Interim Management Statement

RNS Number : 9827J

JPMorgan Chinese Inv Tst PLC

23 July 2013

 



JPMorgan Chinese Investment Trust plc

Interim Management Statement (Unaudited)

For the three months ended 30th June 2013

This interim management statement relates to the quarter from 1st April 2013 to 30th June 2013 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	-9.2%	-8.6%	10.7%	5.0%	44.6%	215.2%
Net asset value**	-7.2%	-4.2%	19.2%	17.3%	54.1%	284.9%
Benchmark	-5.3%	-3.8%	14.3%	13.9%	46.0%	217.4%

* total return with net dividends reinvested and calculated using the diluted net asset value which assumes that all outstanding Subscription shares as at the reporting date had been converted into Ordinary shares.  Subscription shares were suspended on 16th May 2013. 

Source: J.P. Morgan/Morningstar

Financial position

	As at 30th June 2013	As at 22nd July 2013
Total assets	£145.2m	£143.3m
Share price*	138.0p	142.6p
Net asset value **	164.2p	164.9p
Discount	-15.9%	-13.5%
Gearing	11.3%	14.2%

* Share prices shown are closing bid

** Cum Income with debt at fair value.

Source: J.P. Morgan/Morningstar

Material events

On 13th May 2013 the Board announced that the last date on which holders of Subscription Shares in JPMorgan Chinese Investment Trust plc could exercise their Subscription rights was 15th May 2013 (the "Final Exercise Date").

Immediately after the Final Exercise Date, the Company appointed a trustee (the "Final Subscription Trustee") over the outstanding Subscription Shares. In accordance with the Subscription Share terms, the Final Subscription Trustee had to decide whether or not to exercise the outstanding Subscription Share rights within 14 days of the Final Exercise Date, such period expiring at close of business on 29th May 2013.

On the basis that the market price of the JPMorgan Chinese Investment Trust plc Ordinary Shares as at 29th May 2013 was below the Subscription Price, the Final Subscription Trustee decided not to exercise the outstanding Subscription Rights attached to the outstanding JPMorgan Chinese Subscription Shares totalling 12,683,443. Therefore, the Subscription Share rights lapsed at close of business on 29th May 2013 and, in accordance with the shareholder resolutions passed on 22nd January 2013, all outstanding Subscription Shares were redesignated immediately into deferred shares and subsequently repurchased by the Company and cancelled.

The UK Listing Authority suspended the listing of the Subscription Shares from 7.30 a.m. on 16th May 2013, following the passing of the Final Exercise Date, and the Financial Conduct Authority cancelled the Subscription Shares from the Official List on 28th June 2013.

Material transactions

Changes to share capital

	Ordinary Shares of 25p
Shares in issue as at 1st April 2013	77,881,115
Shares held in Treasury at 1st April 2013	1,346,781
Shares bought back and cancelled	-
Shares issued - new Shares issued - conversion of Subscription shares Shares bought back into Treasury Shares issued - from Treasury	- 33,850 606,393
Shares in issue at 30th June 2013	77,914,965
Shares held in Treasury at 30th June 2013	1,953,174

Since the period end and up to the date of this announcement, the Company has repurchased 430,365 shares into Treasury since the period end. The resulting number of shares now held in Treasury is 2,383,539.  The number of shares in issue excluding Treasury shares is 75,531,426.

	Subscription Shares of 1p
Shares in issue as at 1st April 2013	12,717,293
Shares exercised	33,850
Shares repurchased	12,683,443*
As at 30th June 2013	Nil

*.Subscription Share rights lapsed at close of business on 29th May 2013 and all outstanding Subscription Shares were redesignated immediately into deferred shares and subsequently repurchased by the Company and cancelled.

Portfolio Analyses

Top ten holdings as at 30th June 2013

Stock name	Country of Listing /Classification	Weight %
Taiwan Semiconductor	Taiwan	7.0
Tencent	Hong Kong - P Chip	4.9
AIA	Hong Kong - Others	4.4
China Construction Bank H Industrial & Commercial bank of China H	China - H China - H	4.3 4.0
China Vanke B JF China Pioneer A Share Fund	China - B   China - A	2.3 2.3
China Mobile	China - Red Chip	2.2

China Resources Gas                                                China - Red Chip                         2.2

China Petroleum & Chemical                                   China - H                                     2.1

Sector breakdown as at 30th June 2013

Sector	% of Portfolio
Financials	37.3
Information Technology	22.0
Consumer Discretionary	11.7
Industrials	8.4
Energy	4.8
Telecommunication Services	3.4
Consumer Staples	3.4
Utilities Materials	3.2 2.1
Health Care	0.6
Cash	3.1
Total	100.0

Geographical breakdown as at 30th June 2013

Country	% of Portfolio
Taiwan	25.2
China - H	22.3
Hong Kong - Others	20.6
Hong Kong - P Chip	9.8
Hong Kong - Red Chip	8.7
China - A	6.2
China - B	2.2
Hong Kong Cash	1.9 3.1
Total	100.0

By order of the Board

Lucy Dina, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

23rd July 2013

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 at www.jpmchinese.co.uk

 

END

 

 

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