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Jupiter Emerging & Frontier Income Trust PLC - investment trust focused on companies in emerging and frontier markets worldwide - Calls general meeting for June 13 to approve plan to place the trust into voluntary liquidation. The company's market capitalisation is now below £60 million - standing at £57.7 million - and this is ‘lower than is desirable for an investment trust of this kind’, it says.
While performance has been ‘respectable’ since the trust's launch back in May 2017, the redemption facility that it offers has resulted in significant shrinkage of the capital base since the start of the Covid-19 pandemic, the company says. ‘Given current market conditions, in particular the effect on markets of Russia's invasion of Ukraine, the directors believe that for the foreseeable future there are limited opportunities for the growth of the company,’ it says.
Gareth Rutt Morris and Andrew Martin Sheridan of FRP Advisory Trading Ltd are proposed as joint liquidators. The company proposes a members' voluntary liquidation, whereby investment managers Jupiter Asset Management Ltd and the liquidators will work to realise the portfolio and distribute the proceeds to shareholders.
Current stock price: 96.41 pence, up 1.5% on Thursday
12-month change: down 6.4%
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