Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

JP Morgan Overseas (JMO)

  Print      Mail a friend       Annual reports

Tuesday 25 September, 2007

JP Morgan Overseas

Final Results

JPMorgan Overseas IT PLC
25 September 2007

                          STOCK EXCHANGE ANNOUNCEMENT



Financial Highlights

     Total return to shareholders           Total return on net assets              Benchmark total return

                +12.5%                                +11.3%                                +13.9%
            (2006: +25.0%)                        (2006: +17.6%)                        (2006: +13.3%)

Chairman's Statement

JPMorgan Overseas Investment Trust plc (the 'Company') today announces its
results for the year to 30th June 2007.

The Company delivered a positive return on net assets of +11.3% for the year
ended 30th June 2007. The return to shareholders was slightly higher at +12.5%,
reflecting a small narrowing of the discount at which the Company's shares trade
to its net asset value.

Although this positive return to Shareholder's was satisfactory, it was lower
than the return on the Company's benchmark, the MSCI World Index expressed in
sterling terms, of +13.9%. The shortfall in the Company's performance against
the benchmark was largely attributable to disappointing stock selection.

During the year under review, the Board has endeavoured to maintain the discount
at around 5% by means of repurchases of the Company's shares in the market. A
resolution to renew the authority to permit the Company to repurchase shares
will be submitted to the Annual General Meeting.

The Board maintains a close watch on the costs of operating the Company to
ensure that they are kept to a minimum. The Company's total expense ratio, (the
proportion that its management expenses represent of its market capitalisation)
continues to be the lowest within its peer group at 0.45%. While some of the
Company's expenses will vary with its size, there are, nevertheless, other
expenses that are fixed. High levels of share buybacks could, over time, have a
detrimental effect on the total expense ratio and the Board will continue to
monitor this figure to ensure that it remains within acceptable parameters.

Shareholders are invited to attend the Company's Annual General Meeting which
will be held at Trinity House, Tower Hill, London EC3N 4DH on Thursday 22nd
November 2007 at 12 noon. The investment manager, Ed Walker, will review the
past year and comment on the outlook for the current year. Shareholders who are
unable to attend the AGM in person are encouraged to use their proxy votes.

George Paul

25th September 2007

JPMorgan Overseas Investment Trust plc
Unaudited figures for the year ended 30th June 2007

Income Statement

                                           (Unaudited)                            (Audited)

                                    Year ended 30th June 2007                 Year  ended 30th June 2006
                                        Revenue      Capital         Total    Revenue    Capital      Total
                                          £'000        £'000         £'000      £'000      £'000      £'000

Gains from investments held at fair
value through profit or loss                  -       15,433        15,433          -     69,797     69,797
Net foreign currency losses                   -         (68)          (68)          -       (32)       (32)
Income from investments                   4,429            -         4,429      6,982          -      6,982
Other interest receivable and
similar income                              156            -           156        422          -        422
Gross return                              4,585       15,365        19,950      7,404     69,765     77,169

Management fee                            (457)        (457)         (914)      (755)      (755)    (1,510)

Performance fee                               -        1,287         1,287          -    (2,147)    (2,147)
Other administrative expenses             (439)            -         (439)      (525)          -      (525)

Net return on ordinary activities
before finance costs and taxation         3,689       16,195        19,884      6,124     66,863     72,987
Finance costs                              (10)         (10)          (20)       (28)       (27)       (55)

Net return on ordinary activities
before taxation                           3,679       16,185        19,864      6,096     66,836     72,932
Taxation                                  (458)            -         (458)      (639)          -      (639)

Net return on ordinary activities
after taxation                            3,221       16,185        19,406      5,457     66,836     72,293

Return per share (note 2)                 9.69p       48.68p        58.37p      8.88p    108.75p    117.63p

Dividends proposed in respect of the financial year ended 30th June 2007
total 10.0p per share (2006: 12.5p per share including

4.0p per share special dividend) costing £3,049,000 (2006: £4,532,000).

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 Overseas Investment Trust plc
Unaudited figures for the year ended 30th June 2007

Reconciliation of Movements in Shareholders' Funds (Unaudited)

                                         Called up       Capital
                                             Share    redemption      Capital     Revenue
                                           capital       reserve      reserve     reserve         Total
                                             £'000         £'000        £'000       £'000         £'000

At 30th June 2005                           17,435        16,510      323,878      18,030       375,853
Adjustment to shareholders' funds at
1st July 2005 to reflect the adoption
of bid prices                                    -             -        (301)           -         (301)


Shares bought back and cancelled           (8,371)         8,371    (214,720)           -    (214,720))
Net return on ordinary activities                -             -       66,836       5,457       72,293
Dividends appropriated in the year               -             -            -     (5,546)       (5,546)
At 30th June 2006                            9,064        24,881      175,693      17,941       227,579

Shares bought back and cancelled           (1,442)         1,442     (35,040)           -      (35,040)
Net return on ordinary activities                -             -       16,185       3,221        19,406
Dividends appropriated in the year               -             -            -     (4,202)       (4,202)
At 30th June 2007                            7,622        26,323      156,838      16,960       207,743

JPMorgan Overseas Investment Trust plc
Unaudited figures for the year ended 30th June 2007

BALANCE SHEET                                                           (Unaudited)            (Audited)
                                                                     30th June 2007       30th June 2006
                                                                              £'000                £'000
Fixed assets
Investments at fair value through profit or loss                            208,170              226,520

Current assets
Debtors                                                                       3,067                  716
Cash and short term deposits                                                     84                3,743
                                                                            _______              _______
                                                                              3,151                4,459

Creditors : amounts falling due within one year                             (2,962)              (1,483)

Net current assets                                                              189                2,976
                                                                            _______              _______
Total assets less current liabilities                                       208,359              229,496

Creditors : amounts falling due after more than one year                      (200)                (200)
Provisions for liabilities and charges                                        (416)              (1,717)
                                                                            _______              _______
Total net assets                                                            207,743              227,579
                                                                              =====                =====
Capital and reserves
Called up share capital                                                       7,622                9,064
Capital redemption reserve                                                   26,323               24,881
Capital  reserve                                                            156,838              175,693
Revenue reserve                                                              16,960               17,941
                                                                            _______              _______
Shareholders' funds                                                         207,743              227,579
                                                                              ====                =====                 
Net asset value per  share                                                   681.4p               627.7p

CASH FLOW STATEMENT                                                     (Unaudited)            (Audited)
                                                                     30th June 2007       30th June 2006
                                                                              £'000                £'000

Net cash inflow from operating activities                                     2,250                4,213

Net cash outflow from returns on investments and servicing of                  (20)                 (55)
Taxation recovered                                                                8                   42

Net cash inflow from capital expenditure and financial
investment                                                                   33,161              208,327
Dividends paid                                                              (4,202)              (5,546)
Net cash outflow from financing                                            (34,788)            (214,277)
                                                                            _______              _______
Decrease in cash for the year                                               (3,591)              (7,296)
                                                                              =====                 ====

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' dated 31st December 2005. All of the Company's operations are of a
continuing nature.

2. Return per share

                                                                           (Unaudited)            (Audited)
                                                                        30th June 2007       30th June 2006
                                                                                 £'000                £'000
Return per share is based on the following:

Revenue return                                                                   3,221                5,457

Capital return                                                                  16,185               66,836

Total return                                                                    19,406               72,293

Weighted average number of shares in issue                                  33,247,679           61,455,911

Revenue return per ordinary share                                                9.69p                8.88p

Capital return per ordinary share                                               48.68p              108.75p

Total return per ordinary share                                                 58.37p              117.63p

3. Net asset value per share

The net asset value per share is based on the net assets attributable to the
ordinary shareholders of £207,743,000 (2006: £227,579,000) and on the 30,489,448
(2006: 36,257,448) ordinary shares in issue at the year end.

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 30th June 2007
or 2006. The statutory accounts for the year ended 30th June 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 30th June 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 September 2007

                      This information is provided by RNS
            The company news service from the London Stock Exchange