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JP Morgan Inc & Cap (JPI)

  Print      Mail a friend       Annual reports

Friday 25 May, 2007

JP Morgan Inc & Cap

Final Results

JPMorgan Income & Capital IT PLC
25 May 2007


                           STOCK EXCHANGE ANNOUNCEMENT


The Board of JPMorgan Income & Capital Investment Trust plc is pleased to
announce the Company's results for the year ended 28th February 2007.
Commenting on the results, the Chairman has made the following statement:

Performance Attribution

As this is the last occasion on which I will be reporting to you as Chairman, it
is a particular pleasure to be able to end on a high note.  Although the returns
to shareholders were not as spectacular as they were last year, the year under
review once again saw a satisfactory performance.  The total return on the
Company's portfolio, at +13.1%, compared well with the return of +9.0% on the
benchmark index.

The main reasons for the outperformance were, first the decision to hold
considerably more than the benchmark proportion of 67.5% in equities during the
early months of the financial year when the market was rising and, second,
continuing good stock selection by the Investment Manager.

Share Price Performance

Although the UK stockmarket was volatile during the year, the overall effect on
the Company's ordinary share price was beneficial and, thanks to the gearing
inherent in the Company's structure, the shareholders enjoyed a rise in value of
20.2% (including net dividends), even though the discount to net asset value
ended the year as it had begun, at 7.1%. The price of the zero dividend
preference shares rose by only 5.1%, with the premium over net asset value
falling from 4.7% to 1.6% as the end of the Company's life came nearer.  The
value of a unit, consisting of two ordinary shares and one zero dividend
preference share, increased by 15.7% (including net dividends).

Hurdle Rate

The Hurdle Rate measures the amount by which the total assets of the Company
have to grow each year in order to return the current share price to ordinary
shareholders when the Company winds up in February 2008. At 28th February 2007,
the Hurdle Rate required to return the current ordinary share price of 138.25p
was 3.9% per annum, and to return the original 100p subscription price was -
12.1% per annum.

At 24th April 2007, the relevant hurdle rates were 3.3% and -20.8% respectively.

Revenue and Dividends

Revenue for the year, after taxation, was £6,458,000 and earnings per ordinary
share were 8.92p.

A fourth interim dividend of 3.00p per ordinary share was paid on 2nd April 2007
to ordinary shareholders and unitholders on the register at the close of
business on 2nd March 2007. That dividend, together with the three interim
dividends previously paid, each of 1.75p per ordinary share, brings the total
payment for the year to 8.25p per ordinary share.

In the absence of unforeseen circumstances, it is the Board's intention to
increase the interim dividends from 1.75p to 2.00p per ordinary share.

Future Policy

As explained in last year's Annual Report, the Board decided in late April and
early May 2006 to reduce the Company's unusually high percentage in equities.
The market since then has been volatile, and the Board has been content to
remain in a less exposed position as the end of the Company's life draws nearer.
For the time being at least, the Board sees no need to change the Company's

In this and other ways, the Board are reviewing closely how best to serve the
interests of shareholders before and after 29th February 2008.

Corporate Governance

The Board believe that the Company operates in full accordance with best
practice in corporate governance and has put in place procedures to ensure that
the Company complies with the Combined Code and the AIC Code on Corporate

In January this year, the Nomination Committee of the Board met and carried out
an evaluation of the Directors, the Chairman, the Board itself and its
committees, the results of which were satisfactory. The Board also carried out a
thorough review of the services provided by the Manager. Following this review,
the Board has concluded that the continued appointment of the Manager is in the
interests of shareholders.

Business Review

It is now a requirement that companies include a Business Review within the
Directors' Report.  The Company's Business Review for the year ended 28th
February 2007 includes information on the measures that the Board uses to assess
the Company's performance ('Key Performance Indicators') and the principal risks
faced by the Company.

Share Repurchase Facility

At last year's Annual General Meeting, shareholders granted the Directors
authority to repurchase the Company's shares for cancellation, such authority to
expire at the earlier of 24th January 2008 or the conclusion of the Annual
General Meeting of the Company in 2007. During the year the Company repurchased
a total of 1,765,000 ordinary shares for cancellation at a weighted average
discount to net asset value of 9.0%. This has added approximately 0.3p per
ordinary share to the net asset value for continuing shareholders. No zero
dividend preference shares were repurchased during the year. Since the year-end,
an additional 785,000 ordinary shares have been repurchased for cancellation.
The Board recommend that the repurchase authority be kept in place to be used as
and when appropriate in the interests of shareholders, and is seeking approval
from shareholders to renew the authority at the forthcoming Annual General
Meeting, up to the end of the Company's life on 29th February 2008.

Board of Directors

In accordance with the Company's Articles of Association, Sir Laurence Magnus is
required to retire from the Board by rotation at this year's Annual General
Meeting. His colleagues on the Board believe that he makes a very important
contribution to the Company's affairs and strongly recommend that shareholders
vote for his re-election.

I am also required to retire by rotation this year, but I will not be seeking
re-election. Having been Chairman of the Company since its formation and of its
predecessor company Fleming Income & Capital Investment Trust throughout its
life, I have been around quite long enough. The Board have agreed unanimously
that my successor should be Sir Laurence Magnus, which helps to explain why they
are so keen that you should re-elect him. If you do, I know that he will prove
to be a most excellent Chairman, and I hope that he enjoys the job as much as I
have done.

Following my retirement and that of James Roe last year, the Board will number
five, and I understand that there is no intention to change that during the
remainder of the Company's life.

Directors' Fees

As explained in the Directors' Remuneration Report in the Annual Report, there
was no increase in Directors' fees during the year under review.

Annual General Meeting

The Annual General Meeting will be held at Salters' Hall, 4 Fore Street, London
EC2Y 5DE at 3.00 p.m. on Tuesday 31st July 2007. The format of the meeting will
be similar to that of last year, and will include a presentation from the
Investment Manager on investment policy and performance. There will also be the
usual opportunity for shareholders to meet the Board and representatives of
JPMorgan after the meeting.

Sir Charles Nunneley
Chairman, 25th May 2007

For further information please contact:

Lucy Dina
JPMorgan Asset Management (UK) Limited
Telephone 0207 742 6000

JPMorgan Income and Capital Investment Trust plc
Unaudited figures for the year ended 28th February 2007

Income Statement

                                               (Unaudited)                          (Audited)
                                                   2007                                 2006
                                   Revenue      Capital         Total     Revenue    Capital       Total
                                     £'000        £'000         £'000       £'000      £'000       £'000
Gains from investments held at
fair value through profit or
loss                                     -       16,857        16,857           -     32,343      32,343
Net foreign currency losses              -            -             -           -      (132)       (132)
Income from investments              6,511            -         6,511       6,026          -       6,026
Other interest receivable and
similar income                       1,710            -         1,710         976          -         976
Gross return                         8,221       16,857        25,078       7,002     32,211      39,213

Management fee                       (712)      (1,069)       (1,781)       (604)      (906)     (1,510)
Other administrative expenses        (399)            -         (399)       (405)          -       (405)
Net return on ordinary
activities before finance
costs and taxation (note 2)          7,110       15,788        22,898       5,993     31,305      37,298

Interest payable                         -            -             -         (1)        (2)         (3)

Dividends on ordinary shares       (5,264)            -       (5,264)     (5,366)          -     (5,366)

Net return on ordinary
activities before taxation           1,846       15,788        17,634         626     31,303      31,929

Taxation                             (652)          321         (331)       (199)        199           -

Net return on ordinary
activities after taxation            1,194       16,109        17,303         427     31,502      31,929

Return per ordinary share            8.92p       12.54p        21.46p       7.86p     33.90p      41.76p
(note 3)

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. 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 Income and Capital Investment Trust plc
Unaudited figures for the year ended 28th February 2007

BALANCE SHEET                                                           (Unaudited)            (Audited)
                                                                 28th February 2007   28th February 2006
                                                                              £'000                £'000
Fixed assets
Investments at fair value through profit or loss                            196,066              171,953

Current assets
Debtors                                                                       1,052                3,009
Cash and short term deposits                                                  2,764                9,948
                                                                            _______              _______
                                                                              3,816               12,957

Creditors : amounts falling due within one year                               (515)                (298)
Derivative instruments                                                        (260)                (617)

Net current assets                                                            3,041               12,042
                                                                            _______              _______
Total assets less current liabilities                                       199,107              183,995

Provision for liabilities and charges
Deferred taxation                                                              (24)                    -
                                                                            _______              _______
Total net assets attributable to shareholders                               199,083              183,995
                                                                              =====                =====

Zero dividend preference shareholders                                        92,715               85,679
Founder shareholders                                                             12                   12
Ordinary shareholders                                                       106,356               98,304
                                                                            _______              _______
                                                                            199,083              183,995
                                                                              =====                =====                
Net asset value per  share (note 4)
Per zero dividend preference share                                           142.5p               131.6p
Per ordinary share                                                           148.8p               134.3p

JPMorgan Income and Capital Investment Trust plc
Unaudited figures for the year ended 28th February 2007

                                                                        (Unaudited)            (Audited)
                                                                 28th February 2007   28th February 2006
                                                                              £'000                £'000

Net cash inflow from operating activities                                     5,154                6,152

Net cash outflow from returns on investments and servicing of               (5,264)              (5,369)

Taxation                                                                       (78)                (139)

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                        (4,853)                6,089

Net cash outflow from financing                                             (2,143)              (1,234)
                                                                            _______               ______
(Decrease) / increase in cash for the year                                  (7,184)                5,499
                                                                              =====                 ====

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' issued by the AIC in December 2005.

The accounts have been prepared on the historical costs basis of accounting
except for the measurement at fair value of investments.

All of the Company's operations are of a continuing nature.

2. Dividends
                                                                           (Unaudited)            (Audited)
                                                                            Year ended           Year ended
                                                                    28th February 2007   28th February 2006
                                                                                 £'000                £'000

Fourth quarterly dividend of 2.00p (2005:2.00p)                                  1,464                1,493
First quarterly dividend of 1.75p (2006: 1.75p)                                  1,278                1,307
Second quarterly dividend of 1.75p (2006: 1.75p)                                 1,261                1,284
Third quarterly dividend of 1.75p (2006: 1.75p)                                  1,261                1,282
Total dividend paid in the financial year                                        5,264                5,366

Fourth quarterly dividend of 3.00p payable (2006: 2.00p)                         2,144                1,464

In accordance with the accounting policy of the Company, the fourth quarterly
dividend will be reflected in the accounts for the year ended 28th February

3. Return per ordinary share

Return per ordinary share is based on the weighted average number of ordinary
shares in issue during the year of 72,369,669 (2006: 73,734,765) and the
following figures:

                                                                           (Unaudited)            (Audited)
                                                                            Year ended           Year ended
                                                                    28th February 2007   28th February 2006
                                                                                 £'000                £'000
Revenue return per ordinary share
Transfer to reserves                                                             1,194                  427
Add back dividends on ordinary shares                                            5,264                5,366
Attributable to ordinary shareholders                                            6,458                5,793
Revenue return per ordinary share (pence)                                         8.92                 7.86

Capital return per ordinary share
Transfer to reserves                                                            16,109               31,502
Less amount attributable to zero dividend preference shareholders              (7,036)              (6,503)
Attributable to ordinary shareholders                                            9,073               24,999
Capital return per ordinary share (pence)                                        12.54                33.90

Total return per ordinary share
Transfer to reserves                                                            17,303               31,929
Add back dividends on ordinary shares                                            5,264                5,366
Less amount attributable to zero dividend preference shareholders              (7,036)              (6,503)
Attributable to ordinary shareholders                                           15,531               30,792
Total return per ordinary share (pence)                                          21.46                41.76

4. Net asset value per share

The net assets values per share calculated in accordance with the articles of
association are as follows:

                                                           Net asset value   Net assets
                                                                 Per share attributable
                                                                      2007         2006       2007       2006
                                                                         p            P      £'000      £'000
Zero dividend preference shares                                      142.5        131.6     92,715     85,679
Ordinary shares                                                      148.8        134.3    106,356     98,304

5. 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 28th February
2007 or 2006. The statutory accounts for the year ended 28th February 2007 have
not been delivered to the Registrar of Companies, nor have the auditors yet
reported on them. The statutory accounts for the year ended 28th February 2007
will be finalised on the basis of the information presented by the directors in
this preliminary announcement and will be delivered to the Registrar of
Companies following the approval of the accounts by the Board of Directors.

25th May 2007


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            The company news service from the London Stock Exchange