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JPMorganInc&CapTst (JPI)

  Print      Mail a friend       Annual reports

Tuesday 22 May, 2012

JPMorganInc&CapTst

Final Results

RNS Number : 8905D
JPMorgan Income & Capital Trust PLC
22 May 2012
 



LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN INCOME AND CAPITAL TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 29TH FEBRUARY 2012

 

 

Chairman's Statement

 

Introduction and Performance

The Company achieved a positive performance during the second half of the financial year, more than compensating for the negative return reported for the first six months. The total return (movement in capital value including income received) on the Company's assets was +2.9% for the year ended 29th February, 2012. This marginally exceeded a total return of +2.3% 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. 

 

As I anticipated in the 2011 Half Year Report, the Eurozone crisis dominated news over the latter half of 2011 and the UK stock market experienced further volatility. Whilst equity markets generally have rallied since the beginning of 2012, a number of economic worries persist and market sentiment remains fragile. 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:

 


29th February 2012

28th February 2011

 



Premium/




Share Prices

(Discount)

Share Prices

Discount

ZDP

135.0p

4.0%

123.6p

(1.6)%

Ordinary

69.25p

(11.3)%

74.0p

(11.2)%

Units

269.5p

(5.8)%

273.0p

(5.3)%

     

As at 17th May 2012, the prices of Ordinary shares, Units and ZDPs were at a (discount)/premium of (7.8)%, (2.9)% and 0.2% 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 29th February 2012, the Hurdle Rate required to return the Ordinary share price of 69.25p was 3.1% per annum and the Hurdle Rate required to return an Ordinary share price of 100.0p was 4.2% per annum. At 29th February, 2011, the Hurdle rate required to return the Final Capital Entitlement of the ZDP shares of 192.13p was -3.9% per annum.

 

At 17th May 2012, the Hurdle Rate required to return the current Ordinary share price of 60.0p was 3.7% per annum and to return the Final Capital Entitlement of the ZDP shares of 192.13p was -2.8% per annum.

 

Total Return, Revenue and Dividends

The gross total return amounted to £5,114,000 and net total return after interest, administrative expenses and taxation, but before dividends and attributions, amounted to £3,716,000. Distributable income for the period amounted to £4,301,000 (6.4p per Ordinary share).

 

A fourth interim dividend of 1.40p per Ordinary share was paid on 27th April 2012 to Ordinary shareholders and Unitholders on the register at the close of business on 10th April 2012. That dividend, together with the three interim dividends previously paid, each of 1.30p per Ordinary share, brings the total payment for the year to 5.30p per Ordinary share.

 

The undistributed revenue reserves, after allowing for the payment of the above dividends, amount to £1,528,000. The Board anticipates that, in the absence of unforeseen circumstances, the Company will be in a position to maintain the level of quarterly dividends during the current financial year ending 28th February 2013, at 1.40p per Ordinary share (making a total of 5.60p per Ordinary share for the full year).

 

The Board

Roderick Collins and James West will retire by rotation at this year's Annual General Meeting. They, being eligible, offer themselves for re-election. The Board warmly recommends their re-election.

 

Annual General Meeting

The Directors and I look forward to welcoming shareholders to the third Annual General Meeting, which will be held at The Armourers' Hall, 81 Coleman Street, London EC2R 5BJ on 2nd July 2012 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

The optimism which drove global equity markets higher during the first quarter of 2012 has started to fade somewhat. Concerns remain over the future of the Eurozone area as a combination of fiscal austerity, high energy prices and political tension undermine economic confidence. Prospects for growth are uncertain, both in the UK and globally, particularly in the powerhouses of the USA and China.

 

The Investment Managers have recently reduced the proportion of total assets allocated to equities from 97% to 93% by selling down the Company's holdings in some of the more cyclically exposed securities. Whilst the Board continues to believe that it is appropriate to remain overweight in equities relative to our benchmark, it intends to keep the balance of asset allocation of the portfolio under close review.

 

Although global macro-economic developments will inevitably dominate the fortunes of your company, the Board believes that the Investment Managers have structured a portfolio of high quality securities which can help to deliver both income and growth for shareholders.

 

Sir Laurence Magnus Bt

Chairman                                                                                                                                                                                               

22nd May 2012



Investment Managers' Report

 

Market Review

The FTSE 350 ex ITs Index returned a meagre +1.6% over the 12 months to 29th February 2012. However, returns would have been much more disappointing, but for a rally in share prices in early 2012. For much of the review period, UK equities (and risk assets generally) struggled as the European sovereign debt crisis threatened to tear the eurozone apart. Concerns over Chinese and US economic growth added to the volatility of markets as domestic economic data continued to disappoint.

 

Rising risk aversion during the year sparked strong demand for the safest assets, helping to support government bonds. The yield on the ten-year UK Gilt fell to a record low of 1.96% in late December 2011 and again in mid January 2012. Investment grade credit also did well, supported by strong corporate fundamentals and ultra low interest rates as investors sought out attractive yields. The Barclays Capital Global Aggregate Corporate Bond Index hedged into sterling rose 7.8% over the 12 months to 29th February 2012.

 

Europe was the main source of concern during the review period. The region's debt crisis deepened during the early summer of 2011 as it became clear that Greece would require significantly more aid from its European partners to help it avoid a damaging debt default. At the same time, political disagreements over the implementation of spending cuts and economic reforms caused widespread investor nervousness over debt sustainability in other peripheral eurozone countries, particularly Spain and Italy. A lack of convincing action from European governments helped to fuel the uncertainty, pushing stock markets down to new lows through the summer and autumn of 2011.

 

At the same time, investors also had to contend with worries over the outlook for the US and Chinese economies. In early August, ratings agency Standard & Poor's downgraded America's triple-A credit rating in the face of deteriorating public finances and the slow pace of economic recovery - a decision precipitated by a last minute deal to increase the US debt ceiling following protracted arguments in Congress. In China, meanwhile, the central bank continued to tighten policy to cool inflation, sparking concerns that the booming Chinese economy may be overheating. Investor concerns were particularly acute due to China's large contribution to global growth, which would be at risk if the country's economy slows sharply.

 

Sentiment began to pick up at the end of 2011. Concerns over a meltdown in the eurozone eased significantly as European policymakers finally took viable measures to reduce contagion risk and provide stability. Perhaps the most important boost to confidence came from the European Central Bank (ECB), which offered unlimited three-year loans to the region's banks and loosened collateral eligibility rules to support lenders struggling under the weight of billions of euros of peripheral government bonds. The ECB's EUR 1 trillion funding programme significantly helped to reduce fears of an imminent collapse either of a European bank or even of the euro itself.

 

US and Chinese economic data also gave cause for tentative optimism in early 2012. In the US, the labour market showed meaningful signs of recovery, with initial jobless claims (the number of Americans signing on for unemployment benefits for the first time) falling to a four-year low by March 2012. The Federal Reserve provided further support, expressing its commitment to keep interest rates at record lows for an extended period. In China, softer industrial data and a drop in inflation allowed the central bank to cut the reserve requirement ratio in an effort to support growth. With inflation moderating, investors were hopeful that further easing measures could be taken to ensure the Chinese economy achieves a soft landing.

 

However, the economic situation in Europe remained bleak, with eurozone governments outdoing themselves with their commitments to austerity. Even Europe's powerhouse, Germany, recorded negative growth in the fourth quarter of 2011. Against this backdrop, the UK economy continued to zigzag. Second-quarter 2011 GDP growth came in at 0.1%, rising to 0.5% growth for the third quarter before recording a 0.3% contraction in the fourth quarter. This brought GDP growth for 2011 to a disappointing 0.9%, compared with 2.1% in 2010.

 

The Bank of England (BoE) left interest rates on hold at record lows throughout the review period and added to its asset purchase programme to try and support the economy. In September, the BoE announced another round of quantitative easing, committing to buy a further GBP 75 billion of Gilts over the following four months. In February, the bank announced it would make an additional GBP 50 billion of Gilt purchases, reflecting ongoing concerns over the weak pace of the economic recovery.

 

Portfolio Review

Our decisions to buy and sell stocks are based on our search for stocks that are cheap, experiencing positive news-flow and also offering attractive dividends. As such, portfolio construction is determined by bottom up stock selection.

 

We maintained an overweight position in equities relative to the portfolio's composite benchmark throughout the year under review. This decision was predicated on their attractive valuations, the potential for superior income growth relative to bonds and continued positive news flow from the companies that we chose to invest in. We also retained our investment in the JP Morgan Global Corporate Bond Fund as a diversified way of enhancing the income yield, but were consistently underweight in corporate bonds relative to our composite benchmark. During the first half of the year we reduced the overweight position in equities modestly, with the proceeds held in cash, as economic indicators began to deteriorate. In the early summer months we trimmed our holdings in some of the more cyclical stocks following strong performance, whilst also exiting some stocks where the outlook was likely to deteriorate, such as Daily Mail & General Trust, Hays and Premier Farnell. At the same time, we topped up existing positions in some of our attractive high yielding stocks such as BT, Drax and GlaxoSmithKline.

 

Though the outlook for economic growth did deteriorate in the latter half of calendar 2011, we continued to be successful in finding companies that were able to deliver solid profitability and experience earnings upgrades from market analysts. For instance, the world's largest banknote printer, De La Rue, saw its earnings upgraded as both sales volumes and margins came in better than expected. At the same time the valuation was supportive and the company has a healthy dividend yield of approximately 4.8%. We also bought a position in Berkeley Group which is a leading London focused residential and commercial property development company. This company enjoyed significant earnings upgrades as both the volume of new houses sold and their average selling price were greater than expected. We also added to our position in BP as its operating metrics improved, offering the prospect of dividend growth for shareholders in 2012.

 

Conversely, we sold stocks where the scope for earnings downgrades by analysts became more marked. For instance, we exited a number of the general financial stocks which no longer looked compelling such as Investec, which had a slight downturn in profit expectations, and Close Brothers. We also sold the chemicals stock, Victrex in late September and trimmed some other cyclical positions in late October, post the market rally, as the outlook for global economic growth began to weaken.

 

Performance Review

In the year to 29th February 2012 the Company's overall portfolio return was +2.9%, in comparison with the benchmark's return of +2.3% over this period. This outperformance of the benchmark was encouraging and the modestly positive absolute returns for the full financial year were a marked improvement on the negative market returns of the Company's first half year to the end of August 2011. The market continued to be volatile during the second half of the year, but equity markets delivered positive returns. The underlying stock selection of UK equities was favourable during this volatile year, whilst the impact of our asset allocation was unhelpful with corporate bonds delivering a more resilient and positive performance than equities for the year as a whole.

 

In terms of contributors to performance over the 12 months, our active positions in some of the industrial cyclical stocks that we own continued to contribute strongly to our outperformance. Filtrona, an international supplier of speciality plastic, fibre and foam products was a strong contributor to performance over the year, as was RPC Group, the manufacturer of rigid plastic containers, that we purchased early last year. Both of these industrial stocks performed strongly during our financial year, rising by 61% and 54% respectively. Some of our other key favourable stock selections included being underweight in Lloyds Banking Group and Royal Bank of Scotland, both of which significantly underperformed the rising market.

 

Some of our attractive dividend yield stocks also performed favourably during the year, including the oil major, Royal Dutch Shell, the power generator Drax Group, and the food producer, Tate & Lyle, which rose by 25%. These stocks not only had attractive valuations, but they also proved to be relatively defensive stocks during the market turmoil. However, our underweight positions in some of the other defensive stocks, such as the international brewer SABMiller and Diageo, the alcoholic beverage manufacturer, was unhelpful as these two stocks outperformed the wider market. Some of our media stocks, such as UBM and Daily Mail and General Trust, delivered poor returns (-14% and -20% respectively), whilst our holding in the hedge fund group, Man Group, was also a negative contributor to our performance. Overall the underlying stock selection of the portfolio contributed strongly to the Trust's returns over the full financial year.

 

Market Outlook

It is estimated that UK GDP growth will be in the region of 0.8% in 2012, similar to last year and well below the long term average. Indeed the Treasury estimate long-term GDP growth to be around 2.25%, which raises the question of why UK growth is so weak? The primary cause is deleveraging by the public sector. The UK government is engaged in a dramatic reduction of its budget deficit, the scale of which exceeds most other European countries and the UK's own post war history. The result has been an increase in tax and cuts in public spending, which feeds through into weak consumer confidence, low private sector investment and rising unemployment. Compounding the problem is that many other countries, particularly in the eurozone, are engaged in a similar process, which hurts our exports.

 

The good news is that the BoE is unlikely to change its key policy interest rate, which is currently at 0.5%, for the remainder of 2012. Furthermore, the BoE is actively engaged in helping the banks strengthen their balance sheets, and so start lending again, through measures such as quantitative easing.

 

Of course, many UK companies have global exposure and are not dependent purely on domestic UK demand. They can benefit from improvements in the US economy and from strong emerging market demand growth. Attractive valuations, particularly dividend yields that clearly exceed the 'risk-free' yields currently available from UK Gilts, and exposure to global demand growth, should continue to support such companies as long as the US economy continues to recover and China achieves a soft landing. The eurozone crisis also has the potential to rear its head again, given that the region's debt problems have so far only been plastered over, rather than treated effectively.

 

The UK stock market's income attractions are also well protected by high levels of dividend cover and high levels of cash on many company balance sheets. It is an encouraging sign that during calendar 2012 to date, a number of UK companies have announced dividend increases that were stronger than the market expected.

 

Sarah Emly

John Baker

Investment Managers                                                                                                                                                                        

22nd May 2012

 

 



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 Manager is free to employ the Company's gearing tactically, within a strategic range set by the Board. The Board holds a separate meeting devoted to strategy each year.

 

Market: The Company is inevitably exposed to movement in stockmarkets, both as a consequence of macro-economic trends and developments at the particular companies in which it holds securities. 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. 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

22nd  May 2012



Income Statement

for the year ended 29th February 2012

 


2012

2011

 



Revenue

Capital

Total

Revenue

Capital

Total



£'000

£'000

£'000

£'000

£'000

£'000

(Losses)/gains on investments held at fair








  value through profit or loss


-

(20)

(20)

-

13,165

13,165

Income from investments


5,012

-

5,012

4,097

-

4,097

Other interest receivable and similar income


122

-

122

226

-

226

Gross return/(loss)


5,134

(20)

5,114

4,323

13,165

17,488

Management fee


(367)

(551)

(918)

(338)

(506)

(844)

Other administrative expenses


(457)

-

(457)

(410)

-

(410)

Net return/(loss) on ordinary activities








  before finance costs and taxation


4,310

(571)

3,739

3,575

12,659

16,234

Finance costs - appropriations for Zero Dividend








  Preference shares


-

(3,783)

(3,783)

-

(3,544)

(3,544)

Finance costs - other


(9)

(14)

(23)

(9)

(14)

(23)

Net return/(loss) on ordinary activities








  before taxation


4,301

(4,368)

(67)

3,566

9,101

12,667

Taxation


-

-

-

(7)

-

(7)

Net return/(loss) on ordinary activities








  after taxation


4,301

(4,368)

(67)

3,559

9,101

12,660

Return/(loss) per class of share (Note 3)








Return/(loss) per Ordinary share


6.4p

(6.5)p

(0.1)p

5.3p

13.5p

18.8p

Return per Zero Dividend Preference share


-

8.2p

8.2p

-

7.7p

7.7p

     

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

for the year ended 29th February 2012

 


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 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

Amortisation of expenses of the placing and offer








  for subscription

-

-

23

-

-

-

23

Net (loss)/return on ordinary activities

-

-

-

-

(4,368)

4,301

(67)

Dividends payable in the year

-

-

-

-

-

(3,477)

(3,477)

At 29th February 2012

675

3,640

60,424

8

(14,506)

2,473

52,714

 



Balance Sheet

at 29th February 2012

 



2012

2011



£'000

£'000

Fixed assets




Investments held at fair value through profit or loss


110,865

110,810

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


1,690

640



112,555

111,450

Current assets




Debtors


694

1,041

Cash and short term deposits


365

276



1,059

1,317

Creditors: amounts falling due within one year


(1,016)

(440)

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


(40)

(31)

Net current assets


3

846

Total assets less current liabilities


112,558

112,296

Creditors: amounts falling due after more than one year




Capital entitlement of the Zero Dividend Preference shareholders


(59,844)

(56,061)

Net assets


52,714

56,235

Capital and reserves




Called up share capital


675

675

Share premium


3,640

3,640

Other reserve


60,424

60,401

Capital redemption reserve


8

8

Capital reserves


(14,506)

(10,138)

Revenue reserve


2,473

1,649

Total equity shareholders' funds


52,714

56,235

Net asset values per share (Note 4)




Zero Dividend Preference share


129.8p

121.6p

Ordinary share


78.1p

83.3p

     

 

 

Company registration number: 6453183

 

 

 



Cash Flow Statement

for the year ended 29th February 2012

 



2012

2011



£'000

£'000

Net cash inflow from operating activities


3,420

3,270

Taxation




Corporation tax recovered


6

-

Capital expenditure and financial investment1




Purchases of investments


(46,977)

(36,112)

Sales of investments


47,135

36,146

Other capital charges


(3)

(5)

Settlement of futures contracts


-

(32)

Income from options taken to revenue


(15)

-

Net cash inflow/(outflow) from capital expenditure and




  financial investment


140

(3)

Dividends paid


(3,477)

(3,376)

Net cash inflow/(outflow) before financing


89

(109)

Financing




Listing fee for potential future share issues


-

(5)

Net cash outflow from financing


-

(5)

Increase/(decrease) in cash for the year


89

(114)

     

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

 



Notes to the Accounts

for the year ended 29th February 2012

 

1.   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 through profit or loss.

 

      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


2012

2011


£'000

£'000

2011 fourth quarterly dividend paid of 1.25p  (2010: 1.25p)

844

844

First quarterly dividend paid of 1.30p (2011: 1.25p)

877

844

Second quarterly dividend paid of 1.30p (2011: 1.25p)

878

844

Third quarterly dividend paid of 1.30p (2011: 1.25p)

878

844

Total dividends paid in the year

3,477

3,376

Fourth quarterly dividend declared of 1.40p (2011: 1.25p)

945

844

     

      The fourth quarterly dividend has been declared in respect of the year ended 29th February 2012 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 2013.

 

3.   Return/(loss) per class of share

 

      Return/(loss) per Ordinary share is based on the following:

 


2012

2011


£'000

£'000

Revenue return

4,301

3,559

Capital loss

(4,368)

9,101

Total loss

(67)

12,660

Weighted average number of Ordinary shares in issue

67,506,782

67,506,782

Revenue return per share

6.4p

5.3p

Capital (loss)/return per share

(6.5)p

13.5p

Total (loss)/return per share

(0.1)p

18.8p

     

 

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

 


2011

2010


£'000

£'000

Capital growth entitlement

3,783

3,544

Weighted average number of Zero Dividend Preference shares in issue

46,087,200

46,087,200

Return per share

8.2p

7.7p

 

 

4.   Net asset values per share

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

 


2012

2011

 


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

129.8p

59,844

121.6p

56,061

Ordinary shares

78.1p

52,714

83.3p

56,235

     

 

 

 

 

 

 

5. Status of announcement

 

2011 Financial Information

The figures and financial information for 2011 are extracted from the published Annual Report and Accounts for the year ended 28th February 2011, 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.

 

2012 Financial Information

The figures and financial information for 2012 are extracted from the Annual Report and Accounts for the year ended 29th February 2012 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
 
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