Interim Management Statement

RNS Number : 5520Z

JPMorgan Russian Securities PLC

16 March 2012

 



JPMorgan Russian Securities plc

Interim Management Statement

For the three months ended 31st January 2012

This interim management statement relates to the quarter from 1st November 2011 to 31st January 2012 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months	1 Year	3 Years	5 Years	10 Years
Share price	14.0%	2.2%	-23.2%	237.4%	13.4%	452.6%
Net asset value	14.0%	4.1%	-21.1%	246.4%	9.9%	500.2%
Benchmark	14.9%	4.4%	-12.8%	196.9%	32.5%	516.2%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st January 2012	As at 12th March 2012
Total assets	£321.4m	£355.0m
Share price	542.5p	591.0p
Net asset value	587.7p	649.1p
Discount	-7.7%	-9.0%
Gearing	99.0%	99.9%

Share prices shown are closing bid

Net asset values are shown cum income with debt at par value

Source: JPMAM/Morningstar

Material events

On 17th November 2012, the Board of JPMorgan Russian Securities plc announced the appointment of Mrs Gill Nott as an independent non-executive Director of the Company with immediate effect.  She is currently chairman of Witan Pacific Investment Trust plc and a non-executive director of Martin Currie Portfolio Investment Trust plc and BlackRock Smaller Companies Investment Trust plc. Mrs Nott is also Deputy Chairman of the Association of Investment Companies.

Following the Annual General Meeting of the Company held on 27th January 2012, the Board announced that all the ordinary business put to shareholders was passed.  The following special business was also passed which:

i)          allowed the Company to allot new shares up to an aggregate nominal amount of £27,546, representing 5% of the Company's issued Ordinary share capital;

ii)         allowed the disapplication of pre-emption rights on the allotment of new Ordinary shares; and

iii)        allowed the Company to make market purchases of up to 8,258,307 Ordinary shares representing 14.99% of the Company's issued share capital.

Following another General Meeting of the Company held on 27th January 2012, the Board announced that the special business was passed which would allow the Company to continue in existence as an investment trust for a further five year period, such period to expire no earlier than the conclusion of the Annual General Meeting of the Company to be held in 2017.

Material transactions

Changes to share capital

	Ordinary shares of 25p
Ordinary shares in issue on 1st November 2011	55,124,112
Shares bought back and cancelled	432,000
Shares issued - new	-
As at 31st January 2012	54,692,112

During the quarter, the Company repurchased 432,000 of its own shares for cancellation.  There were no share issues during the period.

Portfolio Analyses

Top ten holdings as at 31st January 2012

Stock name	Sector	Weight %
Sberbank of Russia ADR	Financials	11.2
Magnit GDR	Consumer Staples	8.7
Tatneft ADS	Energy	6.9
Lukoli ADR	Energy	5.4
Dixy	Consumer Discretionary	5.2
Mobile Telesystems ADR	Telecommunication Services	5.0
Gazprom ADR	Energy	4.5
Novatek GDR	Energy	4.3
JSC MMC Norilsk Nickel ADR	Materials	3.9
Novolipetsk Iron & Steel GDS	Materials	3.8

Sector analysis as at 31st January 2012

	Portfolio %
Energy	25.5
Consumer Staples	19.4
Financials	14.4
Materials	12.1
Consumer Discretionary	11.6
Telecommunication Services	7.6
Industrials	3.7
Health Care	2.9
Utilities	2.5
Information Technology	0.4
Cash	-0.1
Total	100.00

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

16th March 2012

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

Telephone: [phone]

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

ENDS

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmrussian.co.uk 

 

END

 

 

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