Interim Management Statement

RNS Number : 4291X

JPMorgan Indian Invest Trust PLC

14 February 2012

 



JPMorgan Indian 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	-5.6%	-10.7%	-33.8%	33.3%	4.5%	420.1%
Net asset value	-3.5%	-11.3%	-31.8%	35.1%	11.6%	358.2%
Benchmark	-4.9%	-14.0%	-36.7%	42.6%	18.8%	320.7%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st December 2011	As at 10th February 2012
Total assets	£414.5m	£506.4m
Share  price	320.0p	382.3p
Net asset value Discount/Premium Gearing Subscription share price	351.1p -10.4% 98% 48.5p	425.4p -10.1% 99.0% 94.0p

Share prices shown are closing bid

Net asset values are shown with debt at par value

Source: JPMAM/Morningstar

Material events

Subscription Share Reminder Notice

On 24th November 2011, the Board reminded Subscription Shareholders that their right to acquire new Ordinary Shares in the Company at 247 pence per Subscription Share would expire on 3rd January 2012 when the conversion price of the Subscription Shares increased to 291 pence. The conversion price would then remain at 291 pence until 2nd January 2014, after which the rights attached to the Subscription Shares would lapse.

Appointment of new Director

On 13th December 2011 the Board of JPMorgan Indian Investment Trust plc appointed Ms. Nimi Patel as an independent non-executive Director of the Company, with immediate effect.

Material events post 31st December 2011

Annual General Meeting

At the Annual General Meeting of the Company held on 31st January 2012, all of the Ordinary Resolutions put to shareholders were passed.  In addition, the following three items of Special Business were passed which:

i)          allow the Company to allot new Ordinary shares up to an aggregate nominal amount of £2,953,492 representing approximately 10% of the Company's issued Ordinary share capital;

ii)         allow the Company to disapply pre-emption rights on allotment of new Ordinary shares; and

iii)        allow the Company to make market purchases of up to 17,709,150 Ordinary shares or 1,180,275 Subscription shares, representing 14.99% of the Company's issued share capital.

Retirement of Director

On 31st January 2012, Dr Vijay Joshi retired as a Director of the Company

Material transactions

Changes to share capital

	Ordinary Shares	Subscription Shares
As at 1st October 2011	117,605,110	8,408,433
Shares bought back and cancelled	-	-
Shares bought back into Treasury	820,000	-
Shares cancelled from Treasury	-	-
Shares exercised	-	534,656
Shares issued	534,656	-
As at 31st December 2011	118,139,766	7,873,777

During the period 1st October 2011 to 31st December 2011 the holders of 534,656 subscription shares elected to convert their shares into ordinary shares. The Company bought 820,000 ordinary shares into Treasury. Of the 118,139,766 ordinary shares in issue as at 31st December 2011, 2,799,788 shares were held in Treasury.

Portfolio Analyses

Ten largest holdings as at 31st December 2011

Stock name	Sector	Weight %
Infosys Technologies	Information Technology	13.4
Reliance Industries	Energy	8.7
HDFC Bank	Financials	7.8
Housing Development Finance	Financials	7.0
ITC	Consumer Staples	6.2
Tata Consultancy Services	Information Technology	4.9
Bharti Airtel	Telecommunication Services	3.3
Tata Motors	Consumer Discretionary	2.5
Mahindra & Mahindra	Consumer Discretionary	2.4
ICICI Bank	Financials	2.3

Sector breakdown as at 31st December 2011

Sector	Portfolio %
Financials	24.7
Information Technology	19.8
Energy	11.3
Materials	9.5
Consumer Discretionary	9.2
Consumer Staples	6.2
Health Care	5.9
Industrials	5.1
Telecommunication Services	3.3
Utilities	2.2
Cash	2.8
Total	100.0

By order of the Board

Andrew Norman, 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 at www.jpmindian.co.uk

 

END

 

 

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