Interim Management Statement

RNS Number : 7989Z

JPMorgan Asian Investment Tst PLC

11 February 2014

 



JPMorgan Asian Investment Trust plc

Interim Management Statement (unaudited)

For the three months ended 31st December 2013

This interim management statement relates to the quarter from 1st October 2013 to 31st December 2013 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%	3.0%	3.9%	-11.3%	67.4%	144.3%
Benchmark	-2.2%	1.1%	1.2%	-1.4%	86.3%	197.2%
Net asset value	-1.1%	2.6%	3.9%	-10.4%	69.3%	149.0%

* 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 2013	As at 7th February 2014
Total assets	£236.6m	£223.3m
Share price	207.0p	194.0p
Diluted net asset value*	229.3p	216.7p
Undiluted net asset value+	231.3p	217.7p
Discount to diluted net asset value	-9.7%	-10.5%
Subscription share price	9.8p	2.0p
Gearing/(net cash)	3.5%	1.0%

Share prices shown are closing bid

* Net asset value (cum income), assuming that all outstanding Subscription shares have been converted into Ordinary shares.

+ Net asset value (cum income).

Source: JPMAM/Morningstar

Material Events

Tender Offer

On 14th October 2013, the Company announced that over the period between 1st April 2013 and 30th September 2013, the Company's Ordinary Shares had traded at an average daily discount of 12.6 per cent. relative to their diluted cum-income Net Asset Value.   Accordingly the Board decided to exercise its discretion to implement a 5 per cent. Tender Offer in respect of this six month period.

A Circular was published and sent to shareholders on 22nd November 2013 detailing the terms of the 5 per cent Tender Offer.

On 17th December 2013 the Company announced the results of the Tender Offer. 45,652,237 Shares were validly tendered under the Tender Offer. As a result, the Basic Entitlement of all Shareholders who validly tendered their Shares was accepted in full and excess tenders were satisfied to the extent of 3.82445% of excess Shares tendered. Accordingly a total of 5,041,946 Shares (representing 5 per of the issued share capital of the Company on 14th October 2013) were repurchased under the Tender Offer and cancelled. 

Annual Results and Dividend

The Company's results for the year ended 30th September 2013 were announced on 12th December 2013.  Subject to shareholder approval at the January 2014 AGM, a dividend of 2.6 pence per share would be payable on 5th February 2014 to shareholders on the register at the close of business on 3rd January 2014.

Director Shareholdings

Ronald Gould purchased 116 ordinary shares in the Company during the period.

Large Shareholders

Changes in large shareholdings in the Company were announced as follows:

-     City of London - decrease to 21.0% (announced 13th November 2013), increase to 22.0% (announced 11th December 2013) and decrease to 21.0% (announced 27th December 2013). 

Material events post 31st December 2013

Annual General Meeting

The AGM was held on 31st January 2013.  All the ordinary business put to shareholders was passed.  The following special business was also passed which:

i)          will allow the Company to continue in existence as an investment trust for a period expiring at the conclusion of the Company's annual general meeting to be held in 2014;

ii)         will allow the Company to allot new shares up to an aggregate nominal amount of £1,196,143 representing 5% of the Company's issued Ordinary share capital;

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

iv)        will allow the Company to make market purchases of up to 14,344,154 Ordinary shares and 1,085,133 Subscription shares each representing 14.99% of the Company's issued share capital; and

v)         approved the adoption of new Articles of Association

Despite a majority of shareholders being in favour of Resolution 17, a resolution to grant authority to make a conditional tender offer, the majority was insufficient to achieve the requisite 75% of those voting to carry a Special Resolution and accordingly the Resolution was not passed.

The Separate General Meeting of holders of Subscription shares was adjourned to 11.30 a.m. on Wednesday 5th February 2014 because a quorum for the meeting was not present. The special resolution was passed at the adjourned meeting.

Director shareholdings

Ronald Gould purchased 61 ordinary shares in the Company following the period end.

Material transactions

Changes to share capital	Ordinary shares of 25p
Ordinary shares in issue on 1st October 2013	100,829,335
Shares bought back and cancelled (all of which were purchased through the Tender Offer)	5,041,946
Shares issued due to exercise of Subscription shares	9,592
As at 31st December 2013	95,796,981

Since the period end and up to the date of this announcement, 110,000 shares were bought back and cancelled and 6,263 shares were issued due to the exercise of Subscription shares.

Portfolio Analyses

Top ten holdings as at 31st December 2013

Stock name	Sector	Weight %
Samsung Electronics	Information Technology	5.8
Taiwan Semiconductor	Information Technology	3.9
Tencent	Information Technology	3.8
China Construction Bank H AIA	Financials Financials	3.7 3.1
Posco	Materials	3.0
DBS Group	Financials	2.0
Galaxy Entertainment Group	Consumer Discretionary	2.0
Hyundai Motor	Consumer Discretionary	2.0
Ping An Insurance H	Financials	1.9

Sector breakdown as at 31st December 2013

	Portfolio %
Financials	33.0
Information Technology	21.0
Consumer Discretionary	13.8
Energy	7.7
Materials	7.3
Utilities	5.0
Industrials	4.8
Consumer Staples	3.1
Telecommunication Services	1.2
Health Care	0.0
Cash	3.1
Total	100.0

Geographical Breakdown as at 31st December 2013

	Portfolio %
China	31.0
Korea	20.4
Taiwan	13.2
Hong Kong	12.8
India	7.7
Thailand	4.3
Singapore	4.1
Malaysia	2.2
Indonesia Philippines	1.2 0.0
Cash	3.1
Total	100.0

By order of the Board

Alison Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

11th February 2014

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

 

 

IMSBDGDDRDBBGSB