In a London Stock Exchange notice published today (24 November), the management said that following shareholder approval, the trust would change its name to JPMorgan Emerging Europe, Middle East & Africa Securities, reflecting the now expanded portfolio mandate the managers will have.
This vote occurred yesterday (23 November) at the company’s annual general meeting.
The new mandate will allow the managers to invest outside of its pure Russian focus, now able to hold stocks domiciled in central, eastern and southern Europe, Middle East and Africa, including those markets that are considered as emerging markets, according to the S&P Emerging Europe, Middle East and Africa index. The mandate can still invest in Russia.
The company’s LSE stock ticker symbol will therefore change from JRS to JEMA with effect from 8.00am tomorrow (25 November).
In the notice today, JP Morgan said that more details would be provided in due course.
This is the latest part of an ongoing saga in the trust, as retail investors previously told Investment Week that they would be voting against these changes, over concerns the changes would dilute their original investment case and a general move away from their original investment case.
One group of investors confirmed to Investment Week that they had voted against the proposal and were “disappointed” in the result.
Further updates to follow