Interim Management Statement

RNS Number : 5029H

JPMorgan American IT PLC

19 May 2014

 



JPMorgan American Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 31st March 2014

This interim management statement relates to the quarter from 1st January 2014 to 31st March 2014 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return *

	1 month	3 months	1 Year	3 Years	5 Years	10 Years
Share price	-0.4%	-1.2%	11.4%	37.1%	113.8%	165.2%
Benchmark	1.3%	1.1%	10.6%	43.5%	120.9%	117.7%
Net asset value	2.3%	0.8%	13.5%	39.4%	117.1%	136.7%

* total return with net dividends reinvested

Share prices shown are closing bid

Net asset values are shown with debt at par value on a cum income basis

Source: JPMAM/Morningstar

Financial position

	As at 15th May 2014	As at 31st March 2014	As at 31st December 2013
Total assets	£722.0m	£732.7m	£709.5m
Share price*	235.0p	1177.0p	1191.0p
Net asset value*	234.8p	1194.4p	1184.0p
Premium /Discount (-)	0.1%	-1.5%	0.6%
Gearing	8.9%	9.2%	9.2%

Share prices shown are closing bid

Net asset values are shown with debt at fair value on a cum income basis

Source: JPMAM/Morningstar

* The Company's Ordinary shares were sub-divided on a one for five basis on 8th May 2014 following shareholder approval at the 2014 AGM.

Material events

On 28th February 2014, the Company announced the appointment of Winterflood Securities Ltd as the Company's broker with immediate effect.

The Company's Year End Results were released on 28th March 2014.

Material events post 31st March 2014

On 1st April 2014, the Company changed its registered office to 60 Victoria Embankment, London, EC4Y 0JP.

On 10th April 2014, the Company announced that its full portfolio as at 28th February 2014 was available on its website and that the Company would be publishing the historic portfolio information, as at the end of the previous month, on the Company's website on a monthly basis going forward.

On 11th April 2014, the Company published a prospectus approved by the UK Listing Authority in relation to future successive issues of up to 125 million shares. A copy of the prospectus is available in electronic form on the Company's website at www.jpmamerican.co.uk

Following the Annual General Meeting of the Company, which was held on 7th May 2014, the Board was pleased to announce that all the ordinary business put to shareholders was passed. The following business was also passed:

i)     to effect a sub-division of each of the existing Ordinary Shares of 25 pence each in the capital of the Company into five Ordinary Shares of 5 pence each having attached thereto the rights specified in the Articles of Association of the Company (such sub-division to take effect from 8th May 2014). Please see below for further details;

ii)    to allow the Company to allot new shares up to an aggregate nominal amount of £2,063,016 representing 15% of the Company's issued Ordinary share capital;

iii)   ​to allow the disapplication of pre-emption rights on the allotment of new Ordinary shares up to an aggregate nominal amount of £2,063,016; and

iv)   will allow the Company to make market purchases of up to 41,232,825 Ordinary shares, representing 14.99% of the Company's issued share capital following the sub-division of the Ordinary shares.

Despite a majority of shareholders being in favour of Resolution 13, a resolution to grant authority to disapply pre-emption rights on the allotment of Ordinary shares, the 75% majority required was achieved by the Board giving an undertaking to shareholders that the Company would only use 10% of the 15% authority. The Company will go back to shareholders to seek further authority as and when 10% of the authority under Resolution 13 has been exhausted.

All resolutions for the meeting were decided by a poll.

As noted above, the resolution to approve the sub-division of each ordinary share of 25 pence each into five new ordinary shares of 5 pence each was duly passed. Following the sub-division which took place on the 8th May 2014, 275,068,910 shares were in issue.

Material transactions

Changes to share capital:      

	Ordinary Shares of 25p
Shares in issue as at 1st January 2014	53,643,782
Shares bought back and cancelled	-
Shares issued - new	1,370,000
As at 31st March 2014	55,013,782

Since the quarter end the 5 for 1 share sub-division took effect on 8th May 2014. Since this date a further 300,000 shares have been issued, resulting in a total of 275,368,910 shares in issue as at 15th May 2014.

Portfolio Analyses

Top ten holdings as at 31st March 2014

Stock name	Sector	Weight %
Apple Microsoft Exxon Mobil Bank of America Pfizer Wells Fargo United Technologies Citigroup Qualcomm Conoco Phillips	Information Technology Information Technology Energy Financials Health Care Financials Industrials Financials Information Technology Energy	4.2 4.0 3.2 2.5 2.3 2.2 1.8 1.8 1.8 1.7

Sector analysis as at 31st March 2014

Sector	31st March 2014 %
Information Technology Financials Health Care Consumer Discretionary Energy Industrials Consumer Staples Telecommunication Services Utilities Materials Cash	21.0 17.8 13.1 13.0 11.1 10.9 7.8 2.1 1.4 1.1 0.7
Total	100.0

Asset analysis as at 31st March 2014

	31st March 2014  %
Large companies	96.2
Small companies	2.8
Unquoted investments	0.2
Liquidity	0.7
Unrealised hedge value	0.1
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

19th May 2014

Registered office: 60 Victoria Embankment, London EC4Y 0JP

Telephone: [phone]

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

ENDS

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmamerican.co.uk.

 

END

 

 

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