Jupiter Green Investment Trust PLC : Annual Fin...
Jupiter Green Investment trust Plc
Annual Financial Report for the year ended 31 March 2012
The following is an extract from the Company's Annual Report and Accounts for the year ended 31 March 2012. The Annual Report and Accounts have been submitted to the National Storage Mechanism and will shortly be available at www.hemscott.com/nsm.do.
The Annual Report and Accounts will shortly be available to be viewed on or downloaded from the Company's website at www.jupiteronline.co.uk
CHAIRMAN'S STATEMENT
I present your Company's audited financial statements for the year ended 31 March 2012. The year under review has been another difficult year in financial markets. Fiscal austerity across the West continued to create turbulent conditions for equity investors. Europe was firmly in the spotlight as Greece required additional assistance and investors grew concerned about the fiscal positions of Spain and Italy. After a particularly tumultuous summer, during which the inter-bank lending market in the region stalled, the European Central Bank introduced one of the most significant liquidity programmes of any central bank since the start of the crisis in 2008. This provided an immediate boost to the region's banks and sovereign bonds. The programme coincided with improved economic data in the US and a pickup in corporate confidence at that time. However, since the end of the reporting period conditions would suggest that the outlook remains uncertain.
Against this backdrop your Company's total assets, adjusted for share cancellations and warrant conversions, decreased by 10.0 per cent. to £36,181,000, during the period under review. This compares with a decrease in the Company's benchmark index, the MSCI World Small Cap Index of 4.0 per cent. over the same period. The Net Asset Value per Ordinary share fell by 10.0 per cent. to 108.49p.
General Meeting
At a General Meeting of shareholders on 20 June 2012 resolutions were approved altering the Articles of Association to provide for subscription rights to be embedded within the Company's Ordinary shares. In addition a revised discount control policy was ratified and the share buyback authority renewed. Further details of the subscription rights are set out in the Report of the Directors.
Share buybacks and Discount Management
On 26 April 2012 your Board announced its intention to adopt a revised discount control policy with immediate effect. The essence of that policy is to use buybacks to seek to narrow the discount to net asset value at which the Company's shares trade over time, with a view to achieving a position where the Company's share price does not materially deviate from its net asset value by the time of the Company's Annual General Meeting in 2013. I am pleased to report that since the introduction of the revised policy the discount has significantly reduced and as at 25 June 2012 was 6.1 per cent.
Dividends
As mentioned in last year's Annual Report the Board has not set an objective of a specific portfolio yield of the Company. However, substantially all distributable revenues that are generated from the Company's investment portfolio are expected to be paid out in the form of annual dividends. In addition, in order to retain our status as an investment trust under section 1158 of the Corporation Taxes Act 2010 we are not permitted to retain more than 15 per cent. of investment income. On 20 June 2012 the Company declared an interim dividend of 0.60p per share in respect of the year ended 31 March 2012 (2011: 0.40p), payable on 27 July 2012 to shareholders on the register on 29 June 2012.
Manager's Review
I recommend the Manager's Review in which he details some of the challenges the sector faced as governments, responding to the burden of over indebtedness, cut subsidies. The manager was careful to avoid excessive exposure to alternative energy producers, which have suffered a great deal from government spending cuts, reduced access to project financing and increased competition. Nevertheless, the Trust's residual exposure to wind and solar companies contributed to the negative return during the period under review.
It is the Manager's view that the solar and wind sectors are going through a significant transition which should ultimately lead to greater earnings sustainability. Business models and cost structures are being adjusted to improve competitiveness with mainstream energy providers. Additionally, he notes that carbon-emission reduction is rapidly being eclipsed by a desire for energy self-sufficiency as key driver of future growth in the alternative energy sector. For regions lacking in gas reserves, wind and solar power are offering a potential solution to lowering external dependencies. Longer-term, he has great faith in the investment potential of these sectors.
Investment Focus
In last year's Annual report, I announced a change in the way the manager describes the investment opportunity. Instead of the six green investment themes used previously, he introduced three new categories: infrastructure, resource efficiency and demographics. This change was to encapsulate the shift of green investment from a niche area to the mainstream in terms of the impact individual holdings are having on the long term growth of the global economy.
It is to the Trust's benefit during times when one subsector of the green investment story is facing headwinds that the manager recognises such a broad investment universe. Several holdings made considerable progress from areas as diverse as low emission vehicle technology to organic foods. Fiscal austerity in the West is driving growth in areas such as energy efficiency in cars and buildings. High commodity prices are supporting recycling businesses and stimulating a modal shift away from road to rail. The Trust benefited from exposure to each of these themes and its ability to diversify across a wide number of industries arguably stands it apart from its competitors.
At a time when the West is concerned about issues of energy security and increased efficiency, emerging market nations continue to take the lead on addressing environmental risk. China, which suffers from water shortages and high pollution levels, for example, is pursuing significant environmentally-focused policies in its growth strategy. Meanwhile, India may be on the verge of embracing solar power as a key part of its energy mix, as indicated by the recent opening of a 200 megawatt (MW) solar park. The success of this facility might lead to further exploitation of cheap solar panels in a country which lacks natural gas supplies and robust infrastructure to exploit coal resources.
Outlook
Environmental investment continues to evolve against a difficult economic backdrop. Although this created challenging conditions for investors last year, there are some very encouraging signs that many green industries will emerge in a far stronger position as companies adapt to shifting growth drivers. This should have long term benefits for the Trust, which offers investors excellent exposure to a broad cross-section of businesses involved in creating a more efficient and sustainable global economy.
Perry Crosthwaite
Chairman
3 July 2012
MANAGER'S REVIEW
Performance Review
For the 12 months ended 31 March 2012 the total return for the Trust was -10.0 per cent.* compared to a return of -4.0 per cent.* for the Trust's benchmark index, the MSCI World Small Cap Index. During the same period, the FTSE ET50 Index (total return) returned -28.6 per cent.** The FTSE ET50 index measures the performance of the largest 50 companies globally whose core business is the development and deployment of environmental technologies.
Market and Policy Review
The year under review was again characterised by high levels of stock market volatility, with the summer months being particularly tumultuous. The eurozone remained investors' central concern as policy makers struggled to contain the growing debt crisis in the region's southern states. Greece required a further bailout, which involved a partial default on its debt and tough austerity measures. Fears grew about how Spain and Italy would overcome their respective fiscal deficits and talk turned to the potential break-up of the monetary union. Meanwhile, the crisis had knock-on effects in the US and emerging markets, which further troubled investors. It took a €1tn injection in the region's beleaguered banking sector by the European Central Bank to finally bring relief to stock and bond markets. As the period drew to a close, investors took their lead from a raft of positive economic data in the US and positive corporate earnings results.
Against this backdrop, the performance of the environmental investment universe was deeply polarised. Alternative energy producers from the solar and wind power sectors suffered heavy falls. This was due to widespread cuts in government subsidies and other support mechanisms, forcing these sectors to contend with weaker demand, on the one hand, and the need to rapidly reduce prices to compete with traditional energy producers, on the other. We maintained exceptionally low exposure to renewables against what the Trust has held historically, which certainly helped the performance of the portfolio against the FTSE ET50 index. Nevertheless, our exposure to wind companies such as Vestas Wind Systems and Abengoa (holding significantly reduced) still hurt performance during the year. Industry consolidation is now widely expected and a pickup in M&A activity might mark a trough for the sector. We continue to monitor valuations for potential investment opportunities and may look to adding quality names to the portfolio if current pricing pressures show signs of easing.
In marked contrast, a number of companies performed exceptionally well. These were typically environmental businesses that were experiencing strong structural growth drivers (i.e. were increasingly competing on price with conventional products and services), marking the further entrenchment of the sector in the mainstream economy. Recycled spare parts business LKQ Corporation flourished and continued to take market share from mainstream suppliers. Meanwhile, organic food business Whole Foods Market achieved consistent growth, despite a challenging economic environment for most of 2011. Elsewhere, UK-based emission control business Johnson Matthey made significant gains with the business in a prime position to benefit from increased consumer demand for low emission cars.
Mergers & acquisitions continued to be a key feature for the portfolio, vindicating our focus on balance sheet strength and businesses with solid long term growth prospects. Water treatment business Nalco Holdings and wind gearbox company Hansen Transmissions surged following bids, while Telvent added value after it received a takeover offer by rival Schneider Electric.
Overall it was a year in which to take precautions, particularly in renewables which accounted for most of our disposals during the year. It was also a year to exercise patience in the belief that volatile conditions can create opportunities to buy businesses with excellent long term potential at discount valuations. In Europe, for example, we added to holdings in Veolia Environnement and EDP Renovaveis which had been sold down on eurozone concerns. We also added to several US companies during periods of weakness, such as Green Mountain Coffee Roasters.
As mentioned in the last Interim report to the end of September 2011, we have changed the way we describe the green investment opportunity. We no longer refer to six green investment themes, but prefer three broad categories - infrastructure, resource efficiency and demographics. This is to better reflect the depth of investment area and its growing prominence as a mainstream concern. It is our view that investment in this area is no longer a niche enterprise, but is rather about investment in the long-term structural growth of the global economy.
Investment Outlook
The recent corporate earnings season has been very encouraging, with management outlook statements more optimistic than last year. We remain mindful, however, that the macroeconomic outlook remains challenging. While activity in the US has certainly picked up, Europe's fiscal problems remain significant and the year ahead might see further bouts of market volatility.
While environmental investment is certainly not immune to macroeconomic uncertainty, we have been impressed by the pace at which companies have adapted businesses models in the face of tougher macro conditions and rapidly reducing government fiscal support. This is particularly notable in businesses involved in energy efficiency, sustainable food production, metals recycling and water saving and reuse whose growth is being driven by global population growth, increased focus on natural resource usage (such as water and soils) and robust global energy and commodity demand, particularly from emerging market economies.
We believe that environmental investing will continue to move into the mainstream over the next few years. This is because issues that underpin the sector's growth - such as global demographic changes, the need to develop infrastructure and the efficient use of natural resources - are increasingly and critically becoming more central to geopolitical and economic decision making.
Charles Thomas
Jupiter Asset Management Limited
3 July 2012
* Source: Jupiter Asset Management
**Source: Bloomberg.
Investment Objective
The Company's investment objective is to generate long-term capital growth through a diverse portfolio of companies providing environmental solutions.
Investment Policy
The Company invests globally in companies which have a significant focus on environmental solutions. Specifically, the Company looks to invest across three key areas: infrastructure, resource efficiency and demographics.
The Company's portfolio has a bias towards small and medium capitalisation companies. It invests primarily in securities which are quoted, listed or traded on a recognised exchange. However, up to 5 per cent. of the Company's Total Assets (at the time of such investment) may be invested in unlisted securities.
The portfolio manager selects each stock on its individual merits as an investment rather than replicating the relevant company's weighting within the Company's benchmark indices. The Company's investment portfolio is therefore unlikely to represent the constituents of its benchmark indices, but instead is intended to offer a well diversified investment strategy focused on maximising returns from the prevailing economic background.
The portfolio manager may enter into contracts for differences in order to gain both long and short exposure for the Company to indices, sectors, baskets or individual securities for both investment purposes and for hedging or efficient portfolio management purposes. The ability to maintain a portfolio of both long and short positions provides the flexibility to hedge against periods of falling markets, to reduce the risk of absolute loss at portfolio level and to reduce the volatility of portfolio returns. The portfolio manager may also invest in single stock, sector and equity index futures and options.
Risk is also mitigated by investing mainly in quoted companies on registered exchanges, ensuring full regulatory compliance for all underlying quoted investments. There are no specific stock and sector size limitations within the portfolio, but the manager is expected to provide sufficient stock, sector and geographic diversification to ensure an appropriate trade-off between risk and return within the portfolio. In order to ensure compliance with this objective there is a two tier monitoring system. Firstly, the manager's portfolio is assessed monthly by the Jupiter Asset Management Limited Performance Committee, which is headed by the Chief Executive of Jupiter Asset Management Limited. Secondly, the Board is provided with a detailed analysis of stock, sector and geographic exposures at the Trust's regular Board meetings.
Any material change in the investment policy of the Company described above may only be made with the approval of Shareholders by an ordinary resolution.
RISKS AND UNCERTAINTIES
The principal risks relating to the Company can be divided into the following areas:
Investment policy and process
Market movement
Accounting, legal and regulatory
Operational
Financial
The financial risks faced by the Company include:
Market price risk i.e. movements in value of investment holdings caused by factors other than interest rate or currency movement and
Foreign currency risk
The investment Manager's policies for managing the financial risks are summarized below and have been applied throughout the year.
Policy
Market Price Risk
By the very nature of its activities, the Company's investments are exposed to market price fluctuations. Further information on the investment portfolio and investment policy is set out in the Manger's Review.
Foreign Currency Risk
A proportion of the Company's portfolio is invested in overseas securities and their sterling value can be significantly affected by movements in foreign exchange rates. The Company does not normally hedge against foreign currency movements affecting the value of the investment portfolio, but takes account of this risk when making investment decisions.
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2012
| Year ended 31 March 2012 | Year ended 31 March 2011 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| (Loss)/gain on investments at fair fair value through profit or loss | - | (4,084) | (4,084) | - | 3,811 | 3,811 |
| Foreign exchange gain/(loss) | - | (12) | (12) | 8 | (191) | (183) |
| Income (Note 1) | 662 | - | 662 | 583 | - | 583 |
| ______ | _____ | _____ | ______ | _____ | _____ | |
| Total Income | 662 | (4,096) | (3,434) | 591 | 3,620 | 4,211 |
| ______ | _____ | _____ | ______ | _____ | _____ | |
| Investment management fee | (31) | (277) | (308) | (34) | (307) | (341) |
| Other expenses | (316) | - | (316) | (327) | - | (327) |
| ______ | _____ | _____ | ______ | _____ | _____ | |
| Total expenses | (347) | (277) | (624) | (361) | (307) | (668) |
| ______ | _____ | _____ | ______ | _____ | _____ | |
| Return on ordinary activities before taxation | 315 | (4,373) | (4,058) | 230 | 3,313 | 3,543 |
| Taxation | (41) | - | (41) | (33) | - | (33) |
| ______ | _____ | _____ | ______ | _____ | _____ | |
| Net return after taxation | 274 | (4,373) | (4,099) | 197 | 3,313 | 3,510 |
| ______ | _____ | _____ | ______ | _____ | _____ | |
| Return per Ordinary share | 0.82p | (13.11)p | (12.29)p | 0.51p | 8.63p | 9.14p |
The total column of this statement is the income statement of the Company, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance produced by the Association of Investment Companies. All items in the above statement derive from continuing operations.
No operations were acquired or discontinued during the year.
All income is attributable to the equity holders of Jupiter Green Investment Trust Plc. There are no minority interests.
STATEMENT OF FINANCIAL POSITION
at 31 March 2012
| 2012 | 2011 | |
| £'000 | £'000 | |
| Non current assets | ||
| Investments held at fair value through profit or loss | 33,893 | 40,692 |
| _______ | _______ | |
| Current assets | ||
| Prepayments and accrued income | 78 | 55 |
| Cash and cash equivalents | 2,297 | 683 |
| _______ | _______ | |
| 2,375 | 738 | |
| _______ | _______ | |
| Total assets | 36,268 | 41,430 |
| _______ | _______ | |
| Current liabilities | ||
| Other payables | (87) | (345) |
| _______ | _______ | |
| Total assets less current liabilities | 36,181 | 41,085 |
| ======= | ======= | |
| Capital and reserves | ||
| Called up share capital | 37 | 37 |
| Share premium | 27,285 | 26,229 |
| Redemption reserve | 234 | 233 |
| Special reserve | 24,292 | 24,292 |
| Retained earnings | (15,667) | (9,706) |
| _______ | _______ | |
| Total equity shareholders' funds | 36,181 | 41,085 |
| ======= | ======= | |
| Net Asset Value per Ordinary share Diluted Net Asset Value per Ordinary share | 108.49p | 120.49p 116.47p |
STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2012
| Share | Share | Special | Redemption | Retained | ||
| Capital | Premium | Reserve | Reserve | Earnings | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| For the year ended 31 March 2012 | ||||||
| Balance at 31 March 2011 | 37 | 26,229 | 24,292 | 233 | (9,706) | 41,085 |
| Net loss for the year | - | - | - | - | (4,099) | (4,099) |
| Dividends paid | - | - | - | - | (131) | (131) |
| Ordinary shares issued | 1 | 1,056 | - | - | - | 1,057 |
| Ordinary shares repurchased | (1) | - | - | 1 | (1,731) | (1,731) |
| ______ | _____ | _____ | _____ | _______ | _______ | |
| Balance at 31 March 2012 | 37 | 27,285 | 24,292 | 234 | (15,667) | 36,181 |
| ______ | _____ | _____ | _____ | _______ | _______ | |
| Share | Share | Special | Redemption | Retained | ||
| Capital | Premium | Reserve | Reserve | Earnings | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| For the year ended 31 March 2011 | ||||||
| Balance at 31 March 2010 | 44 | 26,229 | 24,292 | 226 | (7,201) | 43,590 |
| Net profit for the year | - | - | - | - | 3,510 | 3,510 |
| Ordinary shares repurchased | (7) | - | - | 7 | (6,015) | (6,015) |
| ______ | _____ | _____ | _____ | _______ | _______ | |
| Balance at 31 March 2011 | 37 | 26,229 | 24,292 | 233 | (9,706) | 41,085 |
| ______ | _____ | _____ | _____ | _______ | _______ | |
CASH FLOW STATEMENT
for the year ended 31 March 2012
| Year ended | Year ended | |
| 31 March 2012 | 31 March 2011 | |
| £'000 | £'000 | |
| Cash flows from operating activities | ||
| Investment income received | 652 | 611 |
| Interest received | 5 | 2 |
| Investment management fee paid | (424) | (231) |
| Other cash expenses | (380) | (286) |
| _______ | _______ | |
| Net cash (outflow)/inflow from operating activities before taxation | (147) | 96 |
| Taxation | (41) | (33) |
| _______ | _______ | |
| Net cash (outflow)/inflow from operating activities | (188) | 63 |
| _______ | _______ | |
| Cash flows from investing activities | ||
| Purchases of investments | (2,810) | (8,639) |
| Sales of investments | 5,525 | 14,422 |
| _______ | _______ | |
| Net cash inflow from investing activities | 2,715 | 5,783 |
| _______ | _______ | |
| Cash flows from financing activities | ||
| Shares issued | 1,057 | - |
| Shares repurchased | (1,827) | (5,919) |
| Equity dividends paid | (131) | - |
| _______ | _______ | |
| Net cash outflow from financing activities | (901) | (5,919) |
| _______ | _______ | |
| Increase/(decrease) in cash | 1,626 | (73) |
| Change in cash and cash equivalents | ||
| Cash and cash equivalents at start of year | 683 | 939 |
| Realised loss on foreign currency | (12) | (183) |
| _______ | _______ | |
| Cash and cash equivalents at end of year | 2,297 | 683 |
| _______ | _______ |
NOTES:
1. Income
| Year ended | Year ended | |
| 31 March 2012 | 31 March 2011 | |
| £'000 | £'000 | |
| Income from investments: | ||
| Dividends from UK companies | 373 | 315 |
| UK Bond Interest | - | 22 |
| Dividends from overseas companies | 284 | 244 |
| 657 | 581 | |
| Other income: | ||
| Deposit interest | 5 | 2 |
| Total Income | 662 | 583 |
| Income from investments is derived: | ||
| Listed on the UK Stock Exchange | 379 | 343 |
| Listed overseas | 278 | 238 |
| 657 | 581 |
2 Reconciliation of net cash outflow from operating activities
| 2012 | 2011 | |
| £'000 | £'000 | |
| Net return before finance costs and taxation | (4,058) | 3,543 |
| Loss/(gain) on investments | 4,084 | (3,811) |
| (Increase)/decrease in prepayments and accrued income | (23) | 47 |
| (Decrease)/increase in accruals and other creditors | (162) | 134 |
| Foreign exchange loss | 12 | 183 |
| ___ | ___ | |
| Net cash (outflow)/inflow from operating activities | (147) | 96 |
Related parties
Mr. Hillgarth is a director of Jupiter Asset Management Limited which receives investment management fees pursuant to the agreement described below. Additionally Jupiter Administration Services Limited, a sister company, receives administration fees again pursuant to the agreement described below.
Jupiter Asset Management Limited is contracted to provide investment management services to the Company (subject to termination by not less than twelve months' notice by either party) for a fee payable monthly, of one twelfth of 0.85 per cent. of the net assets of the Company after deduction of the value of any Jupiter managed investments. The fee payable for the year ended 31 March 2012 was £307,345 (2011: £341,766) with £25,620 (2011: £141,742) outstanding at the year end.
Jupiter Asset Management Limited is also entitled to an investment performance fee which is based on the outperformance of the Net Asset Value per Ordinary Share over the total return on the Benchmark Index in an accounting year. Any performance fee payable will equal the time weighted average number of Ordinary shares in issue during the period multiplied by 15 per cent. of the amount by which the increase in the Net Asset Value per Ordinary Share (plus any dividends per Ordinary Share paid or payable and any accrual for unpaid performance fees for the period) exceeds the total return on the Benchmark Index. The performance fee will only be payable if the Net Asset Value per Ordinary Share (adjusted as described above) exceeds the highest of (i) the Net Asset Value per Ordinary Share on the last business day of the previous performance period; (ii) the Net Asset Value per Ordinary Share on the last day of a performance period in respect of which a performance fee was last paid: and (iii) 100p. The total amount of management fees and any performance fee payable in respect of one accounting period is limited to 1.75 per cent. of the Net Asset Value of the Company on the last business day of the relevant performance period.
The Benchmark Index from 1 April 2010 is the total return on the MSCI World Small Cap Index, expressed in Sterling. No performance fee was payable for the year ended 31 March 2012 (2011: £Nil).
Jupiter Administration Services Limited is contracted to provide secretarial, accounting and administrative services to the Company for an annual fee of £87,554 (2010: £83,459) adjusted each year in line with the Consumer Prices Index which is payable half yearly in advance.
The Company has invested from time to time in funds managed by Jupiter Fund Management plc or its subsidiaries. The only such holding as at 31 March 2012 was Alon Technology Ventures representing 0.1 per cent. of total investments.
4. Going Concern
The financial statements have been prepared on a going concern basis. The Directors consider that this is the appropriate basis as they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In considering this, the Directors took into account the Company's investment objective, risk management policies and capital management policies, the diversified portfolio of readily realisable securities which can be used to meet short-term funding commitments and the ability of the Company to meet all of its liabilities and ongoing expenses. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
5. Directors' Responsibilities for the Accounts
The Companies Act 2006 requires the Directors to prepare accounts for each financial period which give a true and fair view of the state of affairs of the Company at the end of the financial period and of the revenue for that period.
In preparing these accounts, the Directors are required to:
select suitable accounting policies and then apply them consistently;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of particular transactions, other event and conditions on the entity's position and financial performance;
state whether applicable accounting standards have been followed, subject to any material departure disclosed and explained in the accounts; and
make judgments and estimates that are reasonable and prudent.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included in the Company's website.
Work carried out by the Auditors does not include consideration of the maintenance and integrity of the website and accordingly the Auditor accepts no responsibility for any changes that have occurred to the financial statements when they are presented on the website.
Visitors to the website need to be aware that legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the accounts comply with the Companies Act 2006 and Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each Director is aware at the time the report is approved, there is no relevant audit information of which the auditors are unaware and that each Director has taken all reasonable steps to make themselves aware of any relevant information and to establish that the auditors are aware of that information.
The Directors, who are listed on page 6 of the Report and Accounts for the year to 31 March 2012, confirm to the best of their knowledge that:
the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the Management Report includes a fair view 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 the Company faces.
On behalf of the Board
Perry Crosthwaite
Chairman
3 July 2012
The annual report will be sent to all registered shareholders and copies may be obtained from the registered office of the Company at 1 Grosvenor Place, London, SW1X 7JJ.
The Annual General Meeting of the Company is scheduled to take place at 11.00 a.m. on 14 September 2012 at the Company's registered office.
By order of the Board
Jupiter Asset Management Limited
Company Secretary
Enquiries:
Richard Pavry
Jupiter Asset Management Limited
020 7412 0703
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Jupiter Green Investment Trust PLC via Thomson Reuters ONE
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