In QuotedData’s morning briefing 4 June 2021:
Following its announcement last month on the implementation of a voluntary redemption facility, where shareholders may request the redemption of all or part of their holding of ordinary shares of 1p each for cash on the last business day in June each year, Jupiter Emerging & Frontier Income has redemption requests for 25,670,791 worth of ordinary shares, representing 30% of the issued share capital. Given the level of redemption requests, the board has elected to calculate the redemption price using the redemption pool method, under which each of the trust’s portfolio holdings together with other assets and liabilities will be divided in proportion to the percentage of shareholders opting for redemption, with 30% set aside in a redemption pool. The assets of the redemption pool will be liquidated and the realisation proceeds, after deduction of any relevant costs and liabilities, will be distributed to exiting shareholders. [This is clearly a disappointing result and seems slightly perverse given the much stronger returns that the trust has been generating recently – third in the global emerging sector over the past 12 months (Mobius leads the pack after seeing its discount narrow, JEFI comes in very marginally behind Aberdeen Emerging). We still think that there is significant long term potential in JEFI’s markets. The job for the trust is to attract new investors to replace those lost today.]
- Miton UK Microcap also has a voluntary redemption facility where shareholders can request the redemption of all or part of their holding of ordinary shares on an annual basis. For this period, redemption requests received represented 2,671,198 ordinary shares, or, 2.4% of the issues share capital. A further announcement setting out the redemption price will be made shortly after the end of this month.
We also have full year results from JPMorgan European while Lindsell Train has made changes to its Investment Management Agreement and Hipgnosis has bagged another music catalogue.