Interim Management Statement

RNS Number : 1983M

JPMorgan European Smaller Co.

11 August 2011

 



JPMorgan European Smaller Companies Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2011

This interim management statement relates to the quarter from 1st April 2011 to 30th June 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	1.3%	1.0%	48.1%	42.1%	61.7%	236.5%
Net asset value	0.7%	-0.6%	41.6%	40.2%	64.0%	260.5%
Benchmark	-0.7%	-1.5%	33.6%	30.8%	40.3%	205.5%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th June 2011	As at 5th August 2011
Total assets	£483.1m	£361.0m
Share  price	935.0p	780.0p
Net asset value Discount Gearing	1082.4p -13.6% 96.1%	870.8p -10.4% 82.9%

Share prices shown are closing bid

Net asset values are capital only with debt at par value

Source: JPMAM/Morningstar

Material events

There were no material events during the period.

Material events post 30th June 2011

At the Company's Annual General Meeting held on 8th July 2011, all of the ordinary resolutions put to shareholders were passed. In addition, two Special Resolutions were passed which allow the disapplication of pre-emption rights on the allotment of new ordinary shares, and allow the Company to make market purchases of up to 6,463,498 ordinary shares, representing 14.99% of the Company's issued share capital.

At an additional General Meeting, also held on 8th July 2011, shareholders voted in favour of a Special Resolution to implement a tender offer of 5 per cent. of the Shares in issue on 16th May 2011 (the 'Tender Offer').  The Board announced that a total of 18,590,645 Shares were validly tendered under the Tender Offer. As a result, the Basic Entitlement of all Shareholders who had validly tendered their Shares was accepted in full and excess tenders were satisfied to the extent of 3.34 per cent. of excess Shares tendered.  Under the Tender Offer, 2,155,937 Shares were repurchased by the Company. 

Further to the announcement made by the Company on 8th July 2011, the Board announced on 15th July 2011 that the Net Asset Value as at the Calculation Date was 1,054.3184 pence per Share. Accordingly, the Tender Price, which had been calculated in accordance with the Circular to Shareholders dated 7th June 2011 (the 'Circular'), was 1,008.3511 pence per Share. Following the implementation of the Tender Offer, the Company had 40,962,802 Shares in issue.

Material Transactions

Changes to share capital                                  Issued Shares 

As at 1st April 2011	43,508,739
Shares bought back and cancelled	390,000
Shares bought back into Treasury Shares cancelled from Treasury Shares issued	- - -
As at 30th June 2011	43,118,739

Subsequent to the quarter end, the Company has repurchased a total of 2,155,937 shares for cancellation (please refer to the Tender Offer information above).

Portfolio Analyses

Ten largest holdings as at 30th June 2011

Stock name                                                    Country                                  Weight%

Nokian Renska                                                Finland                                    2.6

Software                                                          Germany                                  2.5

Rheinmetall                                                     Germany                                  2.5

Elekta B                                                          Sweden                                    2.5

Salvatore Ferragamo                                        Italy                                         2.5

Unit 4 Agresson                                               Netherlands                             2.3

Hugo Boss                                                       Germany                                  2.2

TGS Nopec Geophysical                                 Norway                                    2.2

Topdanmark                                                    Denmark                                  2.1

Andritz                                                            Austria                                      2.1

Sector breakdown as at 30th June 2011

Sector Portfolio % Industrials 31.1 Consumer Discretionary 22.4 Information Technology 9.5 Financials 9.1 Health Care 8.7 Materials 6.4 Consumer Staples 3.4 Energy 2.2 Utilities 1.9 Telecommunication Services 1.8 Cash 3.5 Total 100.0

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

11th August 2011

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.

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.jpmeuropeansmallercompanies.co.uk

 

END

 

 

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