Final Results

RNS Number : 1793E

JPMorgan Asian Investment Tst PLC

15 December 2009

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN ASIAN INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2009

Chairman's Statement

Performance

I am pleased to be able to report a much improved performance in 2009 both in absolute and relative terms. The Company's net assets (on an undiluted basis) increased by 43.2% in the year, a 1.9 percentage point out-performance against our benchmark index. The Company's return to ordinary shareholders for the year was +41.3%. In what was another extremely volatile year for equity markets, to have delivered positive and index beating results represents a very commendable performance by our investment managers.

As detailed below, the Company issued Subscription shares during the year and, since the Company's net asset value per share is higher than the initial 137p per share exercise price, there is a dilutive impact on the Company's total return on net assets. Accordingly, the diluted return on net assets over the period was +34.8%. The Board believes, however, that the Managers' performance should be judged by reference to the undiluted returns generated, as being more fairly reflective of the performance of the Company's portfolio of investments.

Subscription Share Issue

At the Company's General Meeting held on 4th February 2009, shareholders approved a bonus issue of Subscription shares to qualifying shareholders on the basis of one Subscription share for every five Ordinary shares held. Each Subscription share confers the right (but not the obligation) to subscribe for one Ordinary share at predetermined prices on any business day during the period from 1st April 2009 until 31st March 2014, after which the rights on the Subscription shares will lapse.

Between 1st April 2009 and 30th September 2009, applications were received to convert 452,920 Subscription shares into Ordinary shares, raising proceeds of £621,000. As at the date of this report, a further 2,042,034 Subscription shares have been converted, meaning that a total of £3,418,000 has been raised for investment by the Company.

At the time of writing, the Company's Ordinary share price is 189.4p, comfortably above the initial exercise price of 137p per Subscription share. The Subscription shares, which are separately quoted, are currently priced at 50.8p per share, which equates to a further 10p of value per Ordinary share for shareholders who qualified for the bonus issue. Shareholders should note that the initial exercise price of 137p per Subscription share will be increased to 176p per share with effect from 1st April 2010. We will be sending a reminder to shareholders in February 2010 about the increase in the exercise price.

Further details on the Subscription shares, including their exercise prices, the apportionments for capital gains tax purposes and how they may be exercised, can be found on the Company's website at www.jpmasian.co.uk and in the Company's Annual Report. 

Revenue and Dividends

Revenue per share for the year amounted to 1.55p (on an undiluted basis) and the Directors are recommending a final dividend of 1.50p which, if approved by shareholders, will be payable on 12th February 2010 to shareholders on the register at the close of business on 8th January 2010.

Discount

The Board continues closely to monitor the level of discount at which the Company's Ordinary shares trade to net asset value. Although no shares were bought back during the year, it is important that the Company retain the ability to be able to repurchase its shares and, accordingly, resolutions to renew the authority to repurchase Ordinary shares and Subscription shares will be put to shareholders at the forthcoming Annual General Meeting.

Manager

The Board has carried out its formal annual review of the investment management, company secretarial and marketing services provided to the Company by JPMorgan Asset Management (UK) Limited ('JPMAM'). This year the Board paid particular attention to the Manager's investment process and approach. The investment management team has been in place since mid-2006 and, as previously reported, adopts a high conviction approach to stock picking that focuses the portfolio on companies they rate highly, regardless of their current benchmark weighting. The impact of this approach is likely to result in increased volatility and greater deviation in returns against our benchmark index. Your Board fully supports the investment management team and their investment approach and looks forward to continued good performance. Accordingly, and after full consideration, the Board has concluded that the continued appointment of JPMAM on the terms agreed is in the interests of shareholders as a whole.

Performance Fee

Although the Company's undiluted NAV total return outperformed the benchmark index by 1.9%, there is no performance fee payable for the year ended 30th September 2009. A carried forward negative balance of £1.4m has to be covered by future out-performance before any further performance fee can be accrued or paid to the Manager.

Borrowing Facilities

The Company has a £25 million five year multi-currency loan facility with Lloyds TSB, which expires in May 2011. In August the Board was also able to renegotiate the Company's £20 million, 364 day multi-currency facility with ING Bank.

The Board

James Strachan was appointed to the Board on 10th August 2009. After reading Economics and English at Cambridge, he worked in the City both as a commercial and investment banker. Initially with Chase Manhattan, he then spent 13 years at Merrill Lynch, latterly as a Managing Director in London and a Board member of Merrill Lynch International. Mr Strachan is currently a non-executive Director of the Financial Services Authority, Legal and General plc, Welsh Water Limited, Care UK plc, Sarasin and Partners LLP and Social Finance Limited. He is also a Visiting Fellow at the LSE (risk and regulation) and a Vice President of RNID. Until 2006, he was Chairman of the Audit Commission, the public services regulator and watchdog, and he served as a Director of the Bank of England until May 2009. Shareholders will have a chance to meet him at the forthcoming Annual General Meeting.

Articles of Association

At the Annual General Meeting, it is proposed that the Company adopt new Articles of Association. These latest amendments to the current Articles reflect the changes in company law brought about by the 2006 Act which came into effect on 1 October 2009, changes made to the 2006 Act in August 2009 (designed principally to implement the EU Shareholder Rights Directive in the UK) and some minor technical or clarifying changes. More details on the proposed changes to the Articles are given in the Directors' Report and in the Appendix to the Notice of Meeting in the Company's Annual Report & Accounts.

Annual General Meeting

The forthcoming Annual General Meeting will again be held at The Salters' Hall, 4 Fore Street, London EC2Y 5DE on Monday 1st February 2010 at 12.00 noon. In addition to the formal proceedings, there will be a presentation by Joshua Tay, one of your investment managers, who will also be available to respond to questions on the Company's portfolio, investment strategy and the outlook for Asia generally. Following the Meeting there will be an opportunity for shareholders to meet the Board and the investment manager over a buffet lunch and I look forward to seeing as many of you as possible.

Outlook

Low interest rates, a reasonably benign oil price and a weak US dollar should continue to provide a favourable environment for Asian stock markets. Questions remain, however, about when interest rates will start to rise and a W-shaped recovery in 2010 remains a possibility. Nevertheless, Asia's superior growth prospects and robust secular earnings trends should be reflected in the performance of Asian equities relative to other stock markets around the world.

James M Long

Chairman

15th December 2009

Investment Managers' Report

Market Review

In sharp contrast to last year, the Company's year to 30th September 2009 proved rewarding for investors in Asian equity markets. Our benchmark index, the MSCI AC Asia ex Japan with net dividends reinvested in sterling terms, ended the period 41.3% higher. It was a volatile year, with the last quarter of 2008 continuing to suffer from the fallout of the collapse of Lehman Brothers, the sub-prime crisis and the ongoing effects of global de-leveraging. Risk aversion remained high and, coupled with weakening economic data and earnings downgrades, led to equities in Asia being sold-off aggressively. In India, the market was further weighed down by the terrorist attacks in Mumbai. Nevertheless, there was a strong bounce in late November 2008 due to the introduction of massive fiscal and monetary stimulus plans by governments across Asia. In particular the announcement of China's RMB 4 trillion fiscal stimulus package, a move designed to help the fast-growing economy achieve a soft landing in the face of a rapidly deteriorating external environment, brought the region some comfort.

At the start of 2009, economic news flow became slightly more optimistic, following the move to quantitative easing in the US and bank re-capitalisation in the G7. This led to a strong rally in March. We increased the Company's gearing in the second quarter of 2009 as we gained comfort that markets were establishing an upwards trend. The real fuel in Asia remained interest rates. They were cut dramatically in China and, thanks to the formal and informal pegs to the US dollar, much of Asia found itself facing monetary policy strongly reflationary in nature. Chinese data steadily improved over the year, as measures to boost the property market began to take hold and loan growth continued at breakneck pace. This was accompanied by recovering economic data, such as a rising Purchasing Manager Index, an indicator of the health of the manufacturing sector. Subsequently, improving economic data and the delivery of the recovery, about which so much skepticism had been expressed in the West, finally fed through into an elevated level of optimism in the OECD.

Performance Review

After a disappointing year for the Company to 30th September 2008, in both relative and absolute terms, the Company's portfolio performance improved significantly in the year to 30th September 2009, rising by 44.4% and outperforming the benchmark index by 3.1 percentage points. Our decision to increase gearing in May 2009, based on our positive outlook on Asian equity markets, was a significant contributor to relative performance. In addition, we were correctly positioned throughout the year in stocks that directly benefited from China's fiscal and monetary stimulus programmes. We owned several Chinese property stocks such as Shimao Property and Soho China and a coal stock (China Shenhua Energy) that outperformed both the Chinese market and our benchmark index. In addition, we benefited from avoiding stocks such as China Mobile and China Unicom, which registered disappointing performance over the year due to concerns over rising competition in the telecommunications sector.

A decision to overweight Wilmar, a palm oil plantation stock, and Olam, a distributor of agricultural commodities, also contributed to performance over the year. These Singapore listed companies have their earnings linked to strong regional demand for agricultural related commodities. The portfolio's move to overweight Korean banks, such as KB Financial, also benefited performance. After their sharp fall at the end of 2008, many of these stocks were trading significantly below book value, and we took the opportunity to build up positions in them. We were rewarded when they re-rated in 2009 as credit markets stabilized.

On the negative side, stock selection in India over the full year was disappointing. We were too bearish on this market after the credit crunch in the fourth quarter of 2008. We believed that the earnings outlook of Indian corporates would remain muted, especially given the limited scope for fiscal stimulus in India (due to the high budget deficit) compared to China. As a result, the Indian stocks in the portfolio were too defensive in nature, and did not benefit from the full upside in the Indian market, especially after the favourable election outcome in May 2009. Key detractors included our holding in a utility company, Suzlon Energy, and banking stock ICICI Bank, where we missed out on much of the performance upside, given our initial cautious view on the bank's ability to grow earnings this year. We continue to adopt a bottom-up stock picking approach, and aim to buy stocks that deliver sustainable growth and returns to shareholders at a reasonable price. The principal parameters we use to measure risk are earnings volatility, business cycles, cashflow and solvency, management quality, and transparency (not necessarily in order of importance). We feel that our results for 2009 are satisfactory, given the enormous volatility over the financial year, but know we can do much better and hope to be able to return to the performance returns generated in 2007, when market conditions return to some normality.

Outlook

Looking ahead to 2010, low OECD growth is likely to keep interest rates at exceptionally restrained levels. This is good news for Asia although there is an inevitable asset price inflation risk associated with it. Having just witnessed the bursting of a sizable bubble, policymakers in China, Hong Kong and Singapore in particular are not going to be relaxed about seeing another inflate so quickly. Looking ahead, markets will be seeking to determine what levels of global demand are sustainable in 2010. What has been achieved so far has come only with exceptional liquidity provisions and with government help in the form of stimulus. Monetary policy will gradually normalise and stimulus has to be paid for, so rising rates and rising taxes seem inevitable at some stage. Individual savings continue to be rebuilt and commodity prices could add further drag to the recovery. How far out the reversal in policy will occur is difficult to judge. In these fears lies the basis of the worry about economies weakening again towards the end of next year. That said, we believe Asian economies will weather another downturn much better than the rest of the world, due to their high cash savings at both corporate and government levels.

After the strong move in 2009, valuations in Asia have moved from "cheap" to "average". We expect that earnings will be increasingly important in driving Asian equities upwards rather than further re-rating of valuation multiples. For now, in Asia, there are three positives to sustain further progress: abnormally low interest rates; an oil price which we believe will stay in a US Dollar 60-80 range and, finally, a weak US Dollar. Without any major negative geopolitical events, China and India should continue to do well, even during a period in which interest rates start to rise. In the shorter term, we believe planned Indonesian infrastructure investment will drive further improvements in this economy.

Joshua Tay

Pauline Ng

Investment Managers

15th December 2009

Principal Risks

With the assistance of the Manager, the Board has drawn up a risk matrix, which identifies the key risks to the Company. These key risks fall broadly under the following categories:

• Investment Underperformance: An inappropriate investment strategy, for example asset allocation, the level of gearing or the degree of portfolio risk, could lead to underperformance against the Company's benchmark index and peer companies, resulting in the Company's shares trading on a wider discount. The Board manages these risks by diversification of investments and through a set of investment restrictions and guidelines which are monitored and reported on by the Manager. JPMorgan Asset Management (UK) Limited ('JPMAM') provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Manager, who attends all Board meetings, and reviews data which show statistical measures of the Company's risk profile. The Board holds a separate meeting devoted to strategy each year.

• Loss of Investment Team or Investment Manager: A sudden departure of several members of the investment management team could result in a short-term deterioration in investment performance. The Manager takes steps to reduce the likelihood of such an event by ensuring appropriate succession planning and the adoption of a team based approach, as well as special efforts to retain key personnel.

• Discount: A disproportionate widening of the discount relative to the Company's peers could result in loss of value for shareholders. In order to manage the Company's discount, which can be volatile, the Company operates a share issuance and repurchase programme.

• Market: Market risk arises from uncertainty about the future prices of the Company's investments. It represents the potential loss that the Company might suffer through holding investments in the face of negative market movements. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set investment restrictions and guidelines, which are monitored and reported on by JPMAM. The Board monitors the implementation and results of the investment process with the Manager.

• Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 842 of the Income and Corporation Taxes Act 1988 ('Section 842'). Details of the Company's approval are given under "Business of the Company" above. Were the Company to breach Section 842, it might lose investment trust status and, as a consequence, gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 842 qualification criteria are continually monitored by JPMAM and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act 2006 and, since its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act 2006 could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules could result in the Company's shares being suspended from listing which in turn would breach Section 842. The Board relies on the services of its Company Secretary, JPMAM, and its professional advisers to ensure compliance with the Companies Act 2006 and the UKLA Listing Rules.

• Corporate Governance and Shareholder Relations: Details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance report within the Annual Report. 

• Operational: Disruption to, or failure of, JPMAM's accounting, dealing or payments systems or the custodian's records could prevent accurate reporting and monitoring of the Company's financial position. Details of how the Board monitors the services provided by JPMAM and its associates and the key elements designed to provide effective internal control are included within the Internal Control section of the Corporate Governance report within the Annual Report.

• Financial: The financial risks faced by the Company include market price risk, interest rate risk, liquidity risk and credit risk. Bank counterparties are subject to daily credit analysis by the Manager and regular consideration at meetings of the Board.

• Political and Economic: Changes in financial or tax legislation, including in the European Union, may adversely effect the Company. The Manager makes recommendations to the Board on accounting, dividend and tax policies, and seeks external advice where appropriate. In addition, the Company is subject to administrative risks, such as the imposition of restrictions on the free movement of capital.

Directors' Responsibilities

The Directors each confirm to the best of their knowledge that:

(a) the accounts, prepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

(b) the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it face.

James M Long

Chairman

15th December 2009

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.jpmasian.co.uk.

For further information please contact:

Alison Vincent

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 6000

Income Statement

for the year ended 30th September 2009

	Revenue £'000	2009 Capital £'000	Total £'000	Revenue £'000	2008 Capital £'000	Total £'000
Gains/(losses) on investments held at fair value through profit or loss	-	98,117	98,117	-	(137,354)	(137,354)
Net foreign currency gains	-	1,723	1,723	-	1,570	1,570
Income from investments	5,306	-	5,306	6,658	-	6,658
Other interest receivable and similar income	57	-	57	622	-	622
Gross return/(loss)	5,363	99,840	105,203	7,280	(135,784)	(128,504)
Management fee	(1,637)	-	(1,637)	(2,126)	-	(2,126)
Performance fee writeback	-	-	-	-	2,501	2,501
Other administrative expenses	(607)	-	(607)	(732)	-	(732)
Net return/(loss) on ordinary activities before finance costs and taxation	3,119	99,840	102,959	4,422	(133,283)	(128,861)
Finance costs	(191)	-	(191)	(1,067)	-	(1,067)
Net return/(loss) on ordinary activities before taxation	2,928	99,840	102,768	3,355	(133,283)	(129,928)
Taxation	(451)	-	(451)	(618)	(168)	(786)
Net return/(loss) on ordinary activities after taxation	2,477	99,840	102,317	2,737	(133,451)	(130,714)
Return/(loss) per Ordinary share - diluted (note 3)	1.52p	61.3p	62.65p	1.71p	(83.40)p	(81.69)p
Return/(loss) per Ordinary share - undiluted (note 3)	1.55p	62.35p	63.90p	1.71p	(83.40)p	(81.69)p

A final dividend of 1.50p (2008: 1.70p) per share is proposed in respect of the year ended 30th September 2009, costing £2,407,000 (2008: £2,720,000). 

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The Total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For this reason a STRGL has not been presented.

Reconciliation of Movements in Shareholders' Funds

	Called up share capital £’000	Share premium £’000	Exercised warrant reserve £’000	Capital redemption reserve £’000	Other reserve £’000	Capital reserves £’000	Revenue reserve £’000	Total £’000
At 30th September 2007	40,002	4,347	977	3,009	106,481	217,084	2,506	374,406
Net (loss)/return on ordinary activities	–	–	–	–	–	(133,451)	2,737	(130,714)
Dividends appropriated in the year	–	–	–	–	–	–	(2,080)	(2,080)
At 30th September 2008	40,002	4,347	977	3,009	106,481	83,633	3,163	241,612
Bonus issue of Subscription shares	320	(320)	–	–	–	–	–	–
Subscription shares’ issue costs	–	(352)	–	–	–	–	–	(352)
Exercise of Subscription shares into Ordinary shares	(5)	5	–	–	–	–	–	–
Issue of Ordinary shares on exercise of Subscription shares	113	507	–	–	–	–	–	620
Net return on ordinary activities	–	–	–	–	–	99,840	2,477	102,317
Dividends appropriated in the year	–	–	–	–	–	–	(2,720)	(2,720)
At 30th September 2009	40,430	4,187	977	3,009	106,481	183,473	2,920	341,477

Balance Sheet

at 30th September 2009

		2009 £’000	2008 £’000
Fixed assets
Investments held at fair value through profit or loss		358,728	225,104
Current assets
Debtors		2,125	681
Cash and short term deposits		14,985	17,702
		17,110	18,383
Creditors: amounts falling due within one year		(9,351)	(1,823)
Net current assets		7,759	16,560
Total assets less current liabilities		366,487	241,664
Creditors: amounts falling due after more than one year
Bank loan		(25,010)	—
Provisions for liabilities and charges
Deferred tax		–	(52)
Total net assets		341,477	241,612
Capital and reserves
Called up share capital		40,430	40,002
Share premium		4,187	4,347
Exercised warrant reserve		977	977
Capital redemption reserve		3,009	3,009
Other reserve		106,481	106,481
Capital reserves		183,473	83,633
Revenue reserve		2,920	3,163
Shareholders’ funds		341,477	241,612
Net asset value per Ordinary share – diluted (note 4)		200.4p	151.0p
Net asset value per Ordinary share – undiluted (note 4)		212.8p	151.0p

Cash Flow Statement

for the year ended 30th September 2009   

		2009 £’000	2008 £’000
Net cash inflow from operating activities		2,797	1,802
Returns on investments and servicing of finance
Interest paid		(180)	(1,118)
Taxation paid		(341)	—
Capital expenditure and financial investment
Purchases of investments		(578,441)	(369,117)
Sales of investments		542,930	406,820
Settlement of futures contracts		31	500
Other capital charges		(47)	(23)
Net cash (outflow)/inflow from capital expenditure and financial investment		(35,527)	38,180
Dividend paid		(2,720)	(2,080)
Net cash (outflow)/inflow before financing Financing		(35,971)	36,784
Subscription shares’ issue costs		(352)	—
Issue of Ordinary shares on exercise of Subscription shares		620	—
Bank loan drawn down/(repaid)		31,928	(42,725)
Net cash inflow/(outflow) from financing		32,196	(42,725)
Decrease in cash for the year		(3,775)	(5,941)

Notes to the Accounts

for the year ended 30th September 2009

1. Accounting Policies

The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (the 'SORP') issued by the AIC in January 2009. All of the Company's operations are of a continuing nature.

The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments at fair value.

	2009 £’000	2008 £’000
2. Dividends
Dividends paid and proposed
2008 final dividend paid of 1.70p (2007: 1.30p)	2,720	2,080
2009 final dividend proposed of 1.50p (2008: 1.70p)	2,407	2,720

The final dividend proposed in respect of the year ended 30th September 2009 is subject to approval at the forthcoming Annual General Meeting. In accordance with the accounting policy of the Company, this dividend will be reflected in the accounts for the year ending 30th September 2010. 

	2009 £’000	2008 £’000
3. Return/(loss) per Ordinary share
Return/(loss) per Ordinary share is based on the following:-
Revenue return	2,477	2,737
Capital return/(loss)	99,840	(133,451)
Total return/(loss)	102,317	(130,714)
Weighted average number of Ordinary shares in issue during the year
used for the purpose of the diluted calculation	161,311,137	160,007,154
Weighted average number of Ordinary shares in issue during the year
used for the purpose of the undiluted calculation	160,122,194	160,007,154
Diluted
Revenue return per Ordinary share	1.52p	1.71p
Capital return/(loss) per Ordinary share	61.13p	(83.40)p
Total return/(loss) per Ordinary share	62.65p	(81.69)p
Undiluted
Revenue return per Ordinary share	1.55p	1.71p
Capital return/(loss) per Ordinary share	62.35p	(83.40)p
Total return/(loss) per Ordinary share	63.90p	(81.69)p

The diluted return/(loss) per Ordinary share represents the return/(loss) on ordinary activities after taxation divided by the weighted average number of Ordinary shares in issue during the year as adjusted for the conversion of all outstanding Subscription shares into Ordinary shares at the year end. For this purpose, the assumed proceeds from this conversion are regarded as having been received from the issue of Ordinary shares at the average market price of Ordinary shares during the year. The difference between the number of Ordinary shares issued and the number of Ordinary shares that would have been issued at the average market price of Ordinary shares during the year is treated as an issue of Ordinary shares for no consideration.

There was no dilution to the returns for the year ended 30th September 2008 as there were no dilutive potential Ordinary shares in issue at that date.

	2009 £’000	2008 £’000
4. Net asset value per Ordinary share
Diluted:
Ordinary shareholders’ funds assuming exercise of Subscription
shares (£’000)	384,698	241,612
Number of potential Ordinary shares in issue	192,007,959	160,007,154
Net asset value per Ordinary share (pence)	200.4	151.0
Undiluted:
Ordinary shareholders’ funds (£’000)	341,477	241,612
Number of Ordinary shares in issue	160,460,074	160,007,154
Net asset value per Ordinary share (pence)	212.8	151.0

The diluted net asset value per Ordinary share assumes that all outstanding Subscription shares were converted into Ordinary shares at the year end. There were no dilutive potential Ordinary shares in issue at 30th September 2008.

5. Status of announcement

2008 Financial Information

The figures and financial information for 2008 are extracted from the published Annual Report and Accounts for the year ended 30th September 2008 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985.

2009 Financial Information

The figures and financial information for 2009 are extracted from the Annual Report and Accounts for the year ended 30th September 2009 and do not constitute the statutory accounts for the year.  The Annual Report and Financial Statements includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Annual Report and Accounts

The Annual Report and Accounts will be posted to shareholders on or around 21st December 2009 and will shortly be available on the Company's website (www.jpmasian.co.uk ) or in hard copy format from the Company's Registered Office, Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

END

 

 

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