Final Results

RNS Number : 0468U

JPMorgan Fleming Japanese Smllr Cos

17 June 2009

 



STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC

ANNOUNCEMENT OF FINAL RESULTS

The Directors of JPMorgan Fleming Japanese Smaller Companies Investment Trust plc announce the Company's results for the year ended 31st March 2009.

Chairman's Statement 

Investment Performance

Performance for the year to 31st March 2009 was very poor. The Company's total return on net assets fell 32.2%, which, when compared to a fall of 2.4% in the Company's benchmark, the S&P/Citigroup Japan Extended Market Index (Total Return Net) in sterling terms, reveals an underperformance of 29.8%. That the Company's peer group of comparator funds also performed poorly is of no great comfort. Nor is the fact that the market environment was difficult. This is a deeply disappointing outcome, especially when the Company has seen underperformance in the previous two financial years. The Board is extremely concerned to ensure that this pattern of underachievement does not continue.

The Investment Managers, both last year and before, have sought to build a portfolio of generally well managed, financially secure companies with comparatively strong operating performances. Growth companies such as these are invariably the choice of other active foreign investors, too. When such investors seek to reduce their positions in the smaller companies section of the Japanese market, voluntarily or otherwise, it is just these types of stocks which experience persistent selling pressure. During recent past periods of poor market conditions in Japan, growth stocks have suffered exceptional down-gradings as a consequence, notwithstanding their generally robust operating results. Compared with such unwanted volatility, our investigations show that a large proportion of the shares in our benchmark index are made up of illiquid stocks which appear not to have traded in any meaningful way and have not fallen as far as those growth stocks favoured by our own and other overseas managers.

Looking ahead, there are increasing signs of a better market outlook which leads us to believe that we should continue with our market positioning and not be tempted to change tack now. The Company's net asset value has risen in both April and May and has outperformed the benchmark. We have a good degree of confidence that the Company can begin to rebuild its longer term record.

The Investment Managers' Report below gives a more detailed review of the Company's performance and future outlook.

Gearing

The Company has a Japanese Yen 2.5bn credit facility with ING Bank which gives the investment managers the ability to gear tactically. The facility is due to expire on 28th August 2009 and is in the process of being renewed. The Board has given the investment managers the flexibility to set gearing within the range of 90% to 120% invested. During the year the investment managers operated between a gearing range of 98% and 110% and at the time of writing the Company was *% geared. 

Corporate Governance

The Company operates in accordance with corporate governance best practice and the Board is committed to high standards of corporate governance applicable under the Combined Code and the 'Association of Investment Companies' ('AIC') Code of Corporate Governance for Investment Trusts. 

In January 2009, the Nomination Committee of the Board met and carried out an evaluation of the Directors, the Chairman, the Board itself and its Committees, the results of which were satisfactory. The Board takes this review seriously and views it as an effective means of evaluating the ongoing efficacy of the Board.

Review of Services Provided by the Manager

During the year, the Board carried out a formal review of the investment management, company secretarial, administrative and marketing services provided by the Manager, JF Asset Management ('JFAM') and the Company Secretary, JPMorgan Asset Management ('JPMAM'). The review encompassed the investment performance record, management processes, investment style, resources and risk control mechanisms as well as noting the Company's performance against its peers, performance against the benchmark, discount to net asset value, performance attribution and total expense ratio. Despite the recent poor performance, the Board concluded that the continued appointment of the Manager and Company Secretary is in the best interests of shareholders as a whole. 

Subscription Shares 

Following the passing of all the resolutions proposed at the Company's General Meeting held on 2nd March 2009 the Company issued 7,798,873 Subscription shares on 5th March 2009 as a bonus issue to the Ordinary 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 1st April 2009 to 31st March 2014 (both dates inclusive) when the rights under the Subscription shares will lapse. 

At the time of writing, the Company has issued 10,639 Ordinary shares following the conversion of Subscription shares into Ordinaries, amounting to proceeds of £14,363. Further details of the Subscription shares, including the bonus cost for the calculation of taxation, can be found on the Company's website at www.jpmfjapanesesmallercompanies.co.uk

Share Issues and Repurchases

At the General Meeting held on 2nd March 2009, shareholders also gave the Board authority to repurchase up to 14.99% of the Company's Ordinary and Subscription share capital for cancellation.  As previously stated, repurchases will only be made in the market at prices below the prevailing net asset value per share. Repurchases of Subscription shares will be made at the discretion of the Board and only when market conditions are appropriate.

At the Annual General Meeting in 2008, shareholders gave the Board authority to allot up to 10% of the Company's Ordinary share capital and to re-issue Treasury shares at a discount to NAV, subject to certain limits and restrictions. 

Since the share repurchase and issuance authorities were granted, the Company has repurchased a total of 396,000 Ordinary shares into Treasury for a total consideration of £492,000. The Company has not issued any new Ordinary shares under this authority nor issued any shares out of Treasury. 

The Board believes that the ability to issue new Ordinary shares, repurchase Ordinary and Subscription shares for cancellation and to hold and reissue Ordinary shares from Treasury, is in the interests of shareholders in assisting the Company in managing any imbalance between the supply and demand for the Company's shares and in reducing the volatility of the discount. Accordingly, the Board will be seeking shareholders' approval to renew these authorities at this year's Annual General Meeting. The Board is aware that the authority to reissue shares out of Treasury at a discount to NAV continues to be a controversial matter for certain groups of shareholders and, in view of this, it will apply certain limits and restrictions. Shares will only be reissued out of Treasury at a discount narrower than the weighted average of those currently held in Treasury, and the aggregate dilution associated with any re-issuance from Treasury will not exceed 0.5% of the net asset value over the one year period of the authority. Furthermore, shares issued out of Treasury will be limited to 5% of the total Ordinary shares in issue. This, in the Board's view, represents a balanced and considered approach to this matter.

Board of Directors

During the year, the Directors appointed Robert White to the Board as an independent Non Executive Director of the Company. Robert has already made significant contributions to the Board's deliberations and I am confident that he will continue to add value. In accordance with the terms of the Combined Code, having been appointed during the year, Robert will retire and stand for election at the forthcoming Annual General Meeting.  

In accordance with the Company's Articles of Association, Chris Russell will retire by rotation at the forthcoming Annual General Meeting and offers himself for re-election. The Nomination Committee has met to consider the attributes and contributions of Chris and, following this review, has no hesitation in recommending his re-election at the forthcoming Annual General Meeting.

Annual General Meeting

This year's Annual General Meeting will be held at The Armourers' Hall, 81 Coleman Street, London EC2R 5BJ on Wednesday 22nd July 2009 at 11.30 a.m.  

Alan Clifton

Chairman                                

17th June 2009

Investment Managers' Report 

The year to 31st March 2009 was an exceptionally challenging one, marred by the global financial crisis and a slump in domestic demand in Japan. At the start of our financial year we believed that Japanese smaller companies already looked good value in that they were trading at close to their underlying net asset values. The period ended, however, with those same companies trading 40% lower - a record low level - and typically at around 60% of their attributable net worth. What was an already cheaply priced asset class became extremely cheap. Institutional investors were major sellers of smaller company stocks throughout the year as they shrank their appetite for risk taking. This heavy selling resulted in many widely held stocks being amongst the very worst performers regardless of valuation or business quality. We believe that this leaves the Japanese smaller companies market looking more attractive than at any time since the 2002/3 trough and this is especially the case where good companies have been pushed down excessively by heavy selling pressure. 

In the dire investing environment of last year investors focused on company balance sheets. However, as the global situation stabilises, we expect that the focus will return to companies medium term earnings prospects. It is for this forward looking environment that we have positioned the portfolio. Having endured the forced selling and drawn out de-rating of many of our portfolio holdings over the last few years, we believe that we should now begin to enjoy the benefits of those - often long held - investments.

Our performance was extremely disappointing. Smaller company fund managers across the board suffered compared to the benchmark index. You may, rightly, wonder why fund managers have struggled quite so much. One of the major drivers of this performance relates to investment flows. Fund managers deliberately seek out attractive places to invest money: companies with strong business models; high profitability; and attractive valuations. However, when markets suffer aggressive outflows, as Japanese smaller companies have over the past year, investors can only sell what they own, not what they want to. Last year, especially, amongst the very worst performing factors associated with stock price performance were high business quality, profitability and cheap earnings. However, the single worst performing factor was a high level of institutional ownership. These factors together reflect the concerted and prolonged selling of those fundamentally attractive businesses. Clearly for managers focusing on profitable and attractive businesses at cheap prices it was a perfect storm as these growth businesses normally trade at a premium to the rest of the market but as a result of this exceptionally aggressive de-rating process they now stand at a discount of 50%. This reflects an extreme divergence from the average and the first time in 45 years that a very substantial discount for future growth exists. These stocks have become not just cheap but generationally cheap. 

Over the long term, cheaply priced stocks based on earnings in Japan have steadily outperformed albeit with periods of sharp underperformance. During the most recent recovery phase the best performing factor in 2003 was low earnings based valuation measures; in 2004 it was low earnings based valuation, and in 2005 it was low earnings valuation. The positive return was more than 30% annually. This is in very stark contrast to the latest year. Just as these measures have led the market down this year, we expect them to generate strong returns going forwards. Prior periods, where cheaply priced stocks have lagged sharply, have tended to last at least two years so the recent bear market is in line with that period. The forced liquidation of stock and record cheapness combined with their prolonged weakness suggest that this is the time to be actively seeking out and investing in those highly attractive businesses with cheaply priced earnings. We anticipate that as investors regain their confidence they will look at earnings streams more favourably again and reverse the historic cheapness. We have used the distress selling as an opportunity to increase weightings and to bargain hunt very attractive stocks.

After enduring a three year bear market it is worth reviewing where we stand on what makes Japanese smaller companies perform. The smaller company market in Japan is driven by two concurrent cycles: economic and valuation. These conspire to create a volatile asset class where deviations from intrinsic value can be profound. Currently, we are at the lowest ebb of the economic cycle. The overleveraged financial system drove industrial production down exceptionally sharply last year. In the fourth quarter of 2008 Japanese industrial production fell at an annualised rate of 30%. Our meetings with companies suggest a steady improvement in conditions since February. Companies exposed to Chinese and Indian demand are faring especially well. Given these circumstances we expect a continued improvement in the economy, though the recovery path is likely to be bumpy. 

The second cyclical component is a valuation cycle. Whichever smaller company index we look at we can see that the valuations reached in the last year are at unprecedented low levels. Since the market bottom we have seen a moderate recovery but that still leaves many companies trading at, or below, previous market bottom valuation levels. The smaller company market currently offers outstanding value for investors based on extremely low price to book and price to earnings measures. Taking both the depressed state of the economy and valuations together, provides a very substantial scope for stock performance to improve as the economy begins to recover. It is this factor that lies behind our optimism on the smaller company market outlook. 

Over the last few months we have gradually repositioned the portfolio to benefit from a recovering market. We are continuing to emphasise companies that we believe can grow their business scale over the medium term in a profitable way. Currently these stocks are very out of favour with investors. The dire economy has also pushed some companies to seriously restructure their businesses and in many cases the difficulties of one business unit have hidden the strong performance of other divisions - often causing a large mispricing in the stock. Additionally, we have been increasing the holdings in companies that will benefit from the recovering economy and market. This repositioning has been funded by reducing healthcare and defensive stock holdings which we expect will underperform in a better market environment. Finally, we have also increased the gearing of the Company to reflect our positive outlook. 

As an example of the type of company we have been investing in we would highlight logistics company Trancom. This company has steadily grown from yen 12 billion in sales 10 years ago to more than yen 65 billion today. Profits have grown alongside this as the company has rolled out its logistics business to more customers. The stable customer base includes many food companies, whilst the economic crisis has spurred many other companies to look for ways to reduce their distribution costs; new customers are joining at a rapid rate. Despite the long track record of profits and sales increases, Trancom trades on a below market rating of a six times price to earnings ratio this year. This strikes us as being much too low for such a strongly managed and profitable business.

Another company example would be Yokogawa Electric. We have followed the business for some time but only recently felt that the timing was right to invest. The company has a globally competitive industrial controls business that is especially strong in China and the Middle East and a very weak semiconductor testing business. The management team was slow to realise that the semiconductor business had lost competitiveness and it has suffered very high losses for the past few years. This division is finally being closed and the remaining control business trades on less than a quarter of the valuation of global competitors. For us, the valuation gap is enormously attractive. Not only will the losses from semiconductors drop away but the company will also be able to put all of its energy into the successful, high profit core business. 

Our final company example is Japan's only listed securities exchange - Osaka Securities Exchange. This company is the centre for trading in the Nikkei 225 futures contract but has expanded the product line up to include exchange traded options, mini-futures, and Exchange Traded Funds. Last year it acquired the Jasdaq market and will integrate that with its own stock trading business. This should produce a very quick payback given the huge cost savings that can be made. The depressed market level means that both futures and stock trading levels are currently low; any increase in stock trading activity will flow directly to their bottom line. This is a market play but is outstandingly well placed to benefit from a recovery in the Japanese stock market. 

The last few years have been undeniably challenging for Japanese smaller companies. A combination of steady de-rating, accompanied by a domestic slowdown and then a major global financial crisis have pushed smaller companies to record lows. The economy has also struggled. These two factors are now beginning to reverse as the economy gradually recovers and the extremely cheap valuations of many smaller companies attract investors' attention. Within the portfolio we have begun to position ourselves more positively using the opportunity of cheap prices to build weightings in attractive businesses; exploiting the large mispricing of some restructuring firms and running some long held successful companies that have been victims of the long bear market but are now poised to recover very strongly. 

David Mitchinson

Nicholas Weindling

Investment Managers                        

17th June 2009

Principal Risks

With the assistance of the Manager, JF Asset Management Limited ('JFAM'), and Secretary, JPMorgan Asset Management (UK) Limited ('JPMAM'), 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 excessive concentration of investment, asset allocation or the level of gearing, may lead to under-performance against the Company's benchmark index and peer companies, which may result 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 on. 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. In addition to regular Board meetings, the Board visits the offices of JF Asset Management in Tokyo on an annual basis to discuss strategy.

• Discount: In order to manage the Company's discount, which can be volatile, the Company operates a share issuance and repurchase programme.

• Market: Market risk arises from fluctuations in the fair value or future cash flows from the Company's investments due to changes in the market prices. It represents the potential loss that 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 Manager.

• Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 842 of the Income and Corporation Taxes Act 1988 ('Section 842'). Should the Company breach Section 842, it may lose its investment trust status and as a consequence gains within the Company's portfolio would be subject to Corporation Tax. The Section 842 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 1985 and 2006 and, since its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Acts could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules may result in the Company's shares being

suspended from listing which in turn would breach Section 842. The Board relies on the services of its Company Secretary, JPMAM, and its professional advisers to ensure compliance with The Companies Acts 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 section of the annual report.

• Operational: Loss of key staff by JFAM or JPMAM, such as the investment managers, could affect the performance of the Company. Disruption to, or failure of, JFAM's or 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 JFAM, 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.

• Financial: The financial risks faced by the Company include market price risk, interest rate risk, foreign currency risk, liquidity risk, gearing and credit risk. Bank counterparties are subject to daily credit analysis by the Manager and regular consideration at meetings of the Board. In addition, the Board receives regular reports on the Manager's monitoring and mitigation of credit risks on share transactions carried out by the Company. 

• Political and Economic: Administrative risks, such as the imposition of restrictions on the free movement of capital.

Related Parties Transactions

During the financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the year.

Directors' Responsibilities

The Directors each confirm to the best of their knowledge that: 

a)     the accounts; prepared in accordance with applicable accounting standards, and give a true and fair view of 
        the assets, liabilities, financial position and return or loss of the Company; and

b)     the Annual Report, to be published shortly, 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.

For and on behalf of the Board

Alan Clifton

Chairman 

16th June 2009

Income Statement

for the year ended 31st March 2009 

		2009			2008
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Losses on investments held at
fair value through profit or loss		-	(22,282)	(22,282)	-	(28,224)	(28,224)
Net foreign currency losses		-	(1,811)	(1,811)	-	(1,102)	(1,102)
Income from investments		1,215	-	1,215	1,215	-	1,215
Other interest receivable and
similar income		206	-	206	189	-	189
Gross return/(loss)		1,421	(24,093)	(22,672)	1,404	(29,326)	(27,922)
Management fee		(945)	-	(945)	(1,321)	-	(1,321)
Other administrative expenses		(585)	-	(585)	(320)	-	(320)
Net loss on ordinary activities before
finance costs and taxation		(109)	(24,093)	(24,202)	(237)	(29,326)	(29,563)
Finance costs		(191)	-	(191)	(186)	-	(186)
Net loss on ordinary activities before
taxation		(300)	(24,093)	(24,393)	(423)	(29,326)	(29,749)
Taxation		(85)	-	(85)	(85)	-	(85)
Total loss on ordinary activities after
taxation		(385)	(24,093)	(24,478)	(508)	(29,326)	(29,834)
Loss per share (note 2)		(0.98)p	(61.45)p	(62.43)p	(1.29)p	(74.50)p	(75.79)p

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 is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For this reason a STRGL has not been presented.

  Reconciliation of Movements in Shareholders' Funds

for the year ended 31st March 2009 

	Called up		Capital
	share	Other	redemption	Capital	Revenue
	capital	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000
At 31st March 2007	3,940	315,620	1,784	(204,835)	(10,206)	106,303
Shares bought back and cancelled	(10)	(193)	10	-	-	(193)
Net loss from ordinary activities	-	-	-	(29,326)	(508)	(29,834)
At 31st March 2008	3,930	315,427	1,794	(234,161)	(10,714)	76,276
Shares bought into Treasury	-	(492)	-	-	-	(492)
Bonus issue of Subscription shares	78	(78)	-	-	-	-
Net loss from ordinary activities	-	-	-	(24,093)	(385)	(24,478)
At 31st March 2009	4,008	314,857	1,794	(258,254)	(11,099)	51,306

  Balance Sheet

as at 31st March 2009 

		2009	2008
		£'000	£'000
Fixed assets
Investments held at fair value through profit or loss		50,409	83,522
Current assets
Debtors		1,499	1,723
Cash at bank and in hand		12,042	1,161
		13,541	2,884
Creditors: amounts falling due within one year		(12,644)	(10,130)
Net current assets/(liabilities)		897	(7,246)
Total assets less current liabilities		51,306	76,276
Total net assets		51,306	76,276
Capital and reserves
Called up share capital		4,008	3,930
Other reserve		314,857	315,427
Capital redemption reserve		1,794	1,794
Capital reserves		(258,254)	(234,161)
Revenue reserve		(11,099)	(10,714)
Shareholders' funds		51,306	76,276
Net asset value per share (note 3)		131.8p	194.0p

  Cash Flow Statement

for the year ended 31st March 2009 

		2009	2008
		£'000	£'000
Net cash inflow/(outflow) from operating activities		17	(355)
Returns on investments and servicing of finance
Interest paid		(180)	(201)
Net cash outflow from returns on investments and servicing
of finance		(180)	(201)
Capital expenditure and financial investment
Purchases of investments		(92,588)	(173,973)
Sales of investments		102,721	185,055
Other capital charges		(15)	(17)
Net cash inflow from capital expenditure and financial
investment		10,118	11,065
Net cash inflow before financing		9,955	10,509
Financing
Net repayment of loans		(376)	(11,473)
Repurchase of ordinary shares		-	(193)
Shares bought into Treasury		(428)	-
Net cash outflow from financing		(804)	(11,666)
Increase/(decrease) in cash in the year		9,151	(1,157)

  Notes to the Accounts

for the year ended 31st March 2009

1.         Accounting policies

The accounts are prepared in accordance with the Companies Act 1985, United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (the 'SORP') issued by the AIC in January 2009. All of the Company's operations are of a continuing nature. 

The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the evaluation of investments at fair value. The Directors believe that having considered the present market uncertainties, the Company's investment objective, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.

2.         Loss per share

The revenue loss per share is based on the revenue loss attributable to the Ordinary shares of £385,000 (2008: £508,000 loss) and on the weighted average number of 39,207,211 (2008: 39,361,346) shares in issue throughout the year, excluding 396,000 (2008: nil) shares held in Treasury. 

The capital loss per share is based on the capital loss attributable to the Ordinary shares of £24,093,000 (2008: £29,326,000 loss) and on the weighted average number of 39,207,211 (2008: 39,361,346) shares in issue throughout the year, excluding 396,000 (2008: nil) shares held in Treasury. 

The total loss per share is based on the total loss attributable to the Ordinary shares of £24,478,000 (2008: £29,834,000 loss) and on the weighted average number of 39,207,211 (2008: 39,361,346) shares in issue throughout the year excluding 396,000 (2008: nil) shares held in Treasury. 

3.         Net asset value per share

The net asset value per share is based on the net assets attributable to shareholders of £51,306,000 (2008: £76,276,000) and on the 38,913,423 (2008: 39,309,423) shares in issue at the year end, excluding shares held in Treasury. 

4.         Status of preliminary announcement

The financial information set out in this preliminary announcement does not constitute the Company's statutory accounts for the years ended 31st March 2008 or 2009. The statutory accounts for the years ended 31st March 2008 and 2009 have been reported on by the Company's auditors. The auditor's reports for both years were unqualified and contained no statement under s237(2) or s237(3) of the Companies Act 1985. The statutory accounts for the year ended 31st March 2008 have been delivered to the Registrar of Companies and statutory accounts for the year ended 31st March 2009 will be delivered in due course.

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

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.jpmfjapanesesmallercompanies.co.uk

For further information please contact:

Andrew Norman

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary    020 7742 6000

16th June 2009

 

END

 

 

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