Final Results

RNS Number : 7140M

JPMorgan Eur Fldglng Inv Trust PLC

28 May 2010

 



STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EUROPEAN FLEDGELING INVESTMENT TRUST PLC

ANNOUNCEMENT OF FINAL RESULTS

 

The Directors of JPMorgan European Fledgeling Investment Trust plc announce the Company's results for the year ended 31st March 2010.

 

Chairman's Statement

Performance

The year to 31st March 2010 was just as volatile as the previous financial year but there was, thankfully, a considerably more positive outcome for equity investors. In the year to 31st March 2010, the Company's total return on net assets (i.e. with net income reinvested) was +57.7%, which compares with a return of +75.2% on the same basis from the Company's benchmark, the HSBC Smaller European Companies (ex UK) Total Return Index in sterling terms. Whilst it is disappointing to have underperformed the benchmark index, the significant positive return is welcome following such a turbulent period in financial markets.

The underperformance occurred principally in the first half of the Company's financial year, as markets rallied strongly but to a lesser extent in companies exhibiting the style factors that our Investment Managers seek. More details are given in the Investment Managers' Report. Performance attribution analysis shows that stock selection was negative over the year, but that the use of gearing in a rising market was positive and offset this to some extent.

Equity markets began to normalise in the second half of the year and it is encouraging that the Company outperformed the benchmark over both three and six months to 31st March 2010. Longer term NAV performance remains strong; the Company has outperformed the benchmark over three years. Over five and ten years, it was first and second in its peer group respectively.

The discount of the Company's share price to net asset value (based on the assumption that the shares held in Treasury had been reissued at 31st March 2010 in accordance with the Board's policy on the reissuance of Treasury shares) narrowed a little over the year from 19.5% to 18.7%. This resulted in a total return to shareholders of +59.8%.

Revenue and Dividends

Net revenue return for the year amounted to £2.2 million and there is now a positive balance on the Company's Revenue Reserve. As a result, under investment trust rules, the Company is required to pay a dividend. Subject to shareholder approval at the forthcoming Annual General Meeting, a dividend of 3.0 pence per share will be paid on 15th July 2010 to shareholders on the register at the close of business on 18th June 2010. I would remind shareholders that the Company's objective is to achieve capital growth rather than income and so dividends may not arise every year.

Share Buybacks and Treasury Shares

Consistent with most investment trust companies in the European sector, the discount to net asset value at which the Company's shares trade has remained stubbornly wide over the year, averaging 17.5%. The Board has continued to use its share buyback authority to attempt to manage the volatility and absolute level of the discount. During the year, the number of shares bought back totalled 1,263,547, representing 2.7% of the shares in issue at the beginning of the financial year. Those shares were bought into Treasury and, consistent with previous practice, on 29th March 2010 a total of 1,628,670 shares were cancelled, having been held in Treasury for over a year. No shares were reissued from Treasury during the year.

The Board has reviewed its share buyback and Treasury share policies. It is cognisant of the widened discount on the Company's shares, despite more stable equity market conditions, and shareholders will have noted that the Company has been more actively buying in shares in recent weeks.

At the previous five Annual General Meetings shareholders have approved a resolution to enable the Company to reissue shares from Treasury at a discount to net asset value. Despite the fact that no shares were reissued from Treasury in the year under review, the Board continues to believe that there are benefits in having the ability to reissue, rather than cancel, shares bought in the market. Its use can improve liquidity in the Company's shares, help manage any imbalance between the supply and demand, reduce the volatility and absolute levels of the discount and enhance the net asset value by reissuing shares at a narrower discount than that at which they were purchased.

The Board will seek renewal of the authority for the use of Treasury shares at the forthcoming Annual General Meeting as it sees this as a useful tool to add value for shareholders should market conditions improve. It is important to note that, as previously, the Board will maintain its policy of restricting the Company's ability to reissue Treasury shares, by imposing a strict limit to the dilution associated with the reissue at a discount to a maximum of 0.5% of net asset value in any one year.

Board Evaluation

The Nomination Committee carried out its annual evaluation of the Board, its Committees, the individual Directors and the Chairman earlier this year. The Board takes this review seriously and views it as an effective means of evaluating the continuing efficacy of the Board. The Company's Articles of Association require that all Directors who held office at the time of the two preceding AGMs and did not retire by rotation at either of them must retire at the next AGM. As all of the Directors stood for re-election in either 2008 or 2009, there is no requirement under the Articles for a Director to stand for re-election this year.

However, having served as a Director for more than nine years, I must stand for annual re-election, in accordance with corporate governance best practice. In my absence, the Nomination Committee assessed my performance and determined that I should continue as Chairman. A resolution proposing my re-election will therefore be put to the forthcoming AGM.

The Committee also agreed that a new director would be recruited in the near future to enable the Board to be refreshed over the coming two to three years. An external agency has been engaged to conduct the search for a new director.

Manager Evaluation

During the year, the Board engaged an independent third party, Trust Associates, to conduct a review of the Company's management fee arrangements. Following that review, the Board concluded that it was satisfied that the current management fee arrangement was competitive. It will review the terms of the management fee arrangement at least every three years.

The Board also carried out a formal review of the Manager, JPMorgan Asset Management (UK) Limited ('JPMAM') during the year. This covered the investment management, company secretarial, administrative and marketing services provided to the Company by JPMAM and took into account their investment performance record, management processes, investment style, resources and risk control mechanisms. The Board is satisfied with the performance of the Manager and concluded that its continued appointment on the existing terms is very much in the interests of shareholders as a whole.

Corporate Governance

The Company operates in accordance with corporate governance best practice and the Board is committed to the highest standards of corporate governance as applicable to investment trust companies. Comprehensive information can be found in the Corporate Governance section of the Annual Report to be published shortly.

Company Name

At the forthcoming AGM, a special resolution will be put to shareholders proposing that the Company's name be changed to 'JPMorgan European Smaller Companies Trust plc'. The Board believes that this more accurately reflects the Company's investment objective and follows research conducted amongst the Company's shareholders and other market participants.

Annual General Meeting

The Company's AGM will be held at The Armourers' Hall, 81 Coleman Street, London EC2R 5BJ on Thursday 8th July 2010 at 12.00 noon.

Outlook

The Investment Managers set out their views on the investment outlook in their report. They see a reasonable prospect of continued growth in both the earnings and ratings of smaller European companies.

The Board notes that there remain significant uncertainties in the wider European economic outlook due to the high level of indebtedness amongst some European countries. At present, the markets await more clarity about the prospects for longer term debt reduction from eurozone countries and the impact this may have on the European economies. However providing the debt squeeze does not extend further into the corporate sector, there are underlying favourable conditions for many companies in the form of low interest rates and a weak currency.

The substantial rise in the European equity markets over the past year combined with the uncertain economic environment suggests more limited prospects for further increases this year and the Board is supportive of the Investment Managers' cautious stance.

Elisabeth Airey

Chairman

28th May 2010

Investment Managers' Report

Investment Process

The objective of the Company is to achieve capital growth from a portfolio of quoted smaller companies in Europe, excluding the United Kingdom. The investment universe is defined at the time of purchase by the countries and market capitalisation range of the constituents of the benchmark index which, at the end of March 2010, consisted of 1,000 companies with a market value of between £59 million and £2.5 billion across 15 countries. The investment process is driven by bottom-up stock selection focusing on a combination of growth companies with strong operational momentum and value companies with a catalyst for re-rating. The large universe of potential investments is screened using a proprietary multi-factor model to the results of which we apply fundamental analysis. The portfolio is constructed within a framework where risk is managed in terms of investment style factors relative to the benchmark index. Investments are sold when there is a fundamental negative change in business prospects, the valuation is regarded as excessive or the market capitalisation has outgrown significantly the benchmark index. The policy is not to use derivatives to hedge the currency exposure of the portfolio's assets. The Board has maintained the liquidity range of 20% cash to 20% gearing within which the Investment Managers may operate.

Market Review

Following two years of steep declines in European equities, during which the large company MSCI Europe Total Return Index declined by almost 60% from peak to trough, the Company's last financial year witnessed one of the sharpest market recoveries. From the end of the first quarter of 2009 the negative impact of the credit crisis on stockmarkets began to abate. There was renewed belief that concerted global fiscal stimulus was sufficiently robust and monetary policy sufficiently relaxed to ensure that the financial system would continue to function. Perhaps unusually, the momentum of growth in emerging markets, such as China and India, continued unabated and provided a boost to exports from otherwise faltering developed economies.

The last year has been a classic where markets have climbed a wall of fear with concerns of, variously, double-dip recession, inflation, deflation, invasive bank regulation, a Euro sovereign debt crisis and even a volcanic eruption being overcome as share prices recovered. An increased appetite for risk was equally reflected in a collapse in the 'VIX' Index (a measure of volatility) and in the spread of corporate bond yields over government debt.

Meanwhile, companies reacted with unprecedented speed to adjust costs and working capital in their businesses to the now significantly lower levels of demand. Combined with improving economic sentiment, this led to a marked improvement in analysts' expectations of corporate earnings growth, with the rate of downgrades moderating throughout the year to the extent that, by the first quarter of 2010, analysts were in the unusual position of, on average, upgrading their profit forecasts for the next twelve months.

Over the year to the end of March 2010 the large company MSCI Europe (ex UK) Index returned +47.4% in sterling. Increased appetite for risk led to sharp outperformance by our benchmark, the HSBC Smaller European Companies (ex UK) Total Return Index, which returned +75.2%.

Portfolio Performance

The return on net assets was 57.7% over the year, clearly lagging the performance of the benchmark HSBC Index but significantly outpacing the large company MSCI Index. The decision to maintain a geared position in a rising market throughout the year was one of the key positive contributors to performance. At a stock level, the top contributors included Swedish broadcaster Modern Times Group which rose by 200% as advertising began to recover and pay TV subscribers continued to grow, Norwegian provider of seismic surveys to the oil industry TGS Nopec, which rose by

190% as the oil price recovered, and Dutch temporary employment service provider Randstad, which rose by 240% on an improved outlook for demand.

The underlying reason for the shortfall in the portfolio's performance relative to the benchmark HSBC Index lies in the exceptionally unusual behaviour of style factors in European equities last year. Investing in cheap companies with strong earnings and price momentum relative to the market typically leads to superior performance over the long term.

During 2009, especially at the second quarter turning point in the market, it was those companies whose share prices had previously underperformed the most and which, at the time, had the poorest relative earnings revisions, which performed the best and by some margin. This was true even amongst the cheapest stocks in the market to the extent that the portfolio was not exposed to many of the market's best performers over the year. Although this is not unusual at a turning point in the market, the magnitude and speed with which such companies outperformed was exceptional. Whilst, with a geared position, the portfolio was positioned for a market recovery, in the initial phase we did not have the stocks best placed to benefit from it.

The performance of style factors in European equities began to normalise during the second half of the Company's year and, with a more growth biased portfolio, the net asset value increased by 9.3%, outpacing the 7.7% return of the benchmark HSBC Index in the six months to 31st March 2010.

Portfolio Positioning

As the outlook for growth improved, we found an increasing number of attractive investment opportunities and the total number of holdings in the portfolio has increased from 99 at the end of 2009 to 125 at 31st March 2010. A positive market environment can favour the relative performance of micro-cap companies and we increased the portfolio's weighting in micro-cap companies from 17% to 20% over the course of the financial year. Gearing was maintained at a level around 10% throughout the twelve months and was brought back to almost zero towards the financial year end as concerns over Euro sovereign debt became more profound.

The diverse Support Services sector remained one of the portfolio's largest active positions following strong stock performance and with the addition of such holdings as Dutch dredging services business Boskalis Westminster and Swiss airline caterer Gategroup. We moved to an overweight position in the Retail sector following the acquisition of holdings in Belgian car rental and distribution and auto glass repair business D'Ieteren, Swiss duty free operator Dufry and Italian on-line premium clothing retailer Yoox. With a more positive view of economic recovery, Industrial Engineering moved from being the largest underweight sector to one of the largest overweights, with new investments in Austrian plant engineer Andritz, German auto components and defence business Rheinmetall, Greek refrigeration equipment producer Frigoglass and Italian scooter manufacturer Piaggio. Our less defensive stance led to a reduction in previously large overweight positions in the Healthcare and Pharmaceuticals sectors where we, respectively, disposed of holdings in hearing aid producers William Demant in Denmark and Sonova in Switzerland and Lundbeck in Denmark, Recordati in Italy and Orion in Finland. The

large overweight in General Financials was reduced with the sale of stock exchange operators Hellenic Exchanges in Greece and Bolsas y Mercados in Spain, as both suffered from new entrants in the market.

Outlook

Generally, economic and corporate newsflow has exceeded expectations thus far in 2010 and, with only limited inflationary pressures, interest rates appear set to remain at exceptionally low levels for the foreseeable future. It is looking possible that economic growth may become self-sustaining even as the impact of fiscal stimulus and quantitative easing abates. However, concerns over national and corporate indebtedness may periodically unnerve markets. This was evidenced in May by both one of the fastest rises and falls in the twenty year history of the VIX index of volatility. A relatively weak currency, on the other hand, can provide a welcome boost for European exporters. This is already being reflected in order income figures for a wide range of industrial and consumer goods companies.

Having moved from despair to hope over the last twelve months, markets are set to enter a fulfilment phase where earnings typically grow into expanded prospective valuations. Compared with history, equity valuations in Europe are not expensive with a forecast PE ratio of 11.0 on forward earnings. Following outperformance over the year, smaller companies still trade at a discount, albeit narrower, to large companies.

We continue to seek out well managed businesses with strong market positions where there is the potential for superior operating performance over the medium term. Following a period of extreme volatility, we await a more obvious trend emerging in the future direction of the market before considering redeploying the portfolio's gearing capacity.

Jim Campbell

Francesco Conte

Investment Managers

28th May 2010

Principal Risks

With the assistance of the Manager 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 asset allocation or the level of gearing, may lead to underperformance against the Company's benchmark index and peer companies, resulting 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 by the Manager. 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 review data which show 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. The Board holds a separate meeting devoted to strategy each year.

• Market: Market risk arises from uncertainty about the future prices of the Company's investments. 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'). Were the Company to breach Section 842, it might lose investment trust status and, as a consequence, gains within the Company's portfolio would be subject to Capital Gains 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 2006 and, as its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules could 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 to ensure compliance with the Companies Act 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 JPMAM, such as the Investment Managers, could affect the performance of the Company. Disruption to, or failure of, JPMAM's accounting, dealing or payments systems or the custodian's records could prevent accurate reporting and monitoring of the Company's financial position. Details of how the Board monitors the services provided by 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, liability risk and credit risk. Further details are disclosed in note 20 of the Company's Report & Accounts.

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 financial statements have been prepared in accordance with applicable UK accounting standards, and give a true and fair view of the assets, liabilities, financial position and profit 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

Elisabeth Airey

Chairman

28th May 2010

 

JPMorgan European Fledgeling Investment Trust plc

Audited figures for the year ended 31st March 2010

Income Statement

for the year ended 31st March

			2010			2009
		Revenue	Capital	Total	Revenue	Capital	Total
		£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) on investments held at fair value through profit or loss		-	151,221	151,221	-	(121,593)	(121,593)
Net foreign currency gains/(losses)		-	996	996	-	(115)	(115)
Income from investments		8,116	-	8,116	9,111	-	9,111
Other interest receivable and similar income		315	-	315	956	-	956
Gross return/(loss)		8,431	152,217	160,648	10,067	(121,708)	(111,641)
Management fee		(3,627)	-	(3,627)	(3,597)	-	(3,597)
VAT recoverable		-	-	-	2,754	-	2,754
Other administrative expenses		(612)	-	(612)	(620)	-	(620)
Net return/(loss) on ordinary activities before  finance costs and taxation		4,192	152,217	156,409	8,604	(121,708)	(113,104)
Finance costs		(1,250)	-	(1,250)	(136)	-	(136)
Net return/(loss) on ordinary activities before  taxation		2,942	152,217	155,159	8,468	(121,708)	(113,240)
Taxation		(775)	-	(775)	(1,105)	-	(1,105)
Net return/(loss) on ordinary activities after taxation		2,167	152,217	154,384	7,363	(121,708)	(114,345)
Return/(loss) per share (note 3)		4.63p	325.04p	329.67p	15.38p	(254.17)p	(238.79)p

Details of the dividend declared are given in note 2 below.

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

	Called up		Capital
	share	Share	redemption	Other	Capital	Revenue
	capital	premium	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 31st March 2008	12,837	1,312	2,799	415	384,374	(7,780)	393,957
Repurchase and cancellation of the Company's own shares	(14)	-	14	(397)	-	-	(397)
Purchase of shares into Treasury	-	-	-	(18)	(9,119)	-	(9,137)
Cancellation of shares held in Treasury	(645)	-	645	-	-	-	-
Net (loss)/return on ordinary activities	-	-	-	-	(121,708)	7,363	(114,345)
At 31st March 2009	12,178	1,312	3,458	-	253,547	(417)	270,078
Purchase of shares into Treasury	-	-	-	-	(8,580)	-	(8,580)
Cancellation of shares held in Treasury	(407)	-	407	-	-	-	-
Net return on ordinary activities	-	-	-	-	152,217	2,167	154,384
At 31st March 2010	11,771	1,312	3,865	-	397,184	1,750	415,882

Balance Sheet

at 31st March

		2010	2009
		£'000	£'000
Fixed assets
Investments held at fair value through profit or loss		416,678	264,977
Investment in liquidity fund held at fair value through profit or loss		12,934	6,206
Total investments		429,612	271,183
Current assets
Debtors		14,153	3,095
Cash and short term deposits		236	3,649
Derivative financial instruments: forward currency contract held at fair value through profit or loss		18	-
		14,407	6,744
Creditors: amounts falling due within one year		(28,137)	(7,848)
Derivative financial instrument: forward currency contract held at fair value through profit or loss		-	(1)
Net current liabilities		(13,730)	(1,105)
Total assets less current liabilities		415,882	270,078
Total net assets		415,882	270,078
Capital and reserves
Called up share capital		11,771	12,178
Share premium		1,312	1,312
Capital redemption reserve		3,865	3,458
Capital reserves		397,184	253,547
Revenue reserve		1,750	(417)
Shareholders' funds		415,882	270,078
Net asset value per share (note 4)		907.6p	573.6p

Cash Flow Statement

Year ended 31st March

		2010	2009
		£'000	£'000
Net cash inflow from operating activities		2,676	6,921
Returns on investments and servicing of finance
Interest paid		(1,230)	(134)
Net cash outflow from returns on investments and servicing of finance		(1,230)	(134)
Taxation
Overseas tax recovered		450	48
Capital expenditure and financial investment
Purchases of investments		(1,484,090)	(1,042,594)
Sales of investments		1,472,595	1,046,229
Other capital charges		(196)	(66)
Net cash (outflow)/inflow from capital expenditure and financial investment		(11,691)	3,569
Net cash (outflow)/inflow before financing		(9,795)	10,404
Financing
Net drawdown of loans		12,857	-
Purchase of shares into Treasury		(7,976)	(8,701)
Repurchase and cancellation of the Company's own shares		-	(397)
Net cash inflow/(outflow) from financing		4,881	(9,098)
(Decrease)/increase in cash for the year		(4,914)	1,306

1.     Accounting policies

        The accounts are prepared in accordance with the Companies Act 2006, 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 revaluation of investments and derivative financial instruments at fair value.

        The policies applied in these accounts are consistent with those applied in the preceding year.

2.    Dividend declared

		2010	2009
		£'000	£'000
Dividend declared of 3.0p per share (2009: nil)		1,375	-

        The dividend declared of 3.0p per share in respect of the year ended 31st March 2010 (2009: nil) is subject to shareholder approval at the forthcoming Annual General Meeting. In accordance with the accounting policy of the Company, this dividend will be reflected in the accounts for the year ending 31st March 2011.

3.     Return/(loss) per share

        The revenue return/(loss) per share is based on the revenue attributable to the ordinary shares of £2,167,000 (2009: £7,363,000) and on the weighted average number of shares in issue during the year of 46,829,499 (2009: 47,884,236) excluding shares held in Treasury.

        The capital return per share is based on the capital return attributable to the ordinary shares of £152,217,000 (2009: loss of £121,708,000) and on the weighted average number of shares in issue during the year of 46,829,499 (2009: 47,884,236) excluding shares held in Treasury.

        The total return per share is based on the total return attributable to the ordinary shares of £154,384,000 (2009: loss of £114,345,000) and on the weighted average number of shares in issue during the year of 46,829,499 (2009: 47,884,236) excluding shares held in Treasury.

4.     Net asset value per share

        The net asset value per share is based on the net assets attributable to the ordinary shareholders of £415,882,000 (2009: £270,078,000) and on the 45,821,106 (2009: 47,084,653) shares in issue at the year end, excluding shares held in Treasury.

5.     Status of announcement

2009 Financial Information

The figures and financial information for 2009 are extracted from the published Annual Report and Accounts for the year ended 31st March 2009 and do not constitute the statutory accounts for that year.  The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985.

2010 Financial Information

         The figures and financial information for 2010 are extracted from the Annual Report and Accounts for the year ended 31st March 2010 and do not constitute the statutory accounts for the year.  The Annual Report and Financial Accounts includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

Annual Report and Accounts

The Annual Report and Accounts will be posted to shareholders on or around 4th June 2010 and will shortly be available on the Company's website (www.jpmeuropeanfledgeling.co.uk) or in hard copy format from the Company's Registered Office, Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. 

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.jpmeuropeanfledgeling.co.uk

For further information please contact:

Jonathan Latter

For and on behalf of

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

28th May 2010

 

END

 

 

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