Interim Management Statement

RNS Number : 9403Z

JPMorgan Indian Invest Trust PLC

12 February 2014

 



JPMorgan Indian Investment Trust plc

Interim Management Statement

For the three months ended 31^st December 2013

This interim management statement relates to the quarter from 1^st October 2013 to 31^st 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	1.8%	8.1%	-10.5%	-31.0%	38.7%	174.0%
Benchmark	2.2%	7.9%	-5.6%	-28.0%	62.1%	205.7%
Net asset value	2.3%	8.0%	-6.4%	-24.6%	49.2%	215.8%

* total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 31st December 2013	As at 11th February 2014
Total assets	£407.4m	£401.9m
Share price	333.0p	323.5p
Net asset value Discount Gearing/(Net Cash)	396.0p 15.9% 0.2%	374.7p 13.7% (0.5)%

Share prices shown are closing bid

Net asset values are shown cum income with debt at fair value

Source: JPMAM/Morningstar

Material events during the three months ended 31^st December 2013

Annual results

The Company's annual results for the year ended 30^th September 2013 were announced on 20^th December 2013.

Board of Directors

On 31^st October 2013 the Board of the Company announced that Peter Sullivan would stand down from the Board taking effect from the conclusion of the Annual General Meeting held on 30^th January 2014.

Rosemary Morgan was appointed as a non-executive Director of the Company with effect from 1^st December 2013.

Material events post 31st December 2013

Annual General Meeting

At the Annual General Meeting of the Company held on 30^th January 2014, all of the Ordinary Resolutions put to shareholders were passed.  In addition, the following items of Special Business were passed which:

i)          allow the Company to allot new Ordinary shares up to an aggregate nominal amount of £2,572,628 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 15,425,477 Ordinary shares, representing 14.99% of the Company's issued share capital;

iv)        approved the adoption of new articles of association; and

v)         confirmed that the Company will continue in existence as an investment trust company for a further five year period.

Following the passing of the continuation vote, the Board has introduced the following measures, as announced on 29^th November 2013:

-  A reduction in the management fee to 1 per cent of total assets.

-  A reduction in the notice period to 6 months (for performance reasons, 12 months for all other reasons).

-  An obligation on the Board to make a tender offer to shareholders at NAV less costs if, over the next three years (from the start of the current financial year, being 1st October 2013), the Company underperforms its benchmark.

Subscription Shares

The Final Exercise Date for shareholders to exercise their subscription rights was 2^nd January 2014. The outstanding subscription shares were exercised by a trustee on behalf of the remaining subscription shareholders.

Director shareholdings

Rosemary Morgan purchased 1,558 ordinary shares in the Company on 4^th February 2014 at a price of 318.5p per share.

Material transactions

Changes to Share Capital	Ordinary Shares	Subscription Shares
As at 1st October 2013	110,037,798	5,749,790
Shares bought back and cancelled	-	-
Shares bought back into Treasury	2,335,000	-
Shares cancelled from Treasury	-	-
Shares exercised	-	296,158
Shares issued	-	-
As at 31st December 2013	107,702,798	5,453,632

As at 31^st December 2013, 17,914,788 shares were held in Treasury.

Since the period end of 31^st December 2013 the Company has bought back a further 805,000 ordinary shares into Treasury. 

On 3^rd January 2014, 2,085,652 ordinary shares were issued following the final exercise of subscription shares by uncertificated subscription shareholders. 89,249 subscription shares held by certificated holders were converted to ordinary shares on 15^th January 2014. The remaining 2,882,774 subscription shares were converted to ordinary shares on 7^th January 2014 by the trustee appointed to act on behalf of the remaining subscription shareholders.

The shares in issue as at 12^th February 2014 are 125,617,586 Ordinary shares including 18,719,788 in Treasury.

Portfolio Analyses

Ten largest holdings as at 31^st December 2013

Stock name	Sector	Weight %
Infosys Technologies	Information Technology	10.7
HDFC Bank	Financials	9.4
Reliance Industries	Energy	8.0
ITC	Consumer Staples	6.8
Housing Development Finance	Financials	6.7
Tata Consultancy Services	Information Technology	6.2
Tata Motors	Consumer Discretionary	4.2
Sun Pharmaceutical	Health Care	3.9
Kotak Mahindra Bank	Financials	3.2
Ambuja Cements	Materials	3.0

Sector breakdown as at 31^st December 2013

Sector	Portfolio %
Financials	32.0
Information Technology	19.8
Consumer Discretionary	9.5
Materials	8.1
Energy	8.0
Consumer Staples	7.3
Health Care	7.2
Telecommunication Services	3.2
Industrials	2.8
Utilities	1.8
Cash	0.3
Total	100.0

By order of the Board

Jonathan Latter, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

12^th 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 at www.jpmindian.co.uk

 

END

 

 

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