Final Results

RNS Number : 2891T

JPMorgan Eur Fldglng Inv Trust PLC

03 June 2009

 



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 2009.

Chairman's Report 

Performance

The turbulent conditions in the financial markets which began in 2008, deepened and gathered momentum in 2009 providing an exceptionally testing environment for our Investment Managers. Reflecting the decline in the value of small cap companies in Europe, the value of the Company has suffered a significant decline in absolute terms, however the Investment Managers' achievement of a return of 9.8% ahead of the benchmark demonstrates their considerable investment skills and is of some comfort to shareholders.

Over the year the Company's total return on net assets (i.e. with net income reinvested) was -28.9%, which compares with a return of -38.7% on the same basis from the Company's benchmark, the HSBC Smaller European Companies (ex UK) Index in sterling terms. It is important also to set the current year in the context of longer term performance. Over the three, five and ten year periods to 31st March 2009, our Investment Managers have outperformed their benchmark in asset growth by aggregate amounts of 12%, 55% and 143% respectively, an outstanding long term track record. 

Along with many companies in the sector and reflecting the market conditions, the Company's shares continued to trade on a wide discount to asset value. The discount to net asset value (based on the assumption that the shares held in Treasury had been reissued in accordance with the Board's current policy on the reissuance of Treasury shares) widened from 15.4% to 19.5%. This resulted in a total return to shareholders of -32.4%. The average daily discount during the year was 16.5%. Reducing this discount and its volatility continues to be one of the Company's challenges.

The Company's total return for the year can be analysed by looking at the performance attribution analysis. This shows that stock selection and the decisions to hold cash or gear the portfolio were positive contributors, whilst asset allocation was neutral.

Treasury Shares

At the previous four Annual General Meetings shareholders have approved a resolution to enable the Company to sell shares from Treasury at a discount to net asset value. 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 selling shares at a narrower discount than that at which they were purchased. 

During the year under review, the Board repurchased a total of 1,628,670 shares to be held in Treasury. Given the difficult market conditions and wide discount at which the Company's shares traded during the year, no shares were reissued from Treasury during the year and on 18th March 2009, 2,579,875 shares previously held in Treasury were cancelled. 

The Board is requesting that shareholders renew the authority for the reissue 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 sell Treasury shares, by imposing a strict limit to the dilution associated with the sale at a discount to a maximum of 0.5% of net asset value in any one year.

Board and Manager 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. In accordance with the Company's Articles of Association, Paul Manduca and Michael Wrobel will retire by rotation at this year's AGM. Both Directors will offer themselves for re-election. The Nomination Committee having considered their qualifications, performance and contribution to the Board and its committees, I confirm that both Directors continue to be effective and demonstrate commitment to the role and the Board recommends to shareholders that they be re-elected.

Having served as a Director for more than nine years, I must now 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 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 fully 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.

VAT

Following the decision by the European Court of Justice in June 2007 that VAT should not be charged on investment trust companies' management fees, the Company has now received reimbursement of VAT and interest totalling £3.3m.

Annual General Meeting

The Company's AGM will be held at The Armourers' Hall, 81 Coleman Street, London EC2R 5BJ on Tuesday 7th July 2009 at 12.00 noon. 

Outlook

Our Investment Managers set out their views on the investment outlook below. The Board supports their cautious optimism and reinstatement of the Company's gearing but remains alert to the continuing difficult economic environment and the possibility that these early signs of revival will not endure. The Board continues to have considerable confidence in our Investment Managers and their ability to outperform their asset class.

Elisabeth Airey

Chairman 

3rd June 2009

Investment Managers' Report 

European Stock Markets

While hyperboles should seldom be used, it is fair to say that the last twelve months have been extraordinary, with financial textbooks rewritten by governments and central banks alike. Whether the near collapse of the financial system was caused by the US government's decision to allow Lehman Brothers to fail in September 2008 or whether its failure accelerated the inevitable will never be known, but what is sure, with the benefit of hindsight, is that it unleashed risk aversion on a scale perhaps not seen since the Great Depression.

As savers withdrew their deposits from banks and as financial institutions refused to lend to each other, the entire global banking system ground to a halt. The speed and synchronization with which the world economy slowed was truly remarkable and a testament to the interdependence of global economies. Central banks responded by lowering rates practically to zero all over the world. Governments responded by injecting massive amounts of capital into banks and insurance companies alike. Moreover, many governments went further by announcing huge public spending programmes as well as quantitative easing, thereby increasing substantially the money supply. Government budget deficits in many countries such as the United States and United Kingdom are running at record levels.

As banks virtually stopped lending, consumers swiftly reduced their spending and economic growth slowed sharply to become negative in the final quarter of 2009. As a consequence stock markets fell dramatically. In the year to 31st March 2009, the FTSE World Europe (ex UK) Index fell by 31.1 per cent. At times of such financial strain investors become risk averse and as a result smaller companies suffered more. The HSBC Smaller European Companies (ex UK) Index produced a total return of -38.7 per cent. Through our relatively cautious stance, the portfolio managed to mitigate some of the losses; the Company's net asset value total return was -28.9 per cent.

Typically, the portfolio's strategy is to invest in either growth stocks (companies growing faster than GDP) or value stocks (stocks that are on average cheaper than the market). Over time both these investment styles are proven to work, although not necessarily at the same time. Very unusually in the twelve months to March, neither of these strategies was successful as risk aversion led investors into highly defensive sectors such as food, pharmaceuticals and telecommunications which are less dependent on economic growth.

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 2009, consisted of 1,000 companies with a market value of between £25m and £1.6bn 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 extensive 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 hedge the currency exposure of the portfolio's assets. With the Board's consent the gearing range within which the Investment Managers may operate was broadened from 10 per cent cash to 20 per cent gearing, to a new range of 20 per cent cash to 20 per cent gearing.

Portfolio Performance

The biggest contributor to performance this year was our cautious approach which led us to run with high cash levels that reached a maximum of 20 per cent in the period following the Lehman collapse. Good performance came from stocks that were generally not reliant on strong GDP growth for success. Successful stock selection in this area included Ansaldo Sts in Italy, a manufacturer of rail signalling equipment, Recordati, an Italian pharmaceutical company, Gemalto, the French global leader in the manufacture of smart cards, Scor, the French reinsurance group and Galenica a wholesale pharmaceutical distributor and drug manufacturer in Switzerland. The biggest negative contributors to performance were companies generally more cyclically exposed and included Maire Tecnimont, an Italian manufacturer of petrochemical plants which was de-rated as the oil price fell; Laboratorios Almiral, a Spanish drug company which fell following a drug failure in phase three trials; Sydbank, a Danish bank; Tieto, a Finnish IT services company which fell as IT budgets suffered; and Altran Technologies, a French research and development outsourcing company which suffered as companies cut research and development budgets.

Portfolio Positioning

The number of core small cap holdings remained relatively concentrated, ending the year at 48 compared with 45 at the start. In addition, given that over time micro caps tend to outperform and we are finding an increasing number of attractive investment opportunities in this area, we have increased our investments in micro caps from 10 per cent of the assets to 16 per cent.

As we went into the year we had done much to reduce our cyclical exposure in the construction and engineering sectors. We continued to reduce cyclical exposure throughout the year as economic newsflow continued to worsen. However, in late February and early March 2009 we believed that expectations for defensive companies were ahead of the market and they started to disappoint. Two such companies that we held at the time were Remy Cointreau, the French manufacturer of premium liqueurs, and Barry Callebut, the leading producer of wholesale chocolate both of which disappointed in the fourth quarter earnings announcements. At the same time, expectations of more cyclically exposed companies had fallen to such low levels that they began to report improved order intakes, albeit from very low levels. Therefore we began selectively to buy back economically sensitive stocks in the latter weeks of the year.

Substantial disposals in the year included stocks that had performed well such as Ansaldo Sts, Crucell and Gemalto on valuation, defensive stocks such as Galenica and Lottomatica on disappointing earnings and Trevi, a long time favourite, on slowing momentum in the construction industry. We used the opportunity of the market derating to buy some high quality growth companies on cheap valuations such as hearing aid companies Sonova in Switzerland and William Demant in Denmark as well as French nursing home operator Orpea. Amongst more cyclically sensitive companies which we bought at the end of the year were Credito Emiliano, an Italian bank, Autogrill, the Italian world leader in motorway and airport restaurants, French advertising agency Havas, French oil services provider Groupe Bourbon and French oil and gas exploration company Maurel et Prom.

The Company ended the year overweight in France, Italy and the Netherlands. As bottom up investors we do not place much importance on where a company is incorporated but place much more importance on where it conducts its business. Most of the companies we invest in, whether luxury goods manufacturers, hearing aid producers, oil service companies or motorway restaurants, to mention but a few, tend to operate on a global scale and are not particularly dependent on their domestic markets.

Outlook

As we write the market has continued to rally, with previously out of favour sectors such as banks, industrials, temporary employment and commodities leading the market. The most important question is whether this is a bear market rally or a turning point. Unfortunately we will not know for certain until later this summer whether the second quarter represents a mere restocking cycle or whether consumer demand will be sufficient to sustain economic growth into the third quarter. However, there would appear to be sufficient evidence to make a case for the latter or at least to believe that the current rally can last long enough to justify positioning the portfolio more aggressively.

Financial panic seems to be over. While there has been speculation that a handful of US banks would fail the stress test, markets seem to acknowledge that governments will not allow another financial institution to fail. The recently published data on first quarter US GDP, while generally much worse than expected, highlighted that consumer demand was stronger than expected, while de-stocking was much greater. Macro economic leading indicators, such as orders, appear to be confirming that an inventory rebuild cycle is now under way. The yield curve (the ten year bond rate minus the three month rate) is very steep the world over and continues to signal that economic recovery should be ahead of us. Virtually every equity market valuation measure is at historically low levels. There are signs that earnings expectations may be beaten for the first time in two years and that the rate of downgrades may moderate. Some cyclical companies are reporting a stabilisation of business in April or at least an improvement in orders. We are finding more attractive investment opportunities than we have done in the last two years. Finally, the rally is now very broad based and includes companies in totally diverse sectors. 

During turning points stock picking becomes particularly difficult as there is little evidence to confirm that the environment has truly improved. The style we most like to use, earning revisions, becomes less reliable in these periods as it lags the market by three to six months. The situation is created because managements are reluctant to confirm an improvement in trading conditions until the trend has been in place for a few months, for fear that appearing prematurely optimistic may lead to a loss of credibility. As a consequence analysts, who take most of their information from company managements, do not pick up on a change in environment until the trend has been in place for a few months. Perhaps the only analytical tool working at such times is short term price momentum which we are using cautiously in combination with fundamental research. Given the limited analytical tools available in such periods, we are aiming to find a balance between prudence on one hand and taking calculated risks on the other. 

Consistent with a more aggressive stance we have substantially increased the micro cap exposure within the Company's portfolio to 20 per cent and gearing to near 10 per cent. Many uncertainties remain for the global economy, yet for now disaster seems well and truly behind us. The challenge remains, as always, to pick the right stocks.

Jim Campbell 

Francesco Conte 

Investment Managers 

30th May 2008 

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 1985 and 2006 and, as its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act 1985 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 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 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. During the year under review, the Board and the Manager carried out a review of stocklending operations and counterparty exposures. 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 18 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 

3rd June 2009

JPMorgan European Fledgeling Investment Trust plc

Audited figures for the year ended 31st March 2009

Income Statement  

	Year ended 31st March 2009			Year ended 31st March 2008
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Losses on investments held at fair value through profit or loss	-	(121,593)	(121,593)	-	(39,175)	(39,175)
Net foreign currency (losses)/gains	-	(115)	(115)	-	2,107	2,107
Income from investments	9,111	-	9,111	5,890	-	5,890
Other interest receivable and similar income	956	-	956	259	-	259
	_______	________	_______	_______	________	_______
Gross return/(loss)	10,067	(121,708	(111,641)	6,149	(37,068)	(30,919)
Management fee	(3,597)	-	(3,597)	(4,992)	-	(4,992)
VAT recoverable	2,754	-	2,754	-	-	-
Other administrative expenses	(620)	-	(620)	(617)	-	(617)
	_______	_______	_______	_______	_______	_______
Net return/(loss) on ordinary activities before finance costs and taxation	8,604	(121,708)	(113,104)	540	(37,068)	(36,528)
Finance costs	(136)	-	(136)	(394)	-	(394)
	_______	_______	_______	_______	_______	_______
Net return/(loss) on ordinary activities before taxation	8,468	(121,708)	(113,240)	146	(37,068)	(36,922)
Taxation	(1,105)	-	(1,105)	(522)	-	(522)
	______	_______	_______	______	_______	_______
Net return/(loss) on ordinary activities after taxation	7,363	(121,708)	(114,345)	(376)	(37,068)	(37,444)
	=====	=====	=====	=====	=====	=====
Return/(loss) per share (note 2)	15.38p	(254.17)p	(238.79)p	(0.75)p	(73.57)p	(74.32)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 published 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.  

JPMorgan European Fledgeling Investment Trust plc

Audited figures for the year ended 31st March 2009

Reconciliation of Movements in Shareholders' Funds 

	Called up share capital £'000	Share  premium £'000	Capital redemption reserve £'000	Other reserve  £'000	Capital reserve  £'000	Revenue reserve £'000	Total £'000
At 31st March 2007	13,195	1,312	2,441	19,258	421,442	(7,404)	450,244
Purchase of shares into Treasury	-	-	-	(18,843)	-	-	(18,843)
Sale of shares from Treasury	(358)	-	358	-	-	-	-
Total loss on ordinary activities	-	-	-	-	(37,068)	(376)	(37,444)
	_______	________	________	_______	_______	_______	________
At 31st March 2008	12,837	1,312	2,799	415	384,374	(7,780)	393,957
Shares repurchased and cancelled	(14)	-	14	(397)	-	-	(397)
Purchase of shares into Treasury	-	-	-	(18)	(9,119)	-	(9,137)
Cancellation of shares held in Treasury	(645)	-	645	-	-	-	-
Total (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
	=====	=====	=====	=====	=====	=====	=====

JPMorgan European Fledgeling Investment Trust plc

Audited figures for the year ended 31st March 2009

Balance sheet

	31st March 2009	31st March 2008
	£'000	£'000
Fixed assets
Investments at fair value through profit or loss	264,977	387,581
Investment in liquidity fund at fair value through profit or loss	6,206	9,750
	_______	_______
Total investments	271,183	397,331
Current assets
Debtors	3,095	6,582
Cash and short term deposits	3,649	2,456
Derivative financial instrument:
Forward currency contract at fair value through profit or loss	-	2
	_______	_______
	6,744	9,040
Creditors: amounts falling due within one year	(7,848)	(12,414)
Derivative financial instrument:
Forward currency contract at fair value through profit or loss	(1)	-
	_______	_______
Net current liabilities	(1,105)	(3,374)
Total assets less current liabilities	270,078	393,957
	_______	_______
Total net assets	270,078	393,957
	=====	=====
Capital and reserves
Called up share capital	12,178	12,837
Share premium	1,312	1,312
Capital redemption reserve	3,458	2,799
Other reserve	-	415
Capital reserves	253,547	384,374
Revenue reserve	(417)	(7,780)
	_______	_______
Shareholders' funds	270,078	393,957
	=====	=====
Net asset value per share (note 3)	573.6p	807.8p
	=====	=====

  JPMorgan European Fledgeling Investment Trust plc

Audited figures for the year ended 31st March 2009

Cash Flow Statement

	31st March 2009	31st March 2008
	£'000	£'000
Net cash inflow/(outflow) from operating activities	6,921	(1,083)
Returns on investments and servicing of finance
Interest paid	(135)	(395)
Net cash outflow from returns on investments and servicing of finance  Taxation  Overseas tax recovered	(135)   48	(395)    216
Capital expenditure and financial investment
Purchases of investments	(1,042,594)	(1,021,420)
Sales of investments	1,046,229	1,040,421
Other capital charges	(66)	(49)
	_______	_______
Net cash inflow from capital expenditure and financial investment	3,569	18,952
	_______	_______
Net cash inflow before financing	10,403	17,690
Financing
Net drawdown of loans	-	99
Shares repurchased and cancelled	(397)	-
Purchase of shares into Treasury	(8,701)	(18,843)
Sale of shares from Treasury	-	1,200
	_______	_______
Net cash outflow from financing	(9,098)	(17,544)
	_______	_______
Increase in cash for the year	1,305	146
	=====	=====

Notes to the Accounts

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 revaluation of investments and derivative financial instruments at fair value. 

2. Return/(loss) per share

	Year ended	Year ended
	31st March 2009	31st March 2008
Return/(loss) per share is based on the following:	£'000	£'000
Revenue return/(loss)	7,363	(376)
Capital loss	(121,708)	(37,068)
	_______	_______
Total loss	(114,345)	(37,444)
	======	======
Weighted average number of shares in issue	47,884,236	50,380,312
Revenue return/(loss) per share	15.38p	(0.75)p
Capital loss per share	(254.17)p	(73.57)p
	_______	_______
Total loss per share	(238.79)p	(74.32)p
	======	======

3. Net asset value per share    

Net asset value per share is based on the net assets attributable to the ordinary shareholders of £270,078,000 (2008: £393,957,000) and on the 47,084,653 (2008: 48,770,323) 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.jpmeuropeanfledgeling.co.uk

For further information please contact:

Jonathan Latter

For and on behalf of

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

3rd June 2009

 

END

 

 

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