Jupiter Green headed for the exit

On 25 July 2024, the company as part of its annual results announced that the board was currently evaluating options for the future of the business in recognition that it may be in the best interests of shareholders for the company not to continue in its present form – by James Carthew

 
The board has concluded the evaluation of those options and considered shareholder feedback and today announces it has decided to propose a scheme of reconstruction and voluntarily liquidation of the company.
 
Shareholders get to choose between rolling over their investment into:
 

• Units in Jupiter Ecology Fund, a unit trust providing investors access to the same underlying environmental solutions themes as the company, managed by the same investment team at Jupiter, and with a superior performance profile, the daily liquidity of an open ended fund and lower ongoing costs;
• Or an uncapped cash exit at a modest discount to NAV.

 
It is expected that the scheme will take effect during the first quarter of 2025. A shareholder circular and notice of general meetings setting out the full details of the scheme will be sent to shareholders in due course.

[Here we go again – why should investors wanting their own cash back be penalised by getting less than 100% of NAV after costs? Shareholders should complain to the board about this. Jupiter has been in touch (11:32 on 23/12/24) to say that the “modest discount to NAV” was supposed to be interpreted as NAV less costs and not a transfer of value from shareholders ticking the cash box to shareholders ticking the rollover box, which is good news. The obvious choice if you want to reinvest your money back into a closed-end fund instead is Impax Environmental Markets.]
 
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