JP Morgan Russian – saying they won’t issue shares – still vote No to everything.

JP Morgan issued an RNS today saying there are “currently no plans to issue shares or raise capital”.

I don’t like the use of the word ‘currently’, as, if they write the plans tomorrow its technically not an untrue statement.

I simply do not trust them and think the fund should be delisted, surplus cash paid out and frozen until such a time as we can get our money out at a reasonable valuation – which I would define as MOEX +/- 10%. I am very aware this may take several years but am nothing if not patient. There is some movement amonst shareholders to put forward a resolution limiting their ability to dispose of Russian stocks – if something like this is proposed I will support it.

There is no advantage to making this a live investment vehicle with 41p/share live assets, coupled with an unvaluable (in effect) amount of Russian stock.

This simply isnt a sensible plan and should still be voted against at the earliest opportunity.


4 thoughts on “JP Morgan Russian – saying they won’t issue shares – still vote No to everything.”

    1. Check the memorandum articles of association – usually need to own certain proportion of shares… Propose a vote / appoint director (s)to do it. Lots of hoops to jump through.

    1. Riskier than JEMA/JRS, they seem to be in GDR’s that add extra risk / complication (arguably). I much prefer JEMA but if you are a US citizen you may not have the option of any other stock to play this.

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