seems to me reasonable to say that JP Morgan has acted in the best interests of the share holders of JRS.

[dog239] 07/11/2022 11:48

They may have wanted to pursue it but now may be persuaded off it. The same incentives exist and very easily tomorrow they could say a £17m trust isn't economically viable and needs a raise. The confirmation is good in that it means they are now starting to sit up and listen to us. But overall don't think it's worth the paper it's printed on.

dcr17 is on the money with this.

[hindsight] 07/11/2022 09:41

Appears at least our pressure has conceded a statement on dilution