Update from the Company

RNS Number : 3400F

JPMorgan Russian Securities PLC

18 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") recent announcements regarding the US/EU/UK sanctions, the Board provides the following update:

Earlier today, the Company announced the unaudited net asset value per share, including income, of 40.3p, as at 17^th March 2022. As described, 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 the unavailability of prices for the MOEX, 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 these investments. While the Company has applied a fair value against these investments there is no certainty that any value will be achievable from them over the short, medium or even long term due to the factors arising following the imposition of additional sanctions against Russia.

As at 17^th March 2022, the Company's unaudited net assets, after the application of a fair value, were £16,296,992 and the breakdown as a percentage of unaudited net assets was as follows:

Companies listed in Kazakhstan: 66.8% (no fair valuation applied)

MOEX traded securities, GDRs and ADRs: 6.5% (fair valuation applied)

Russian securities traded on other international stock exchanges:

11.3% (no fair valuation applied)

Cash and cash equivalents held in US$ money market funds: 15.4%

18^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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