Result of AGM

RNS Number : 0002R

JPMorgan Russian Securities PLC

03 March 2016

 

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN RUSSIAN SECURITIES PLC

RESULTS OF ANNUAL GENERAL MEETING

Following the Annual General Meeting of the Company, which was 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:

i)          will allow the Company to allot new shares up to an aggregate nominal amount of £26,169, representing 5% of the Company's issued Ordinary share capital;

ii)         will allow the disapplication of pre-emption rights on the allotment of new Ordinary shares;

iii)        will allow the Company to make market purchases of up to 7,845,333 Ordinary shares representing 14.99% of the Company's issued share capital;

iv)        approved a change in the Company's Investment Objective and Policies to -  

            Investment Objective

            To provide shareholders with capital growth.

            Investment Policies

            To maintain a diversified portfolio of investments primarily in quoted Russian securities or other companies which operate principally in Russia. The Company may also invest up to 10% of its gross assets in companies that operate or are located in former Soviet Union Republics.

            Investment Limits and Restrictions

            The Board seeks to manage some of the Company's risks by imposing various investment limits and restrictions.

            • No more than 10% of the Company's gross assets are to be invested in companies that operate or are located in former Soviet Union Republics.

            • The Company will not normally invest in unlisted securities.

            • At the time of purchase, the maximum permitted exposure to each individual company is 15% of the Company's gross assets.

            • The Company will not normally invest in derivatives.

            • The Company will utilise liquidity and borrowings in a range of 10% net cash to 15% geared in typical market conditions.

            • No more than 15% of gross assets are to be invested in other UK listed investment companies (including investment trusts).

The full text of all the resolutions can be found in the Notice of Annual General Meeting contained in the Annual Report and Accounts 2015. This document is available for viewing at the National Storage Mechanism which can be located at www.morningstar.co.uk/uk/NSM and from the Company's website, www.jpmrussian.co.uk. 

A Summary of proxy votes received will shortly be available on the Company's website, www.jpmrussian.co.uk. 

3rd March 2016

For further information, please contact:

Paul Winship

For and on behalf of

JPMorgan Funds Limited, Secretary

020 7742 4000

 

END

 

 

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