Interim Management Statement

RNS Number : 4271X

JPMorgan Asian Investment Tst PLC

14 February 2012

 



JPMorgan Asian Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 31st December 2011

This interim management statement relates to the quarter from 1st October 2011 to 31st December 2011 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	0.5%	1.4%	-23.5%	44.4%	27.8%	168.8%
Net asset value	0.6%	3.2%	-23.9%	43.8%	23.1%	135.2%
Benchmark	1.8%	3.5%	-16.7%	57.5%	43.0%	173.8%

* total return with net dividends reinvested and calculated using the diluted net asset value which assumes that all outstanding Subscription shares have been converted into Ordinary shares.

Source: JPMAM/Morningstar

Financial position

	As at 31st  December 2011	As at 10th February 2012
Total assets	£342.5m	£367.4m
Share price	185.5p	199.5p
Diluted net asset value*	201.0p	217.9p
Undiluted net asset value+	202.7p	220.8p
Discount to diluted net asset value	-7.7%	-8.4%
Subscription share price	22.3p	24.5p
Gearing	96.0%	94.9%

Share prices shown are closing bid

* Net asset value (capital only with debt at par value), assuming that all outstanding Subscription shares have been converted into Ordinary shares.

+ Net asset value (capital only with debt at par value).

Source: JPMAM/Morningstar

 Material Events

Tender Offer to purchase up to 5 per cent of the Company's Ordinary Shares in issue (Please note that the latest date for the receipt of tender forms by the Company was 11.00 a.m. on Monday 13th February 2012)

Following the approval of a Conditional Tender Offer (the "Tender Offer") at the Company's General Meeting held on 23rd February 2011, the Board decided to exercise its discretion to implement a Tender Offer in February 2012.  This Tender Offer is in respect of the six month period ended 30th September 2011, a period in which the Company's Ordinary Shares have traded at an average daily discount of 9.1 per cent. relative to their diluted cum-income Net Asset Value.

The Tender Offer enables Shareholders to tender all or part of their Ordinary Shares for cash, subject to a maximum of 5 per cent of the Company's Shares, including Subscription Shares in issue on 30th September 2011 and where a valid request for Subscription Shares to be converted to Ordinary Shares has been exercised by 31st December 2011. The Record Date for participation in the Tender Offer was 30th September 2011.

Under the terms of the Tender Offer, which was made by Cenkos Securities, Shareholders (other than Restricted Shareholders) were entitled to tender up to their basic entitlement of 5 per cent. of the Ordinary Shares they held as at the Record Date (their "Basic Entitlement") and to tender additional Ordinary Shares. However, any such excess tenders above the Basic Entitlement will only be satisfied to the extent that other Shareholders tender less than their aggregate Basic Entitlement and will be satisfied on a pro rata basis. Tender applications will be rounded down to the nearest whole number of Ordinary Shares.

The tender price will be the Net Asset Value per Share (inclusive of undistributed revenue reserves) on the calculation date, less the direct costs and expenses of the Tender Offer (including stamp duty and portfolio realisation costs), less a further 2 per cent. discount.

On 30th December 2011 the Company sent a circular to shareholders in the Company advising of the terms of the 5% Tender Offer.

Timetable

Record Date for the Tender Offer	close of business on 30th September 2011
Date by which Subscription Shareholders must have elected to exercise conversion into Shares in order to participate in the Tender Offer	30th December 2011
AGM	12.00 noon on 1st February 2012
Latest time and date for receipt of J.P. Morgan Savings Product Tender Forms in respect of the Tender Offer	5.00 p.m. on 6th February 2012
Latest time and date for receipt of Tender Forms and TTE Instructions in CREST from Shareholders in respect of the Tender Offer	11.00 a.m. on 13th February 2012
Calculation Date	close of business on 14 February 2012
Result of Tender Offer and Tender Price announced	15th February 2012
Settlement Date: cheques despatched and payments through CREST made and CREST accounts settled	17th February 2012
Balancing share certificates despatched	27th February 2012

Material events post 31st December 2011

Annual General Meeting

At the Annual General Meeting of the Company held on 1st February 2012, all of the Ordinary Resolutions put to shareholders were passed.  In addition, four items of special business were passed which:

i)          allow the Company to allot new shares up to an aggregate nominal amount of £2,081,086 representing 5% of the Company's issued Ordinary share capital;

ii)         allow the disapplication of pre-emption rights on the allotment of new Ordinary shares;

iii)        allow the Company to make market purchases of up to 24,956,379 Ordinary shares and 1,752,150 Subscription shares each representing 14.99% of the Company's issued share capital; and

iv)        allow the Company to make market purchases of its Ordinary shares pursuant to two Conditional Tender Offers.

Alun Evans, a Director of the Company since 2001, retired at the Annual General Meeting.

Material transactions

Changes to share capital

	Ordinary shares of 25p
Ordinary shares in issue on 1st October 2011	168,316,005
Shares bought back and cancelled	1,295,000
Shares issued due to exercise of Subscription shares	9,696
As at 31st December 2011	167,030,701

Since the period end and up to the date of this announcement, the Company has bought back an additional 675,000 shares for cancellation and a further 21,803 shares were issued due to exercise of subscription shares, resulting with a total shares in issue of 166,377,504.

Portfolio Analyses

Top ten holdings as at 31st December 2011

Stock name	Country	Weight %
Samsung Electronics	South Korea	4.3
Astra International	Indonesia	3.8
Agricultural Bank of China	China	3.5
United Tractors Charoen Pokphand Foods	Indonesia Thailand	3.2 2.8
Mando	South Korea	2.8
Samsung Engineering	South Korea	2.6
China Construction Bank	China	2.6
ITC	India	2.1
Overseas Union Enterprises	Singapore	2.1

Sector breakdown as at 31st December 2011

	Portfolio %
Financials	23.8
Consumer Discretionary	19.7
Industrials	14.8
Consumer Staples	11.6
Information Technology	8.3
Materials	8.0
Telecommunication Services	5.8
Energy	2.0
Utilities	1.8
Health Care	0.0
Cash	4.2
Total	100.0

Geographical Breakdown as at 31st December 2011

	Portfolio %
China	25.1
South Korea	20.1
Indonesia	10.7
India	9.9
Hong Kong	8.7
Taiwan	7.6
Thailand	7.5
Singapore	6.2
Malaysia Philippines	0.0 0.0
Cash	4.2
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

14th February 2012

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

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.jpmasian.co.uk

 

END

 

 

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