Interim Management Statement

RNS Number : 7867Q

JPMorgan Japan Smaller Co Tst PLC

09 August 2010

 



JPMorgan Japan Smaller Companies Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2010

This Interim Management Statement relates to the quarter from 1st April 2010 to 30 June 2010 and contains information that covers that period, unless otherwise stated. 

Financial performance - Cumulative Total Return

	1 month	3 months	1 Year
Share price	-3.4%	-10.5%	6.0%
Net asset value*	-6.2%	-7.2%	11.5%
Benchmark	-2.7%	-2.7%	12.5%

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

Source: JPMAM/MorningStar.

Financial position

	As at 30th  June 2010	As at 6th August 2010
Total assets	£83.6m	£78.3m
Share price	142.3p	135.8p
Net asset value	169.4p	158.7p
Discount	16.0%	14.5%
Subscription Share Price	47.25p	20.0
Gearing	101.1%	93.5%

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 2010

AGM

At the Company's Annual General Meeting, which was held on Tuesday 27th July 2010, all of the resolutions put to shareholders were passed, including seven items of Special Business which:

i.)         allow the Company to allot new shares up to an aggregate nominal amount of £398,698 representing 10% of the Company's issued share capital;

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

iii.)       allow the Company to make market purchases of up to 5,913,604 Ordinary shares and 1,058,045 Subscription shares, representing 14.99% of the Company's issued share capital less shares held in Treasury;

iv.)       allow the sale of Ordinary shares previously held in Treasury, up to an aggregate nominal amount of £199,349 representing 5% of the Company's issued share capital;

v.)        allow the disapplication of pre-emption rights on the sale of Ordinary shares from Treasury;

vi.)       adopted new articles of association; and

vii.)      approved a change of the Company's name to JPMorgan Japan Smaller Companies Trust plc.

Material transactions

Changes to share capital

	Ordinary Shares of 10p
Shares in issue as at 1st April 2010	39,361,382
Shares held in Treasury as at 1st April 2010	419,500
Shares repurchased and cancelled	-
Shares repurchased into Treasury	-
Shares issued - new	-
Shares issued - exercise of Subscription shares	504,632
Shares issued - from Treasury	-
Shares in issue at 30th June 2010	39,866,014
Shares held in Treasury as at 30th June 2010	419,500

	Subscription Shares of 1p
Shares in issue as at 1st April 2010	7,731,739
Shares exercised	504,632
Shares repurchased	-
Shares in issue as at 30th June 2010	7,227,107

Since the period end, the Company has issued a further 3,817 Ordinary shares following the exercise of Subscription shares.

Portfolio

Top ten holdings as at 30th June 2010

Stock name	Sector	% of Portfolio
Press Kogyo	Consumer Discretionary	3.6
Osaka Securities Exchange	Financials	2.8
F.C.C.	Consumer Discretionary	2.6
Round One	Consumer Discretionary	2.6
Meitec	Industrials	2.6
Trancom	Industrials	2.6
Futaba Industrial	Consumer Discretionary	2.5
Musashi Seimitsu Industry	Consumer Discretionary	2.5
Nissin Kogyo	Consumer Discretionary	2.3
Yokogawa Electric	Information Technology	2.1

Sector analysis as at 30th June 2010

	% of Portfolio
Consumer Discretionary	33.1
Industrials	21.5
Information Technology	17.9
Consumer Staples	4.8
Financials	3.4
Health Care	1.1
Materials	1.0
Cash	17.2
Total	100.0

By order of the Board

Christopher Legg, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

9th August 2010

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

 

END

 

 

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