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
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.