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JPMorganInc&CapTst (JPI)

  Print      Mail a friend       Annual reports

Wednesday 11 May, 2011

JPMorganInc&CapTst

Final Results

RNS Number : 4312G
JPMorgan Income & Capital Trust PLC
11 May 2011
 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN INCOME AND CAPITAL TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 28TH FEBRUARY 2011

 

Chairman's Statement

 

Introduction and Performance

The Company's performance benefited significantly from a recovery in markets during the second half of the reporting period after a flat first half that followed the strong performance by UK equities over the previous financial year. The total return (return on investments including income received) on the Company's assets was +16.8% for the year to 28th February 2011. This compares favourably with a total return of +15.9% recorded by the composite benchmark (comprising 90% FTSE 350 index and 10% Barclays Capital Global Corporate Bond Index in sterling terms) for the same period.

 

The Company's investment managers have at times faced extremely volatile economic and market conditions during the year. The overweight allocation of the Company's assets to equities relative to our benchmark contributed to a marginal relative out-performance by the Company during a period when the UK equity market was rising. The valuations of our portfolio companies benefited from strong corporate earnings which, overall, were sufficient to neutralise the negative developments at one of our largest holdings, BP.

 

The Investment Managers' report gives a more detailed commentary about the markets and conditions experienced during the reporting period and the outlook for the current financial year.

 

Share Price Performance

The prices of the Company's two classes of share and of its units comprising two Ordinary shares and one ZDP compared with those at the last year-end date were as follows:

 


28th February 2011

28th February 2010



Premium/




Share Prices

(Discount)

Share Prices

Discount

ZDP

123.6p

1.6%

111.5p

(2.2)%

Ordinary

74.0p

(11.2)%

68.0p

(2.2)%

Units

273.0p

(5.3)%

246.0p

(2.8)%

               

As at 5th May 2011, the prices of ordinary shares, units and ZDPs were at premium[/ (discount)] of (11.5)%, (5.1)% and 0.8% respectively.

 

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 2018. At 28th February 2011, the Hurdle Rate required to return the Ordinary share price of 74.0p was 3.0% per annum and the Hurdle Rate required to return an Ordinary share price of 100.0p was 5.8% per annum. At 28th February 2011, the Hurdle rate required to return the Final Capital Entitlement of the ZDP shares of 192.13p was -2.9% per annum.

 

At 5th May 2011, the Hurdle Rate required to return the current Ordinary share price of 73.38p was 3.0% per annum and to return the Final Capital Entitlement of the ZDP shares of 192.13p was -3.5% per annum.

 

Total Return, Revenue and Dividends

The gross total return amounted to £17,488,000 and net total return after interest, administrative expenses and taxation, but before dividends and attributions, amounted to £16,204,000. Distributable income for the period amounted to £3,559,000 (5.3p per Ordinary share).

 

A fourth interim dividend of 1.25p per Ordinary share was paid on 28th April 2011 to Ordinary shareholders and Unitholders on the register at the close of business on 1st April 2011. That dividend, together with the three interim dividends previously paid, each of 1.25p per Ordinary share, brings the total payment for the period to 5.00p per Ordinary share.

 

The undistributed revenue reserves, after allowing for the payment of the above dividends, amount to £805,000. The Board anticipates that, in the absence of unforeseen circumstances, the Company will be in a position marginally to increase the level of quarterly dividends during the current financial year ending 28th February 2012, from 1.25p per Ordinary share to 1.30p per Ordinary share (making a total of 5.20p per Ordinary share for the full year).

 

The Board

The Board has put in place procedures to ensure that the Company complies fully with the revised Combined Code and the AIC Code on Corporate Governance.

 

Richard Hills and I will retire by rotation at this year's Annual General Meeting. We, being eligible, offer ourselves for re-election. The Board recommends our re-election.

 

Annual General Meeting

The Directors and I look forward to welcoming shareholders to the second Annual General Meeting, which will be held at The Armourers' Hall, 81 Coleman Street, London EC2R 5BJ on 5th July 2011 at 3.00 p.m. The Investment Managers will make a presentation to shareholders, reviewing the previous financial year and commenting on the outlook for the current financial year. It would be helpful if shareholders could submit, in advance, in writing any detailed or technical questions that they wish to raise at the Annual General Meeting to the Company Secretary at Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ.

 

Outlook

Since the year end, the Investment Managers have slightly reduced the proportion of total assets allocated to equities from 97% to 94%. This reflects increasing uncertainty about the outlook for the global economy caused by a number of factors:

 

-      the aftermath of the earthquake in Japan and the associated leaks of radiation from various nuclear facilities,

 

-      the continuing tension in the Middle East and the associated implications for oil supplies and energy prices,

 

-      the implementation of fiscal austerity measures in the UK and Continental Europe and the consequences for consumer demand and capital investment and;

 

-      the continuing and growing imbalance between the trade and fiscal deficits of the developed nations, most particularly the USA, and the surpluses of developing nations,  most particularly China.

 

The Board believes that the Company's equity portfolio includes a range of companies which are well placed to face up to these multiple uncertainties, offering attractive income and growth opportunities.

 

 

Sir Laurence Magnus Bt

Chairman                                                                                                                                                               11th May 2011

 


Investment Managers' Report

 

Market Review

The twelve months to the end of February 2011 were highly eventful - yet ultimately profitable - for UK investors. The FTSE 350 Index (excluding investment trusts) delivered a positive return of +16.9% over the year, as robust corporate profits growth and an improving global economic backdrop boosted equities. The Barclays Capital Global Corporate Bond Index (sterling hedged) was 5.9% higher over the twelve months. This strong performance by UK equities followed on from the remarkable recovery that had been experienced over the previous twelve months, when the market rose by 47.0%. However, the first and second half years of our most recent financial year delivered contrasting returns, with equities rising by just +0.3% during the six months to the end of August, before strengthening in the second half to deliver a return of +16.6% in the six months to the 28th February 2011.

 

UK stocks initially struggled to make headway amid global economic uncertainty. Investors were particularly worried during the spring and summer of 2010 about the lack of growth in the world's largest economy, the US, where a weak labour market threatened to bring about a dreaded double-dip recession. However, sentiment was subsequently lifted by the announcement of another round of quantitative easing from the US Federal Reserve, which began pumping an additional US$ 600 billion into the US economy in November via its asset purchase programme. Stronger US data began to emerge towards the end of 2010, raising hopes that the US economy would lead a broader revival across developed markets in 2011.

 

Eurozone sovereign debt fears gnawed away at investor confidence throughout the review period. Markets were volatile in April 2010 as the Greek government was forced to accept a EUR 110 billion bailout from the European Union and International Monetary Fund. Ireland was bailed out in November to the tune of EUR 85 billion as the cost of government support for the ailing Irish banking system spiralled.

 

Investors also fretted over the outlook for the UK economy as the newly elected Conservative-led coalition government set about implementing comprehensive budget cuts to try and eliminate the UK's burgeoning budget deficit. These worries over growth intensified following the release of disappointing UK fourth-quarter 2010 GDP data, which showed that the UK economy had contracted by 0.5% over the final three months of the year. The poor performance was caused by a slump in construction and retail spending, which the government attributed to the freezing winter weather. Forward indicators suggested that growth would bounce back in 2011, with manufacturing output coming in particularly strongly supported by a weaker pound and strong foreign demand.

 

The uncertain economic backdrop supported the case for the Bank of England to keep interest rates on hold at a record low throughout the year, despite inflation remaining persistently high. In February 2011, UK consumer prices rose 4.4% year on year, marking the fourteenth successive month that inflation had been above the central bank's 2.0% target, and contributing to further concerns that interest rates could be about to rise. However, the Bank of England's February Inflation Report eased fears of a significant tightening of UK monetary policy, emphasising the challenges faced by the UK economy as well as the uncertain future path of inflation.

 

The key corporate news story of the year was the explosion of BP's Deepwater Horizon platform in the Gulf of Mexico on 20th April 2010 and the consequent battle to control the oil leak. BP's share price fell significantly and the company suspended its dividend amid uncertainty over the costs of the disaster, both in monetary terms and in the damage done to the company's reputation. The share price recovered some of the lost ground by the end of the year, but its profitability was severely impacted, and it did not re-start its dividend until February 2011. Otherwise, this financial year saw a broad recovery in dividend payments from UK companies as profitability improved and credit conditions continued to ease. Overall, corporate UK had a good year with corporate earnings data being stronger than expected throughout the reporting seasons, boosted by cost cutting and more latterly by revenue growth. This strong earnings growth trend supported the valuation of the equity market throughout the second half of the year.

 

Portfolio Review

We maintained an overweight position in equities relative to the portfolio's composite benchmark throughout the financial year. This decision was predicated on continued positive news flow with earnings mostly beating expectations and growth prospects being revised upwards. Since the half year report we have reduced our holding in the JP Morgan Global Corporate Bond Fund and invested the proceeds into direct equities given our positive view on the outlook for the UK equity market. However, we continue to see the fund as a diversified way of enhancing the income yield whilst benefiting from corporate recovery.

 

In terms of the direct equity portfolio, since the interim report we have bought a number of stocks that were delivering strong earnings recoveries, such as the speciality chemicals group Victrex, which was benefiting from increased demand for its products. Additionally, we added to some of our general insurance and life assurance stocks, such as Lancashire Holdings and Aviva as their valuations remained compelling in light of their strengthening earnings outlooks. We also introduced a number of lower yielding, more capital growth oriented stocks into the portfolio. For instance we purchased a position in the automobile stock GKN, and also a position in the low yielding major oil stock, BG, which has a strong focus on oil exploration. We also added to our position in Rio Tinto, as one of our favoured mining stocks, which is benefiting from the rapid urbanisation and industrialisation of China and India and the consequent demand for the metals it produces.

 

By contrast, we sold our positions in most of the general retail stocks during the early autumn (Halfords and Next) as the outlook for consumer spending began to deteriorate, alongside the early signs of rising input costs which would adversely impact the margins of these companies and hence their profitability. We also sold our positions in the eponymous soft drinks producer, Britvic. The rising cost of raw materials such as plastic for their packaging is causing a squeeze on their margins and therefore downgrades to their earnings' outlook. Our decisions to buy and sell stocks are based on our search for stocks that are cheap, experiencing positive news-flow and benefiting from strong earnings growth, whilst also offering attractive dividends. As such, portfolio construction is determined by bottom-up stock selection.

 

Performance Review

In the year to 28th February 2011 the Company's overall portfolio return performed favourably, rising by +16.8% over the twelve months in comparison with the composite benchmark's return of +15.9%. The Company benefited from its overweight allocation to equities as the UK equity market continued to rise, whilst the underlying equity portfolio also contributed positively. The combination of the two styles that we focus on when selecting stocks (being overweight in both value and growth) contributed positively to returns. The outperformance was driven predominantly by the growth side of the portfolio, with some of our more cyclical, but low yielding stocks delivering very strong returns.

 

In terms of contributors to performance over the twelve months, our active positions in some of the industrial engineers that we own contributed very strongly, with Weir Group rising by 119% over the year whilst IMI rose by 57%. Other strong industrial performers included the chemicals group, Elementis, which rose by 116% and the aerospace stock, Senior, which rose by 91%. The mining sector once again performed very strongly and our holding in the Chilean copper miner, Antofagasta, rose by 59%. By contrast, not owning the more diversified international miner, Anglo American, was detrimental to performance as this stock increased by 39% over the twelve months. Some of our high yielding stocks also delivered strong returns over the period, including the oil major Royal Dutch Shell and the telecom stock, BT Group, which were positive contributors to performance, both in terms of share price performance (+28% and +59% respectively) and also their premium dividend yields. By contrast, despite the active reduction in our position, BP was a detractor to performance during our financial year. Not owning the technology hardware stock, Arm Holdings, another minimal yielder, was a further negative contributor to relative performance as its share price rose over 203% over the year. However, overall the underlying UK stock selection of the portfolio contributed positively to the Trust's returns over this financial year.

 

Market Outlook

There is plenty for investors to worry about at the moment and stock market performance could remain volatile in the short term. Among the biggest concerns is the political situation in the Middle East and North Africa, where the escalation of violence in Libya could mark a difficult phase for both stock markets and the world economy. Investors are worried about the impact on economic growth if the violence spreads to other important oil-producing countries, leading to a further sharp rise in oil prices. Added to this, the devastating earthquake that hit Japan in mid March has caused further uncertainty. Investors are likely to remain nervous until the nuclear threat and the economic effect become clearer. Yet, while the impact on Japan is likely to be severe in the short term, the earthquake is unlikely to derail the global economy. If the Middle East unrest remains contained, then the economic recovery should continue.

 

In the UK, the fragility of the economic recovery and the high level of inflation make policy decisions by the Bank of England more challenging. Although inflation above 4% looks alarming, it can be largely attributed to high commodity prices and tax rises. As long as wage growth remains contained and the economic outlook remains below trend, interest rates would be expected to remain low. Positive, albeit weak, economic growth and low interest rates should support corporate profits and provide a benign backdrop for equities.

 

Having delivered earnings growth in excess of 40% in 2010, the current consensus expectation is for UK earnings to grow by a further 15% in 2011. Stocks remain supported by robust earnings forecasts and attractive valuations. Despite the positive returns from UK equities last year, the market currently trades well below its long term average, based on forecast earnings.

 

Large-cap stocks in particular offer attractive income and growth opportunities, supported by high exposure to foreign demand rather than being entirely reliant on the domestic UK economy. The outlook for UK dividend payments is also positive. With BP (the largest contributor to UK dividends in 2009) announcing in early February the reinstatement of its dividend, dividend payouts are expected to grow solidly again this year as companies return more of their surplus cash to shareholders.

 

 

John Baker

Sarah Emly

Investment Managers                                                                                                                                         11th May 2011

 

 

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 to NAV. 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 reviews 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.

 

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 1158 ('Section 1158') of the Income and Corporation Taxes Act 2010  (formerlySection 842 of the Income and corporation Act 1988). Details of the Company's approval are given under 'Business of the Company' above. Were the Company to breach Section 1158, it might lose investment trust status and, as a consequence, gains within the Company's portfolio could be subject to Capital Gains Tax. The Section 1158 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 Acts and, since its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Acts 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 1158. 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 Directors' Report in the Company's Annual Report & Accounts.

 

Operational: 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. 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 Directors' Report in the Company's Annual Report & Accounts.

 

Financial: The financial risks faced by the Company include market price risk, interest rate risk, liquidity risk and credit risk. Bank counterparties are subject to daily credit analysis by the Manager and regular consideration at meetings of the Board.  In addition the Board receives regular reports on the Manager's monitoring and mitigation of credit risks on share transactions carried out by the Company. Further details are disclosed in note 22 of the Company's Annual Report & Accounts.

 

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.

 

Sir Laurence Magnus Bt

Chairman

11th  May 2011

 

 

Income Statement

for the year ended 28th February 2011

 


2011

2010



Revenue

Capital

Total

Revenue

Capital

Total


Notes

£'000

£'000

£'000

£'000

£'000

£'000

Gains on investments held at fair








  value through profit or loss


-

13,165

13,165

-

25,377

25,377

Income from investments


4,097

-

4,097

4,003

-

4,003

Other interest receivable and similar income


226

-

226

87

-

87

Gross return


4,323

13,165

17,488

4,090

25,377

29,467

Management fee


(338)

(506)

(844)

(286)

(429)

(715)

Other administrative expenses


(410)

-

(410)

(391)

-

(391)

Net return on ordinary activities before








  finance costs and taxation


3,575

12,659

16,234

3,413

24,948

28,361

Finance costs - appropriations for Zero Dividend








  Preference shares


-

(3,544)

(3,544)

-

(3,320)

(3,320)

Finance costs - other


(9)

(14)

(23)

(9)

(14)

(23)

Net return on ordinary activities before








  taxation


3,566

9,101

12,667

3,404

21,614

25,018

Taxation


(7)

-

(7)

-

-

-

Net return on ordinary activities after








  taxation


3,559

9,101

12,660

3,404

21,614

25,018

Return per class of share (note 3)








Return per Ordinary share


5.3p

13.5p

18.8p

5.0p

32.0p

37.0p

Return per Zero Dividend Preference share


-

7.7p

7.7p

-

7.2p

7.2p

               

Details of dividends paid and declared are given in note 2.

 

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 issued 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.

 



Reconciliation of Movements in Shareholders' Funds

 


Called up



Capital





share

Share

Other

redemption

Capital

Revenue



capital

premium

reserve

reserve

reserves

reserve

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 28th February 2009

675

3,640

60,355

8

(40,848)

2,282

26,112

Amortisation of expenses of the placing and offer








  for subscription

-

-

23

-

-

-

23

Net return on ordinary activities

-

-

-

-

21,614

3,404

25,018

Dividends payable in the year

-

-

-

-

-

(4,220)

(4,220)

At 28th February 2010

675

3,640

60,378

8

(19,234)

1,466

46,933

Listing fee for potential future share issues

-

-

-

-

(5)

-

(5)

Amortisation of expenses of the placing and offer








  for subscription

-

-

23

-

-

-

23

Net return on ordinary activities

-

-

-

-

9,101

3,559

12,660

Dividends payable in the year

-

-

-

-

-

(3,376)

(3,376)

At 28th February 2011

675

3,640

60,401

8

(10,138)

1,649

56,235

 

 



Balance Sheet

at 28th February 2011

 



2011

2010


Notes

£'000

£'000

Fixed assets




Investments held at fair value through profit or loss


110,810

97,885

Investments in liquidity funds held at fair value through profit or loss


640

770



111,450

98,655

Current assets




Debtors


1,041

585

Cash and short term deposits


276

390



1,317

975

Creditors: amounts falling due within one year


(440)

(154)

Derivative instruments held at fair value through profit or loss - written options


(31)

(26)

Net current assets


846

795

Total assets less current liabilities


112,296

99,450

Creditors: amounts falling due after more than one year




Capital entitlement of the Zero Dividend Preference shareholders


(56,061)

(52,517)

Net assets


56,235

46,933

Capital and reserves




Called up share capital


675

675

Share premium


3,640

3,640

Other reserve


60,401

60,378

Capital redemption reserve


8

8

Capital reserves


(10,138)

(19,234)

Revenue reserve


1,649

1,466

Equity shareholders' funds


56,235

46,933

Net asset values per share




Zero Dividend Preference share


121.6p

114.0p

Ordinary share


83.3p

69.5p

               

 

Company registration number: 6453183

 



Cash Flow Statement

for the year ended 28th February 2011

 



2011

2010


Notes

£'000

£'000

Net cash inflow from operating activities


3,270

2,945

Taxation




Corporation tax paid


-

(33)

Capital expenditure and financial investment1




Purchases of investments


(36,112)

(38,137)

Sales of investments


36,146

39,583

Other capital charges


(5)

(6)

Settlement of futures contracts


(32)

-

Income from options taken to capital


-

53

Net cash (outflow)/inflow from capital expenditure and




  financial investment


(3)

1,493

Dividends paid


(3,376)

(4,220)

Net cash (outflow)/inflow before financing


(109)

185

Financing




Listing fee for potential future share issues


(5)

-

Net cash outflow from financing


(5)

-

(Decrease)/increase in cash for the year


(114)

185

               

1Includes investment in equities, fixed interest securities, liquidity funds and options.

 



Notes to the Accounts

for the year ended 28th February 2011

 

1.             Accounting policies

 

                Basis of accounting

                The accounts are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the AIC in January 2009.

 

                The accounts have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of investments at fair value.

 

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

 

                The policies applied in these accounts are consistent with those applied in the preceding year.

 

2.             Dividends

 

                Dividends paid and declared

 


2011

2010


£'000

£'000

Fourth quarterly dividend paid of 1.25p  (2010: 1.25p)

844

844

Special dividend of nil (2010: 1.25p)

-

844

First quarterly dividend paid of 1.25p (2010: 1.25p)

844

844

Second quarterly dividend paid of 1.25p (2010: 1.25p)

844

844

Third quarterly dividend paid of 1.25p (2010: 1.25p)

844

844

Total dividends paid in the year

3,376

4,220

Fourth quarterly dividend declared of 1.25p (2010: 1.25p)

844

844

               

                The fourth quarterly dividend has been declared in respect of the year ended 28th February 2011 and is subject to approval at the forthcoming Annual General Meeting. In accordance with the accounting policy of the Company, this dividend will be reflected in the accounts for the year ending
28th February 2012.

 



3.             Return per class of share

 

                Return per Ordinary share is based on the following:

 


2011

2010


£'000

£'000

Revenue return

3,559

3,404

Capital return

9,101

21,614

Total return

12,660

25,018

Weighted average number of Ordinary shares in issue

67,506,782

67,506,782

Revenue return per share

5.3p

5.0p

Capital return per share

13.5p

32.0p

Total return per share

18.8p

37.0p

               

                Return per Zero Dividend Preference share is based on the following:

 


2011

2010


£'000

£'000

Capital growth entitlement

3,544

3,320

Weighted average number of Zero Dividend Preference shares in issue

46,087,200

46,087,200

Return per share

7.7p

7.2p

               

 

4.             Net asset values per share

 

                The net asset values per share calculated in accordance with the Articles of Association are as follows:

 


2011

2010


Net asset

Net assets

Net asset

Net assets


value per

attributable

value per

attributable


share in pence

£'000

share in pence

£'000

Zero Dividend Preference shares

121.6p

56,061

114.0p

52,517

Ordinary shares

83.3p

56,235

69.5p

46,933

               

 



 

5. Status of announcement

 

2010 Financial Information

The figures and financial information for 2010 are extracted from the published Annual Report and Accounts for the year ended 28th February 2010, and do not constitute the statutory accounts for that year.  The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

 

2011 Financial Information

The figures and financial information for 2011 are extracted from the Annual Report and Accounts for the year ended 28th February 2011 and do not constitute the statutory accounts for the year.  The Annual Report and Accounts includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.  The Annual Report and Accounts will be delivered to the Registrar of Companies in due course.

 

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

 

A copy of the annual report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.hemscott.com/nsm.do

 

The annual report will also shortly be available on the Company's website atwww.jpmincomeandcapital.co.uk  where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 

 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

 

 


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