REG - JPMorgan Global Core JPM Glbl Core - JARU JPM Glbl Core - JARE - Managed Wind-Down of the Company

JPMorgan Global Core Real AssetsAnnouncement

05/11/2024 07:00

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RNS Number : 9000K  JPMorgan Global Core Real Assets Ld  05 November 2024

JPMORGAN GLOBAL CORE REAL ASSETS LIMITED

("JARA" or the "Company")

 

MANAGED WIND-DOWN OF THE COMPANY

 

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon publication of this announcement, this inside information is
now considered to be in the public domain.

Legal Entity Identifier: 549300D8JHZTH6GI8F97

Following the Company's announcement on 3rd September 2024 that its
Continuation Vote had not been passed by shareholders, the Board and its
advisers have been consulting with the Company's largest shareholders on the
options open to the Company. Having completed that consultation process, the
Board has now concluded that it is in the best interests of shareholders as a
whole to put forward proposals for a managed wind-down of the Company (the
"Managed Wind-Down").

Implementation of the Managed Wind-Down will require shareholder approval to
amend the Company's investment objective and policy. Full details of the
proposals, including further information on the expected timeline for the sale
of the Company's assets, will be published in a circular to shareholders as
soon as practicable. Following receipt of the required approvals, the Company
will conduct an orderly realisation of its assets, and the Investment Manager
will effect redemption requests to the relevant underlying private funds.

Based on the current estimates by the Investment Manager, it is envisaged that
approximately 50 - 60 per cent. of the Company's portfolio could be liquidated
by the end of Q2 2025, with the remaining redemptions expected to be satisfied
over the following twelve months. The redemption requests will be satisfied on
a best-efforts basis and there is no guarantee that this estimated timeline
will be achieved, as it is contingent on the liquidity provided by the
underlying private funds in satisfying redemption requests, which may be in a
queue and, by extension, on market conditions. The proceeds to be received by
the Company will be determined by the net asset value of the underlying
vehicles prevailing at the time that each redemption is settled.

In addition to the assets held within the private funds, the Company also has
approximately 15 per cent. invested in listed real assets and other liquid
securities that are easily realisable. Subject again to shareholder approval
for the Managed Wind-Down, JARA intends to sell these listed assets and return
capital to shareholders.

 

5 November 2024

JPMorgan Funds Limited - Company Secretary

 

For further information, please contact:

 

Emma Lamb / Will Talkington

For and on behalf of

JPMorgan Funds Limited - Company Secretary

Telephone 0800 20 40 20 (or +44 1268 44 44 70)

invtrusts.cosec@jpmorgan.com (mailto:invtrusts.cosec@jpmorgan.com)

 

David Yovichic

Tom Skinner

Investec Bank plc - Broker

Telephone: 020 7597 4000

 

Notes

The Company aims to provide holders of the Ordinary Shares with a stable
income and capital appreciation, measured on a constant currency basis,
through exposure to a globally diversified portfolio of Core Real Assets in
accordance with the Company's investment policy.  The Company obtains
exposure to Core Real Assets through various real asset strategies, namely:
Global Infrastructure, Global Real Estate, Global Transport and Global Liquid
Real Assets. J.P. Morgan's Alternative Solutions Group has the primary
responsibility for managing the Company's portfolio.

 

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