Interim Management Statement

RNS Number : 1387M

JPMorgan Japan Smaller Co Tst PLC

10 August 2011

 



JPMorgan Japan Smaller Companies Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2011

This Interim Management Statement relates to the quarter from 1st April 2011 to 30th June 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	11.9%	3.5%	5.4%	-6.8%	-49.9%	-38.9%
Net asset value	5.8%	4.2%	0.4%	-3.6%	-47.6%	-42.7%
Benchmark	6.2%	1.7%	7.8%	32.2%	-0.7%	30.8%

* Capital only, diluted for Subscription shares and Treasury shares.

Source: JPMAM/MorningStar.

Financial position

	As at 30th  June 2011	As at 5th August 2011
Total assets	£80.3m	£79.9m
Share price	150.0p	142.8p
Net asset value	170.0p	168.9p
Discount	-11.8%	-15.5%
Subscription Share Price	29.5p	27.8p
Gearing	105.6%	107.1%

Share prices shown are closing bid.

Net asset values are cumulative income, diluted for Subscription shares and Treasury shares where applicable.

Source: JPMAM/MorningStar.

Material events

There were no material events during the period.

Material events post 30th June 2011

AGM

At the Company's Annual General Meeting, which was held on Friday 22nd July 2011, all of the Ordinary Resolutions put to shareholders were passed, including three items of Special Business which:

i.)         allow the Company to allot new shares up to an aggregate nominal amount of £398,748 representing 10% of the Company's issued share capital;

ii.)        allow the disapplication of pre-emption rights on the allotment of new Ordinary shares; and

iii.)       allow the Company to make market purchases of up to 5,977,230 Ordinary shares and 1,085,020 Subscription shares, representing 14.99% of the Company's issued share capital less shares held in Treasury.

Material transactions

Changes to share capital

	Ordinary Shares of 10p
Shares in issue as at 1st April 2011	39,871,425
Shares held in Treasury as at 1st April 2011	-
Shares repurchased and cancelled	-
Shares repurchased into Treasury	-
Shares issued - new	-
Shares issued - exercise of Subscription shares	3,397
Shares issued - from Treasury	-
Shares in issue at 30th June 2011	39,874,822

	Subscription Shares of 1p
Shares in issue as at 1st April 2011	7,236,871
Shares exercised	3,397
Shares repurchased	-
Shares in issue as at 30th June 2011	7,233,474

Since the period end, the Company has issued a further 669 Ordinary shares following the exercise of Subscription shares.

Portfolio Analyses

Top ten holdings as at 30th June 2011

Stock name	Sector	% of Portfolio
Press Kogyo Don Quijote	Consumer Discretionary Consumer Discretionary	3.7 3.1
Osaka Securities Exchange Konami Trancom Cyber Agent	Financials Information Technology Industrials Consumer Discretionary	3.1 2.9 2.8 2.6
F.C.C. Asahi Diamond Industrial Ship Healthcare Holdings Skymark Airlines	Consumer Discretionary Industrials Health Care Industrials	2.5 2.5 2.4 2.4

Sector analysis as at 30th June 2011

	% of Portfolio
Industrials	32.0
Consumer Discretionary	28.5
Information Technology	13.7
Financials	6.2
Health Care	5.9
Consumer Staples	5.0
Materials	4.3
Cash	4.4
Total	100.0

By order of the Board

Andrew Norman, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

10th August 2011

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.

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.jpmjapansmallercompanies.co.uk 

 

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