Interim Management Statement

RNS Number : 7657J

JPMorgan European Smaller Co.

19 July 2013

 



JPMorgan European Smaller Companies Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2013

This interim management statement relates to the quarter from 1st April 2013 to 30th June 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	-4.0%	-1.9%	37.8%	36.6%	31.1%	391.8%
Net asset value	-3.4%	1.8%	35.8%	32.2%	31.0%	340.1%
Benchmark	-3.6%	3.0%	31.8%	28.8%	26.1%	218.6%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th June 2013	As at 18th July 2013
Total assets	£419.6m	£392.9m
Share  price	833.0p	910.0p
Net asset value Discount Gearing	981.6p 15.1% 16.6%	1102.4p 17.4% 13.1%

Share prices shown are closing bid

Net asset values are cum income with debt at fair value

Source: JPMAM/Morningstar

Material events

On 15th May 2013 the Board of JPMorgan European Smaller Companies Trust plc announced its preliminary decision to implement a Tender Offer for up to 5 per cent. of the Company's Ordinary Shares.

A Circular was published and sent to shareholders on 7th June 2013 detailing the tender offer, together with a notice of General Meeting, seeking shareholder approval for the Tender Offer.

On 31st May 2013, the Company's results for the year ended 31st March 2013 were announced.

Material events post 30th June 2013

At the Company's Annual General Meeting held on 16th July 2013, all of the ordinary resolutions put to shareholders were passed. In addition, three Special Resolutions were passed which allow the Company to allot shares in the Company up to an aggregate nominal amount of £445,585 representing approximately 5% of the Company's issued ordinary share capital as at the date of the passing of the resolution, 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 5,343,473 ordinary shares, representing 14.99% of the Company's issued share capital.

Further to the announcement made by the Company on 15th May 2013, at a General Meeting held on 16th July 2013, shareholders voted in favour of a Special Resolution in connection with the Tender Offer for up to 5 per cent of the issued share capital of the Company.

On 17th July 2013 the Board announced the results of the Tender Offer. 1,782,346 Shares (representing 5 per of the issued share capital of the Company on 14th May 2013) will be repurchased under the Tender Offer and cancelled.18,381,034 Shares were validly tendered under the Tender Offer. As a result, the Basic Entitlement of all Shareholders who validly tendered their Shares will be accepted in full and excess tenders will be satisfied to the extent of 2.57% of excess Shares tendered.

Material Transactions

Changes to share capital

	Issued Shares
As at 1st April 2013		35,781,923
Shares bought back and cancelled		135,000
Shares bought back into Treasury Shares cancelled from Treasury Shares issued		- - -
As at 30th June 2013		35,646,923

Since the period end and up to the date of this announcement, the Company has not bought back or issued any shares.

Portfolio Analyses

Ten largest holdings as at 30th June 2013

Stock name	Country	Weight %
UBI Soft Entertainment	France	3.2
SBM Offshore	Netherlands	2.9
Delta	Netherlands	2.8
Yoox	Italy	2.7
Pandora Clariant	Denmark Switzerland	2.7 2.6
Teleperformance	France	2.5

Helvetia                                                                    Switzerland                                  2.3

Hellenic Exchanges                                                  Greece                                         2.3

Unit 4 Agresso                                                          Netherlands                                 2.3

Sector breakdown as at 30th June 2013

Sector	% of Portfolio
Industrials	29.3
Financials	21.1
Consumer Discretionary	17.4
Information Technology	11.3
Materials	6.4
Health Care	4.4
Consumer Staples	3.7
Energy Telecommunication Services	3.2 2.3
Utilities	0.8
Cash	0.1
Total	100.0

By order of the Board

Rebecca Burtonwood, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

19th July 2013

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.jpmeuropeansmallercompanies.co.uk

 

END

 

 

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