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JPMorganInc&CapTst (JPI)

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Tuesday 13 July, 2010

JPMorganInc&CapTst

Interim Management Statement

RNS Number : 2563P
JPMorgan Income & Capital Trust PLC
13 July 2010
 



JPMorgan Income & Capital Trust plc

 

Interim Management Statement

 

For the three months ended 31st May 2010

 

This interim management statement relates to the quarter from 1st March 2010 to 31st May 2010 and contains information that covers that period, unless otherwise stated. 

 

Financial performance - Cumulative Total Return *

 


1 month

3 months

 

1 year

 





Net asset value

-6.2%

-2.1%

20.8%

Benchmark

-5.7%

-1.1%

23.2%

 

* Shareholder's funds total return with net dividends reinvested

Source: JPMAM/Morningstar

 

Financial position

 


As at

31st May 2010

As at

8th July 2010

Total assets (£'000)

£97.1m

£95.2m

Gearing (ordinary shares)

216.5%

223.6%

Gearing (units)

112.7%

115.8%

 

Ordinary Shares

 

As at

31st May 2010

As at

8th July 2010

Net assets (£'000)

£43.7m

£41.5m

Net asset value per share

62.9p

61.5p

Share  price

65.3p

64.5p

Discount (-) / Premium (+)

+3.8%

+4.9%

 

Zero Dividend Preference Shares

As at

31st May 2010

As at

8th July 2010

Net assets (£'000)

£53.4m

£53.7m

Net asset value per share

115.8p

116.5p

Share  price

109.3p

109.0p

Discount (-) / Premium (+)

-5.7%

-6.4%

 

 

 

 

 

 

 

 

Share prices shown are closing bid

Net asset values are shown with debt at fair value

Source: JPMAM/Morningstar

 

 

 

Material transactions

 

Changes to share capital

 


Issued Ordinary Shares of 1p

Issued Zero Dividend Preference Shares of 1p




Shares in issue as at 1st March 2010

67,506,782

46,087,200

Shares bought back and cancelled

-

-

Shares bought back into treasury

-

-

Shares issued - from treasury

-

-

Shares issued

-

-

As at 31st May 2010

67,506,782

46,087,200

 

During the quarter, the Company did not repurchase or issue any shares.

 

Declaration of Dividends and AGM Statement

 

On 29th June 2010 the Directors declared that a first interim dividend of 1.25 pence per ordinary share for the year ending 28th February 2011 would be paid on 30th July 2010 to shareholders on the register at the close of business on 9th July 2010.

 

At the AGM on 6th July 2010, the Chairman made the following statement:

 

"Having reviewed its revenue forecast for the remainder of the financial year ending 28 February 2011, and after taking account of the suspension of dividend payments by BP plc, the Board confirms its intention, in the absence of further unforeseen circumstances, to maintain dividend payments on its ordinary shares to provide ordinary shareholders with a total dividend for the year of 5 pence per ordinary share.  The Board will, if necessary, draw upon reserves attributable to ordinary shareholders in order to ensure payment of these dividends in the event that they are marginally uncovered by revenue received during the year."

 

Portfolio

 

Top ten holdings as at 31st May 2010

 

Stock name

Sector

Weight %

Royal Dutch Shell

Oil & Gas

8.2

HSBC

Financials

7.9

BP

Oil & Gas

6.5

Vodafone

Telecommunications

5.0

BHP Billiton

Basic Materials

4.4

GlaxoSmithKline

Health Care

4.2

JPMorgan Global Corporate Bond Fund

Financials

4.0

AstraZeneca

Health Care

3.6

British American Tobacco

Consumer Goods

3.4

Rio Tinto

Basic Materials

3.4

 

Sector analysis as at 31st May 2010

 


Portfolio %

Financials

21.1

Oil & Gas

17.0

Basic Materials

11.6

Consumer Services

9.7

Consumer Goods

9.6

Health Care

7.8

Industrials

7.5

Telecommunications

6.3

Fixed Interest

4.0

Utilities

2.9

Cash

2.5

Total

100.0

 

 

By order of the Board

Divya Amin, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

13th July 2010

 

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

Telephone: 020 7742 6000

 

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.

 

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.jpmincomeandcapital.co.uk 


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