Kathleen Gallagher, Investment Week, 09 March 2022:
The board of the £66.1m Jupiter Emerging and Frontier Income investment trust (JEFI) is planning to put forward proposals for the liquidation of the company.
In a stock exchange announcement yesterday afternoon (8 March) the company said that the board is “conscious of the current size of the company, the risk of further shrinkage through redemptions and the limited opportunities for growth against the backdrop of a deteriorating international outlook”.
They added that the recent invasion of Ukraine has “only served to reinforce the board’s reservations”.
As part of the proposals, the board is considering a full cash exit less costs and an optional rollover of the assets into another vehicle.
They said a further announcement would be made in due course.
The board had planned to amend the redemption facility, making it a three-yearly event and provide a three-yearly continuation vote. However, it later announced, on 24 February, that following feedback from shareholders there was not enough support for the proposals.
Given these previous events, senior analyst for QuotedData Matthew Read said the recent announcement “is not really a surprise,” however, he added that “it is nonetheless disappointing”.
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