Final Results

RNS Number : 4759Y

JPMorgan Indian Invest Trust PLC

22 December 2010

 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN INDIAN INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2010

Chairman's Statement

Year Under Review

The year to 30th September 2010 proved to be a positive one both for the Indian stockmarket and for the Company. Over the year, the diluted net asset value rose by 32.4%, outperforming the MSCI India Index (in sterling terms), which rose by 29.4%. The return to shareholders was somewhat lower at 27.9%, reflecting a widening of the discount, from 4.4% to 7.6%, over the year.

Our investment managers remain confident about the long term prospects for the Indian market and have maintained the themes of infrastructure and capital projects, banking and high quality domestic consumer investments, within the portfolio. The investment managers, in their Report, review the underlying portfolio and the outlook for the future in more detail.

Board of Directors

During the year, the Board carried out evaluations of the Directors, the Chairman, the Board and its Committees. The Director retiring by rotation at this year's Annual General Meeting is Peter Sullivan who, being eligible, offers himself for re-election. Vijay Joshi, having served as a Director for in excess of nine years, also stands for re-election. Hugh Sandeman, who was appointed a Director on 1st October 2010 stands for election to the Board. Peter, Vijay and Hugh all contribute strongly to the Board and I have no hesitation in recommending their respective re-elections and election.

As part of its discussions regarding the re-election of Directors, the Board has agreed to a phased programme of renewal to refresh its membership. Pierre Dinan retires as a Director at the AGM, while Vijay Joshi will do likewise in 2012. A replacement for Vijay will be sought over the coming year. I would like to thank Pierre Dinan for his eight years of service to the Company and wish him well in his retirement.

Investment Manager

The Board has reviewed the investment management, secretarial and marketing services provided to the Company by JPMorgan Asset Management (UK) Limited ('JPMAM'). This annual review has included their performance record, management processes, investment style, resources and risk control mechanisms. The Board was satisfied with the results of the review and therefore in the opinion of the Directors, the continuing appointment of JPMAM for the provision of these services, on the terms agreed, is in the best interests of shareholders as a whole.

Share Issues and Repurchases

At the Annual General Meeting in January 2010 shareholders granted the Directors authority to repurchase up to 14.99% of the Company's shares. Whilst the Company did not repurchase any shares for cancellation during the year, your Board believes that such a facility is an important tool in the management of discount volatility and is, therefore, seeking approval from shareholders to renew the authority at the forthcoming Annual General Meeting. Shares repurchased in this way might not be cancelled but rather held in Treasury. Purchases of shares to be held in Treasury will be made in accordance with the Listing Rules of the UK Listing Authority and the Companies (Acquisitions of Own Shares) (Treasury Shares) Regulations 2003 as amended.

Shareholders also granted the Directors authority to issue new Ordinary shares. At times over recent years, the Company's Ordinary shares have traded at a premium to net asset value ('NAV') which has enabled the issue of new Ordinary shares at various levels of premia. The Board has established guidelines relating to the issue of shares and if the conditions are met, this authority will be utilised to enhance the Company's NAV per share and therefore benefit existing shareholders. To supplement this authority the Board proposes to reissue shares from Treasury when appropriate, as issuing shares out of Treasury would be cheaper since this will avoid the necessity of the Company paying listing fees to the London Stock Exchange and the UK Listing Authority. The Board will only buy back shares at a discount to their prevailing net asset value, and issue shares when they trade at a premium to their net asset value, so as not to prejudice remaining shareholders.

The Directors believe that the judicious use of share repurchase and issuance powers can minimise discount volatility by enabling the repurchase of shares at a discount and the issuance of new shares at a premium to their NAV. By undertaking such a programme the Board expects that the share price will move in a reasonable range around NAV, which your Directors believe is in the best interests of shareholders as a whole.

Bonus Issue of Subscription Shares

In November 2008, the Company issued 21,001,937 Subscription shares to 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 on any business day during the period from 2nd January 2009 to 2nd January 2014, after which the rights under the subscription shares will lapse.

The Company's Ordinary share price has remained comfortably above the current exercise price of 247p per Subscription share over the course of the year. Since their issue in November 2008, 10,780,845 Subscription shares (51.3% of those issued) have been converted, raising proceeds of more than £26.1 million.

Further details of the Subscription shares, including the subscription periods and their respective prices and the bonus cost for the calculation of taxation, can be found on page 56 of the Annual Report and on the Company's website at www.jpmindian.co.uk

Annual General Meeting

This year's Annual General Meeting will be held at Trinity House, Tower Hill, London EC3N 4DH at 12.00 noon on Friday 28th January 2011. As in previous years, in addition to the formal part of the meeting, there will be a presentation from a representative of the Manager, who will answer questions on the portfolio and performance. There will also be an opportunity to meet the Board and representatives of JPMorgan.

Hugh Bolland

Chairman 22nd December 2010

Investment Managers' Report

For investors in the Indian stock market, the financial year ended 30th September 2010 was volatile, but the final result was satisfactory. Perhaps the most relevant conclusion drawn from the past year is this: India skillfully navigated the global financial crisis and has fully participated in the recovery. Investors can expect more volatility from the stock market, but the longer term economic and geopolitical prospects are stronger than ever.

The financial year had a hesitant start. Towards the end of 2009, the economy was feeling the effect of a very bad monsoon. Credit growth of a mere 11% was the lowest in twelve years. GDP growth in the fourth quarter decelerated to 6% from 8% the previous quarter. The stock market drifted, but inflation, fuelled by food price surges, compelled the Reserve Bank of India ('RBI') to initiate a tightening of monetary policy. The RBI has a well earned reputation as an inflation fighter and is also consistently counter cyclical. Experienced India investors know well that the stock market can rise even in the face of rising interest rates if earnings growth is strong.

The economic recovery took hold in early 2010. Industrial production accelerated to 17% in January, exports surged to 35% in February and loan growth recovered to 15%. The major event in the first quarter was the Budget. The Finance Minister surprised his audience with a renewed commitment to fiscal rectitude, targeting a deficit of 5.5% of GDP in March 2011 and 4.8% in March 2012 versus 6.7% in March 2010. To achieve this, fuel subsidies and fertilizer subsidies would be reduced and divestment revenues would be boosted. The stock market reacted positively to the Budget, rising by 10%.

The Government exceeded all expectations this year in terms of divestment and asset sales. The 3G telecom and broadband wireless access auctions raised US$23 billion. In addition, by divesting stakes in companies such Coal India, National Thermal Power Corporation, Power Grid Corporation and others, the Government raised more than US$10 billion.

The stock market stalled again in April/May due to a sharp reduction in global risk appetite. Investors were unnerved by the possibility of a Greek sovereign default and a Spanish bank crisis, presenting a buying opportunity. Foreign investors continued to increase exposure to India. During this financial year, net foreign investment was more than US$24 billion, eclipsing any previous twelve month period.

By the second half of 2010, the Indian economy was moving ahead positively. The 2010 monsoon was very satisfactory, GDP growth had accelerated to 9% and earnings were growing at 22-25% year-on-year. The RBI raised interest rates and withdrew the accommodative measures that had been introduced during the crisis. Inflation, while high, was kept under control.

The Company outperformed over the course of the financial year. The primary catalyst was a large overweight position in the banking sector. We anticipated that credit growth would accelerate and that credit costs (essentially charges relating to non-performing loans) would be lower than forecast. If we were correct, then sector valuations could rise. By late 2010, key overweights such as HDFC Bank were trading at all time highs. Another major contributor was Tata Motors, a company which had struggled since it mistimed its expensive purchase of Jaguar Land Rover in 2008. Rigorous cost cutting in Europe and a surge of truck sales in India restored the company to rude health and propelled the share price to new highs. The Company also managed to avoid some of 2010's worst performing stocks, mostly in the Telecoms and Property sectors. Some of these stocks were the best performers in the first half of 2009, a particularly difficult period for us in terms of underperformance.

At current levels - the Sensex is perched at 20,000 - the stock market looks fully valued. Whereas the rest of Asia is trading on a P/E ratio of below 13 times one year forward earnings, India is trading close to 16 times. Of course, India deserves a higher valuation given its structurally higher return on equity and consistently higher earnings growth driven by consumption and investment. A few quarters of solid earnings growth should rectify the valuation headwind. Over the medium to longer term, we expect Indian GDP to grow at 8% or more. This, combined with ongoing reform and a recovering global economy, should allow for corporate earnings to grow at 20% or more per annum. The Fund is adequately diversified and fully invested, resulting in an overall stance designed to deliver outperformance in a rising stock market.

Ted Pulling

Rukhshad Shroff

Raj Nair

Investment Managers    22nd December 2010

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 and Strategy: An inappropriate investment strategy, for example asset allocation or the level of gearing, may lead to under-performance 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 through its investment restrictions and guidelines which are monitored and reported. 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 Managers, who attend all Board meetings, and reviews data which shows statistical measures of the Company's risk profile. The Investment Managers employ the Company's gearing tactically, within a strategic range set by the Board. The Board holds a separate meeting devoted to strategy each year.

•Financial: The Company is exposed to market risk, liquidity risk and credit risk. The principal financial risk facing the Company is market risk arising from uncertainty about the future prices of the Company's investments. It represents the potential loss 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 Investment Managers.

•Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 1158 of the Income and Corporation Tax Act 2010 ('Section 1158'). Details of the Company's approval are given under "Business of the Company" above. Should the Company breach Section 1158, it may lose investment trust status and as a consequence capital gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 1158 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, as its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. A breach of the UKLA Listing Rules may result in the Company's shares being suspended from listing which in turn would breach Section 1158. 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.

•Operational: Disruption to, or failure of, JPMAM's accounting, dealing or payments systems or the custodian's records may 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.

Directors' Responsibilities in Respect of the Accounts

The Directors are responsible for preparing the annual report and the accounts in accordance with applicable law and regulations.

Company law requires the Directors to prepare accounts for each financial year. Under that law the Directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgments and estimates that are reasonable and prudent; and

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under applicable law and regulations the Directors are also responsible for preparing a Directors' Report, Directors' Remuneration Report and Statement of Corporate Governance that comply with that law and those regulations.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The accounts are published on the www.jpmindian.co.uk website, which is maintained by the Company's Manager, J.P. Morgan Asset Management (UK) Limited ('JPMAM'). The maintenance and integrity of the website maintained by JPMAM is, so far as it relates to the Company, the responsibility of JPMAM.

Statement under the Disclosure & Transparency Rules 4.1.12

(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) this 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 they face.

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.jpmindian.co.uk.

For further information please contact:

Andrew Norman

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 6000

Group Income Statement

for the year ended 30th September 2010

		2010			2009
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Investment income		6,249	-	6,249	3,681	-	3,681
Other income		24	-	24	274	-	274
Gains on investments held at fair value
through profit or loss		-	152,711	152,711	-	121,460	121,460
Foreign exchange losses		-	(351)	(351)	-	(293)	(293)
Total income		6,273	152,360	158,633	3,955	121,167	125,122
Management fee		(5,866)	-	(5,866)	(3,651)	-	(3,651)
Other administrative expenses		(1,615)	-	(1,615)	(1,106)	-	(1,106)
(Loss)/profit before finance costs
and taxation		(1,208)	152,360	151,152	(802)	121,167	120,365
Finance costs		(312)	-	(312)	(6)	-	(6)
(Loss)/profit before taxation		(1,520)	152,360	150,840	(808)	121,167	120,359
Taxation		(172)	-	(172)	-	-	-
Net (loss)/profit		(1,692)	152,360	150,668	(808)	121,167	120,359
(Loss)/earnings per Ordinary share -
undiluted (note 3)		(1.51)p	136.19p	134.68p	(0.78)p	116.50p	115.72p
(Loss)/earnings per Ordinary share -
diluted  (note 3)		(1.46)p	131.66p	130.20p	(0.75)p	112.88p	112.13p

The Group does not have any income or expense that is not included in the net profit for the year. Accordingly the 'Net (loss)/profit' for the year, is also the 'Total comprehensive income' for the year, as defined in IAS1 (revised) and no separate Statement of Comprehensive Income has been presented.

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 represents the Group's Income Statement, prepared in accordance with IFRS. The 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies.

All income is attributable to the equity shareholders of JPMorgan Indian Investment Trust plc, the Company. There are no minority interests.

Group and Company Statements of Changes in Equity

for the year ended 30th September 2010

	Group
	2010
	Called up			Exercised		Capital
	share	Share	Other	warrant	Capital	redemption	Revenue
	capital	premium	reserve	reserve	reserves	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30th September 2009	27,195	57,007	41,929	5,886	304,291	6,362	(11,212)	431,458
Exercise of Subscription shares into
Ordinary shares	(77)	77	-	-	-	-	-	-
Issue of Ordinary shares on
conversion of Subscription      shares	1,933	15,777	-	-	-	-	-	17,710
Profit/(loss) for the year	-	-	-	-	152,360	-	(1,692)	150,668
At 30th September 2010	29,051	72,861	41,929	5,886	456,651	6,362	(12,904)	599,836

	Group
	2009
	Called up			Exercised		Capital
	share	Share	Other	warrant	Capital	redemption	Revenue
	capital	premium	reserve	reserve	reserves	reserve	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30th September 2008	26,188	50,914	41,929	5,886	183,124	6,362	(10,404)	303,999
Issue of Ordinary shares	65	529	-	-	-	-	-	594
Bonus issue of Subscription shares	210	(210)	-	-	-	-	-	-
Subscription shares' issue costs	-	(416)	-	-	-	-	-	(416)
Exercise of Subscription shares into
Ordinary shares	(30)	30	-	-	-	-	-	-
Issue of Ordinary shares on
conversion of Subscription      shares	762	6,160	-	-	-	-	-	6,922
Profit/(loss) for the year	-	-	-	-	121,167	-	(808)	120,359
At 30th September 2009	27,195	57,007	41,929	5,886	304,291	6,362	(11,212)	431,458

Group and Company Statements of Changes in Equity

for the year ended 30th September 2010

	Company
	2010
	Called up				Exercised				Capital
	share	Share		Other	warrant		Capital		redemption	Revenue
	capital	premium		reserve	reserve		reserves		reserve	reserve	Total
	£'000	£'000		£'000	£'000		£'000		£'000	£'000	£'000
At 30th September 2009	27,195	57,007	41,929		5,886	308,276		6,362		(15,197)	431,458
Exercise of Subscription shares into
Ordinary shares	(77)	77	-		-	-		-		-	-
Issue of Ordinary shares on
conversion of Subscription        shares	1,933	15,777	-		-	-		-		-	17,710
Profit/(loss) for the year	-	-	-		-	154,170		-		(3,502)	150,668
At 30th September 2010	29,051	72,861	41,929		5,886	462,446		6,362		(18,699)	599,836

	Company
	2009
	Called up				Exercised		Capital
	share	Share	Other		warrant	Capital	redemption		Revenue
	capital	premium	reserve		reserve	reserves	reserve		reserve	Total
	£'000	£'000	£'000		£'000	£'000	£'000		£'000	£'000
At 30th September 2008	26,188	50,914		41,929	5,886	186,083		6,362	(13,363)	303,999
Issue of Ordinary shares	65	529		-	-	-		-	-	594
Bonus issue of Subscription shares	210	(210)		-	-	-		-	-	-
Subscription shares' issue costs	-	(416)		-	-	-		-	-	(416)
Exercise of Subscription shares into
Ordinary shares	(30)	30		-	-	-		-	-	-
Issue of Ordinary shares on
conversion of Subscription      shares	762	6,160		-	-	-		-	-	6,922
Profit/(loss) for the year	-	-		-	-	122,193		-	(1,834)	120,359
At 30th September 2009	27,195	57,007		41,929	5,886	308,276		6,362	(15,197)	431,458

Group and Company Balance Sheets

at 30th September 2010

		Group	Group	Company	Company
		2010	2009	2010	2009
		£'000	£'000	£'000	£'000
Non current assets
Investments held at fair value through profit or loss		594,834	430,375	598,467	430,196
Current assets
Other receivables		4,960	1,670	17	10
Cash and cash equivalents		4,195	1,607	1,493	1,360
		9,155	3,277	1,510	1,370
Current liabilities
Other payables		(4,153)	(2,194)	(141)	(108)
Net current assets		5,002	1,083	1,369	1,262
Total assets less current liabilities		599,836	431,458	599,836	431,458
Net assets		599,836	431,458	599,836	431,458
Equity attributable to equity holders
Called up share capital		29,051	27,195	29,051	27,195
Share premium		72,861	57,007	72,861	57,007
Other reserve		41,929	41,929	41,929	41,929
Exercised warrant reserve		5,886	5,886	5,886	5,886
Capital reserves		456,651	304,291	462,446	308,276
Capital redemption reserve		6,362	6,362	6,362	6,362
Revenue reserve		(12,904)	(11,212)	(18,699)	(15,197)
Total equity		599,836	431,458	599,836	431,458
Net asset value per Ordinary share - undiluted (note 4)		527.0p	406.7p	527.0p	406.7p
Net asset value per Ordinary share - diluted (note 4)		504.0p	380.7p	504.0p	380.7p

Hugh Bolland

Chairman

Company registration number: 2915926

Group and Company Cash Flow Statements

for the year ended 30th September 2010

	Group	Group	Company	Company
	2010	2009	2010	2009
	£'000	£'000	£'000	£'000
Operating activities
Profit before taxation	150,840	120,359	170,667	120,359
Add back interest	312	6	1	-
Less gains on investments held at fair value through profit or loss	(152,711)	(121,460)	(174,279)	(122,177)
Unrealised foreign exchange losses/(gains)	9	(9)	-	-
Net (purchases)/sales of investments held at fair value
through profit or loss	(11,747)	(21,016)	6,009	19,465
Gifted money to Subsidiary Company	-	-	(20,000)	(25,000)
Decrease/(increase) in prepayments, VAT and other receivables	20	798	(7)	870
(Increase)/decrease in amounts due from brokers	(3,319)	496	-	-
Increase/(decrease) in other payables	123	(48)	34	(5)
Increase in amounts due to brokers	1,699	941	-	-
Net cash outflow from operating activities before
interest and taxation	(14,774)	(19,933)	(17,575)	(6,488)
Interest paid	(312)	(5)	(1)	-
Tax paid	(36)	-	(1)	-
Net cash outflow from operating activities	(15,122)	(19,938)	(17,577)	(6,488)
Financing activities
Net proceeds from the issue of Ordinary shares	17,710	7,100	17,710	7,100
Net cash inflow from financing activities	17,710	7,100	17,710	7,100
Increase/(decrease) in cash and cash equivalents	2,588	(12,838)	133	612
Cash and cash equivalents at the start of the year	1,607	14,445	1,360	748
Cash and cash equivalents at the end of the year	4,195	1,607	1,493	1,360

Notes to the Accounts

for the year ended 30th September 2010

1.     Principal activity

The principal activity of the Company is that of an investment holding company within the meaning of Section 1158 of the Corporation Tax Act 2010 (formerly Section 842 of the Income and Corporation Taxes Act 1988). The principal activity of its Subsidiary company, JPMorgan Indian Investment Company (Mauritius) Limited, is that of an investment company.

2.    Accounting policies

The Group and Company financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS'), which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), International Accounting Standards and Standing Interpretations Committee and interpretations approved by the International Accounting Standards Committee ('IASC') that remain in effect and to the extent that they have been adopted by the European Union.

The accounts have been prepared on the going concern basis.

Where presentational guidance set out in the Statement of Recommended Practice ('SORP') for investment trusts issued by the Association of Investment Companies in January 2009 is consistent with the requirements of IFRS, the Directors have sought to prepare the financial statements on a basis compliant with the recommendations of the SORP.

	Group
	2010	2009
	£'000	£'000
3. (Loss)/earnings per Ordinary share
(Loss)/earnings per Ordinary share is based on the following:
Revenue loss	(1,692)	(808)
Capital return	152,360	121,167
Total return	150,668	120,359
Weighted average number of Ordinary shares in issue during the year
used for the purpose of the undiluted calculation	111,875,619	104,007,815
Weighted average number of Ordinary shares in issue during the year
used for the purpose of the diluted calculation	115,720,226	107,343,556
Undiluted
Revenue loss per share	(1.51)p	(0.78)p
Capital return per share	136.19p	116.50p
Total return per share	134.68p	115.72p
Diluted
Revenue loss per share	(1.46)p	(0.75)p
Capital return per share	131.66p	112.88p
Total return per share	130.20p	112.13p

The diluted (loss)/earnings per Ordinary share represents the (loss)/earnings on ordinary activities after taxation divided by the weighted average number of Ordinary shares in issue during the year as adjusted in accordance with the requirements of IAS 33, 'Earnings per Share'.

	2010	2009
4. Net asset value per Ordinary share
Undiluted
Ordinary shareholders funds (£'000)	599,836	431,458
Number of Ordinary shares in issue excluding shares held in Treasury	113,812,663	106,081,176
Net asset value per Ordinary share (pence)	527.0	406.7
Diluted
Ordinary shareholders funds assuming exercise of Subscription shares (£'000)	625,082	472,210
Number of potential Ordinary shares in issue excluding shares held in Treasury	124,033,755	124,033,755
Net asset value per Ordinary share (pence)	504.0	380.7

The diluted net asset value per Ordinary share assumes that all outstanding Subscription shares were converted into Ordinary shares at the year end. The Company will only re-issue shares held in Treasury at a premium and therefore these shares have no dilutive potential.

5. Status of preliminary announcement

2009 Financial Information

The figures and financial information for 2009 are extracted from the published Annual Report and Accounts for the year ended 30th September 2009 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 498(2) or section 498(3) of the Companies Act 2006.

2010 Financial Information

         The figures and financial information for 2010 are extracted from the Annual Report and Accounts for the year ended 30th September 2010 and do not constitute the statutory accounts for the year.  The Annual Report and Accounts 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  23rd December 2010 and will shortly be available on the Company's website (www.jpmindian.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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