Interim Management Statement

RNS Number : 0616S

JPMorgan Mid Cap Invest Trust PLC

14 November 2011

 



JPMorgan Mid Cap Investment Trust plc

Interim Management Statement

For the three months ended 30th September 2011

This interim management statement relates to the quarter from 1st July 2011 to 30th September 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	-4.3%	-16.9%	-5.3%	12.2%	-24.5%	72.6%
Net asset value	-3.7%	-14.6%	-5.0%	11.1%	-21.4%	82.0%
Benchmark	-6.4%	-17.7%	-4.6%	38.3%	13.6%	162.8%

* Total return with net dividends reinvested

Source: JPMAM/Morningstar

Financial position

	As at 30th September 2011	As at 10th November 2011
Total assets	£120.8m	£126.2m
Share price	366.6p	383.5p
Net asset value	443.1p	469.8p
Discount	17.3%	18.4%
Gearing	103.2%	101.7%

Share prices shown are closing bid

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

Source: JPMAM/Morningstar

Material events

There were no material events during the quarter.

Material events post 30th September 2011

Debenture Stock Redemption

On 26th October 2011, the Company announced its intention to serve written notice to its Debenture Stockholders informing them of its intention to exercise its right to redeem the whole of its outstanding Debenture Stock. Such notice has now been served. Stockholder are asked to contact the Company Secretary on [phone] for further information. The full text of the announcement is set out below:

11 per cent. Debenture Stock 2011/2016

The Company entered into a Trust Deed and Supplemental Trust Deed (the "Trust Deeds") with The Law Debenture Trust Corporation plc on 1 September 1986 and 30 January 1989 respectively for an aggregated £11,000,000 Debenture Stock (the "Stock") at a rate of 11.00 per cent.  The Company has already repaid £1,500,000, leaving a remaining balance of £9,500,000 outstanding.  The Debenture Stock is due to be repaid at par on 1 December 2016 unless it is previously redeemed or purchased and cancelled.

In accordance with the conditions set out in the Trust Deeds, the Company has the option to redeem the whole, but not part, of the outstanding Stock at any time after 1 December 2011 at par together with interest accrued to the date of redemption, such redemption requiring at least 30 days prior notice to the Debenture Stockholders.

The Company announces that it will shortly serve written notice to its Debenture Stockholders informing them of its intention to exercise its right to redeem the whole of the outstanding Stock, effective on 2 December 2011. The Company intends to replace the Debenture Stock with a flexible bank borrowing facility.

Annual General Meeting

At the Annual General Meeting ("AGM") of the Company held on 3rd November 2011, all of the resolutions put to shareholders at the AGM were passed, including Special Resolutions to allow the disapplication of pre-emption rights on the allotment of shares, and allow the Company to make market purchases of up to 3,725,266 Ordinary shares representing 14.99% of the Company's issued share capital.

A final dividend of 11.5p per share was paid on 7th November 2011 to shareholders on the register at the close of business on 30th September 2011.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st July 2011 (excluding shares held in Treasury)	26,132,180
Shares held in Treasury as at 1st July 2011	1,175,500
Shares bought back and cancelled Shares bought back into Treasury Shares issued - from Treasury Shares issued -  new	- 85,000 - -
Shares in issue at 30th September 2011 (excluding shares held in Treasury) Shares held in Treasury as at 30th September 2011	26,132,180 1,260,500

During the quarter, the Company did not buy back and cancel, or issue any shares. 

Since the 30th September 2011 the Company has bought back an additional 20,400 shares into Treasury.

Portfolio Analyses

Top ten holdings as at 30th September 2011

Stock name	Sector	Weight %
Northumbrian Water	Utilities	3.5
Jardine Lloyd Thomas	Financials	3.1
Pennon	Utilities	3.0
Go-Ahead	Consumer Services	2.9
FirstGroup	Consumer Services	2.8
Hiscox	Financials	2.6
Cable & Wireless	Telecommunications	2.3
Derwent Valley	Financials	2.2
Dunelm	Consumer Service	2.2
Babcock International	Industrials	2.2

Sector analysis as at 30th September 2011

	Portfolio %
Financials	24.8
Consumer Services	20.3
Industrials	19.6
Consumer Goods	9.2
Technology	8.0
Utilities	6.5
Basic Materials	3.9
Oil & Gas	3.9
Telecommunications	3.5
Health Care	0.6
Cash	-0.3
Total	100.00

By order of the Board

Alsion Vincent, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

14th November 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.

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 www.jpmmidcap.co.uk 

 

END

 

 

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