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JPMorganInc&CapTst (JPI)

  Print      Mail a friend       Annual reports

Tuesday 26 May, 2009


Final Results

RNS Number : 8394S
JPMorgan Income & Capital Trust PLC
26 May 2009




Chairman's Statement

Introduction and Performance

This is the first Annual Report to shareholders since the Company was launched on 3rd March 2008. The money that was then invested in the Company came from shareholders who chose to 'roll-over' their investment from the JPMorgan Income & Capital Investment Trust plc. The total initial net asset value of the Company amounted to £107.7 million, comprising £46.1 million in Zero Dividend Preference ('ZDP') shares and £61.6 million in Ordinary shares. 

It is deeply depressing to report a poor result for our first financial year, with shareholder returns being sharply negative. In October 2008, I reported that the period since launch in March 2008 had been extremely difficult for investment managers generally, with the outlook for the UK economy looking grim. The latter half of the financial year proved to be significantly worse in terms of market performance, with extraordinary conditions seen in UK equity markets. For the reporting period to 28th February 2009, the Company recorded a negative total return (return on investments including income received) on its assets of 30.7%. This compares with a total negative return of 31.1% recorded by the composite benchmark (comprising 90% FTSE 350 Index and 10% Merrill Lynch 5-10 year UK Sterling Corporate Index for bonds) for the same period. 

The Board draws some comfort from the Company's performance having been broadly in line with the composite benchmark and from its decision not to use its borrowing powers when investing at the start of the Company's life. Nevertheless, it does not consider that the returns achieved are particularly creditable, despite the extraordinary turmoil seen in markets over the last year. Investment fund managers are generally employed to beat benchmarks in a convincing way, using their experience and extensive research capability to support their endeavours. The Board is disappointed that these results are so deeply negative and fail to show a more convincing outperformance of the composite benchmark.

The Investment Managers' report gives a more detailed commentary about the unprecedented market conditions experienced during the period.

Share Price Performance

The prices of the Company's two classes of share and of its units, comprising two Ordinary shares and one ZDP share, moved from a premium over net asset value at launch date to a discount or premium to net asset value at 28th February 2009 as follows:

3rd March 2008 (at launch)

28th February 2009












Since the period end, share prices have been very volatile. As at 15th May 2009, the price of the Ordinary shares was at a premium of 17.32%, and the prices of the Units and ZDP shares were at a discount of 6.34% and 9.89% 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 2009, the Hurdle Rate required to return the Ordinary share price of 48.3p at 28th February 2009 was 5.4% per annum and, the Hurdle Rate to return the Final Capital Entitlement of the ZDP shares of 192.13p was 1.6%.

At 15th May 2009, the Hurdle Rate required to return the current Ordinary share price of 53.5p was 5.9% per annum and to return the Final Capital Entitlement of the ZDP shares was 1.7%.

Total Loss, Revenue and Dividends

The gross total loss amounted to £31,488,000 and net total loss after interest, administrative expenses and taxation, but before dividends and attributions, amounted to £32,860,000. Distributable income for the period amounted to £4,670,000 (7.3p per Ordinary share).

A fourth interim dividend of 1.25p per Ordinary share was paid on 30th April 2009 to Ordinary shareholders and Unitholders on the register at the close of business on 14th April 2009. 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 Directors also paid a special dividend of 1.25p per Ordinary share on 30th April 2009 to Ordinary shareholders and Unitholders on the register at the close of business on 14th April 2009. This reflects the additional earnings from funds held in cash whilst waiting to invest in the initial portfolio in this first period of the Company's life. 

The undistributed revenue reserves, after allowing for the payment of the above dividends, are approximately £594,000. The Board anticipates that, in the absence of unforeseen circumstances, the Company will be in a position to maintain the current level of quarterly dividends (i.e. of 1.25p per Ordinary share to Ordinary shareholders and Unitholders) for the current financial year ending 28th February 2010.

Share Issues and Repurchases

At launch, shareholders gave the Directors authority, via the prospectus, to disapply shareholders' pre-emption rights and to issue authorised but unissued share capital of the Company up to a maximum of 10% of each class of share for cash to investors. During the reporting period, Directors have issued and allotted 6,100,000 new Ordinary shares with a nominal value of £61,000, at an average price of 60.7 pence per Ordinary share, for a total consideration of £3,701,000 and 50,000 ZDP shares with a nominal value of £500, at an average price of 105.3 pence per share, for a total consideration of £53,000.

Shareholders also gave the Directors authority, via the prospectus, to repurchase up to 14.99% of the Company's issued share capital. During the period, the Company repurchased 843,000 Ordinary shares at an average discount of 11.4% and a cost of £712,000, thus modestly improving the net asset value per Ordinary Share for continuing Ordinary shareholders.

Investment Manager

In December 2008, JPMorgan Asset Management reviewed the investment management arrangements in place for your Company and John Baker and Sarah Emly took over responsibility from Jamie Streeter for the day-to-day management of the portfolio of investments. The Board would like to thank Jamie for his valuable service over the years, particularly in respect of the Company's predecessor vehicle, JPMorgan Income & Capital Investment Trust plc. 

The Board

In accordance with the Company's Articles of Association, as this will be the first Annual General Meeting of the Company, all Directors will retire at this year's Annual General Meeting. They have all indicated that they wish to seek re-election.

Annual General Meeting

The Annual General Meeting will be held at Salters' Hall, 4 Fore Street, London EC2Y 5DE London at 3.00 p.m. on Monday, 6th July 2009. The meeting will include a presentation from the Investment Managers on investment policy and performance. There will also be an opportunity for shareholders to meet the Board and representatives of JPMorgan after the meeting.

If you wish to raise any detailed or technical questions at the Meeting, it would be helpful if you could mention them in advance to the Company Secretary at Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. Shareholders who are unable to attend the Meeting in person are encouraged to use their proxy votes.

Future Policy and Outlook

Although governments worldwide are taking radical actions to try to counter the global recession, the Board remains cautious in its outlook and expects 2009 to be another difficult year for investors. Many economists now expect that the recession could be prolonged, leading to higher unemployment in the UK and further falls in consumer confidence. The Manager will monitor the position closely, with the Board expecting them to deliver a markedly improved performance for your Company in the years ahead. The Board remains confident that, over time, overall sentiment will improve.

Sir Laurence Magnus Bt


26th May 2009


Investment Managers' Report

Market Review

The UK stock market, as measured by the FTSE 350 Index, delivered a negative total return including net income reinvested of -31.8% during the Company's financial period from 3rd March 2008 to 28th February 2009. During this period the Merrill Lynch 5-10 Year UK Sterling Corporate Index for bonds delivered a return of -17.1%, resulting in the Company's combined benchmark delivering a return of -31.1% for the financial period. This was an extraordinary period for equity investors, particularly during the second half as financial and economic newsflow deteriorated, both in the UK and on a more global basis, as extreme events became more numerous and stock market volatility increased. Having declined by 3.3% in the first six months of the Company's financial period, to 31st August 2008, the FTSE 350 Index then fell by a further 29.5% by the period end, as investor confidence was dented further as fears about the health of the global economy and financial system dominated newsflow and sentiment.

In terms of the UK economy, domestic economic data deteriorated throughout the period, with the falling housing market being a particular feature, alongside weakening consumer confidence. During the course of the Company's financial period equity market sentiment weakened sharply, particularly in September when the savage bursting of the credit bubble saw some previously august institutions go to the wall or be nationalised. The two giants of the US mortgage sector, Fannie Mae and Freddie Mac, were taken under US Government control, whilst Lehman Brothers Holdings Inc., the US investment bank, filed for bankruptcy and Bank of America rescued Merrill Lynch. The autumn of 2008 saw the near collapse of the UK banking system, with an evaporation of confidence and the freezing up of credit, particularly as overseas banks withdrew from UK lending. In mid-September, Lloyds TSB made a rescue bid for HBOS which would otherwise have collapsed. As the UK economy weakened further and the banking system came under severe pressure, the UK authorities responded to the crisis extensively. The Bank of England's Monetary Policy Committee cut interest rates five times during 2008, taking them down from 5.5% to 2.0% by the calendar year end. Base rates were lowered still further, by 0.5% in both January and Feburary 2009, finishing the Company's period end at just 1.0%. In late 2008 the Government launched a bailout package for the UK banking industry, allowing the Government to inject capital into the biggest banks to strengthen their capital ratios; incremental capital injections into Royal Bank of Scotland and Lloyds Banking Group have been necessary in early 2009. The Government has also announced fiscal measures, including a temporary reduction in VAT, to attempt to stimulate economic growth. 

Performance Review

The overall portfolio return of -30.7% for the Company's financial period was disappointing yet unsurprising, given the significantly negative returns from the UK equity market over this period.  This return compared with the benchmark's return of -31.1% and the return of the equity element of the benchmark of -31.8% (the FTSE 350 index, excluding Investment Trusts) over the financial period. Calendar year 2008 was an extraordinary year for equity investors, in fact the most difficult year for the UK stock market since 1974, and this continued into early 2009.   

In terms of contributors to performance over the period, the Company benefited from its underweight position in the banking sector, particularly its underweight positions in Royal Bank of Scotland and Barclays, as the weakening capital position of the more domestically oriented banks led to substantial underperformance of the wider equity index. Although the Company benefited from its positions in some of the more defensive stocks during the strongly negative equity markets, notably British American Tobacco and AstraZeneca, it was negatively impacted by being underweight in GlaxoSmithKline and Reckitt Benckiser, two other defensive stocks that outperformed the declining market. 

Portfolio Review

As a result of the 'roll over', the Company began this financial period with around 40% in UK equities and the balance in Gilts and cash. The weakness in equity markets of early March 2008 offered a timely opportunity for constructing the planned portfolio for the new Company. Hence during this period we largely completed the purchases of UK equities to bring the portfolio's allocation to equities up towards 90%, in line with the Company's benchmark. The balance of the portfolio was invested in a few quality corporate bonds and some retained cash holdings. As the year progressed, the equity position was increased, taking advantage of market weakness when appropriate, ending the first half with a modestly overweight position in equities.

As the economic environment became progressively more difficult during the second half of the period, a major challenge was to identify stocks that offered positive earnings newsflow and sound balance sheets, whilst also seeking lowly valued, out of fashion companies, in line with our investment philosophy.

On average, fast growing, cheap companies with good newsflow will outperform slow growing, expensive stocks with bad newsflow.

The Company reduced its holdings in the UK banking sector, as the dividend paying ability of the more domestic banks deteriorated sharply; dividends have now been suspended by all the UK banks, except HSBC, which is cutting its dividend, and Standard Chartered. Equity purchases included taking advantage of market weakness to add further to some of the more defensive majors with dividend yield attractions, such as the pharmaceutical stocks AstraZeneca and GlaxoSmithKline. We also added to the portfolio's position in British American Tobacco, another company with a resilient earnings stream and a truly international business mix, whilst offering investors a premium dividend yield. More recently we have introduced Pearson to the portfolio as it has reported solid progress in corporate earnings delivery, whilst being lowly-valued with an attractive dividend yield. 

In early 2009, we became more concerned that the impact of the continued global economic deterioration would hamper the progress of global equity markets. We therefore raised cash levels by reducing positions in stocks that looked most likely to disappoint, especially some financial stocks that were geared into the performance of equity markets, such as Intermediate Capital Group and IG Group. Similarly, the Company sold its holding in the UK real estate company Land Securities, as its earlier valuation and dividend yield attractions became more uncertain, given the deteriorating direct real estate market. 

Market Outlook

The current year began much as 2008 ended, with widespread economic gloom and ongoing concern about the fate of the UK banking system. The UK economy was confirmed to be in recession, unemployment is rising and many businesses are struggling to secure refinancing of their bank loans. The Bank of England has now cut rates by a further 0.5% since the Company's financial period end, taking them to an unprecedented 0.5% on the 5th March 2009, whilst also introducing a policy of 'quantitative easing' to attempt to stimulate domestic credit markets and lower the cost of borrowing. Again, this is wholly new ground for UK monetary policy. The economic and corporate outlook remains highly uncertain, with consumer confidence weakening, base rates at generational lows, two major UK banks now majority owned by the Government, and widespread corporate profit disappointments.

Although it is difficult to step back from the current serious difficulties facing the world economy, it is worth reflecting that equities do offer investors a share in long term economic growth. Equities have provided higher long-term real returns to investors than cash or bonds in the past, driven by growth in corporate profitability and the dividends that are paid to investors over time. Following the poor returns from equities in 2008, the UK market is now trading below its long term trend and is currently supported by an attractive valuation against its historic norms. 

Market earnings and dividends are clearly coming under intense pressure and this will continue as the impacts of the recession are reflected in company profits and outlook statements across an increasing number of industries. However, it does appear that the market overall is now discounting a significant deterioration in both earnings and dividends, whilst investor sentiment is at very depressed levels. 

Once investors feel able to 'look through' the recession and anticipate an improvement in corporate profitability, so sentiment and share prices will recover. The timing of such a recovery is uncertain but, as has been the case in previous recessions and crises, eventually economies do recover and stock markets should increase in value once more. The Company is well placed for this event.

John Baker

Sarah Emly    

Investment Managers

26th May 2009


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 842 of the Income and Corporation Taxes Act 1988 ('Section 842'). Details of the Company's approval are given under 'Business of the Company' above. Were the Company to breach Section 842, it might lose investment trust status and, as a consequence, gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 842 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 Act 1985 and 2006 and, as its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act 1985 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 842. The Board relies on the services of its Company Secretary, JPMAM, and its professional advisers to ensure compliance with the Companies Act 1985 and 2006 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 Corporate Governance report.

• 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 Corporate Governance report.

• FinancialThe 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 21 of the Company's Annual Report & Accounts.

Related Parties Transactions

During the financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.

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.

For and on behalf of the Board

Sir Laurence Magnus Bt


26th May 2009


JPMorgan Income & Capital Trust plc


Income Statement

for the period ended 28th February 2009

Losses from investments held at fair
 value through profit or loss
Income from investments
Other interest receivable and similar
Gross return/(loss)
Management fee
Other administrative expenses
Net return/(loss) on ordinary activities before finance costs and taxation
Finance costs – appropriations
Finance costs – other
Finance costs – dividends on Ordinary shares (note 3)
Net return/(loss) on ordinary activities before taxation
Net return/(loss) on ordinary activities after taxation
Return/(loss) per class of share (note 4)
Return/(loss) per Ordinary share
Return per Zero Dividend Preference share


All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

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. 


Balance Sheet

at 28th February 2009

Fixed assets
Investments at fair value through profit or loss
Investment in liquidity funds at fair value through profit or loss
Current assets
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current liabilities
Total assets less current liabilities
Total net assets attributable to shareholders
Attributable to:
Zero Dividend Preference shareholders
Ordinary shareholders
Net asset value per share (note 5)
Zero Dividend Preference share
Ordinary share


Called up share capital and reserves are classified as liabilities and therefore a Reconciliation of Movements in Shareholders' Funds has not been presented

Cash Flow Statement

for the period ended 28th February 2009

Net cash inflow from operating activities
Returns on investments and servicing of finance
Interest paid
Dividends paid on Ordinary shares
Net cash outflow from returns on investments
 and servicing of finance
Corporation tax paid
Capital expenditure and financial investment1
Purchases of investments
Sales of investments
Other capital charges
Share placing and offer expenses paid
Income from options included in capital
Net cash outflow from capital expenditure and financial investment
Net cash outflow before financing
Net cash received from the issue of Ordinary shares and Zero Dividend Preference shares as part of the scheme of reconstruction2
Proceeds of the issue of new Ordinary shares
Proceeds of the issue of Zero Preference shares
Consideration paid for the repurchase of Ordinary shares
Net cash inflow from financing
Increase in cash for the period


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

2The Company also received an in specie transfer of investments amounting to £104,013,000 as part of the consideration from the issue of Ordinary shares and Zero Dividend Preference shares.


Notes to the Accounts

for the period ended 28th February 2009

1.  Accounting period

The accounts cover the period from the date of incorporation on 13th December 2007 to 28th February 2009. The Company began investing on 3rd March 2008.

2.  Accounting policies

   Basis of accounting

The accounts are prepared in accordance with the Companies Act 1985, United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (the 'SORP') issued by the Association of Investment Companies in January 2009. All of the Company's operations are of a continuing nature.


3. Dividends
Dividends paid and declared
First quarterly dividend paid of 1.25p
Second quarterly dividend paid of 1.25p
Third quarterly dividend paid of 1.25p
Total dividends paid in the period
Fourth quarterly dividend declared of 1.25p
Special dividend of 1.25p


The fourth quarterly and special dividends have been declared in respect of the period ended 28th February 2009. In accordance with the accounting policy of the Company, these dividends will be reflected in the accounts for the year ending 28th February 2010.

4. Return/(loss) per class of share
Return per Ordinary share
Return per Ordinary share is based on the weighted average number of Ordinary shares in issue during the period of 64,084,669 and the following figures:
Revenue return per Ordinary share
Transfer to reserves
Add back dividends paid on Ordinary shares
Attributable to Ordinary shareholders
Revenue return per Ordinary share (pence)
Capital loss per Ordinary share
Capital loss attributable to Ordinary shareholders
Capital loss per Ordinary share (pence)
Return per Zero Dividiend Preference share
Per share pence
Initial capital entitlement
Issue of 50,000 Zero Dividend Preference shares
Compound growth entitlement
Attributable to Zero Dividend Preference shares



5. Net asset value per share

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

Net asset
value per
share in pence
Net assets
Zero Dividend Preference shares
Ordinary shares


6. Financial Information

The financial information set out in this announcement does not constitute the Company's statutory accounts for the period ended 28th February 2009 as defined in the Companies Act 1985 but is derived from those accounts. The auditor's report on those accounts is unqualified and does not contain any statements under section 237 (2) or (3) of the Companies Act 1985. The statutory accounts for the period ended 28th February 2009 will be delivered to the Registrar of Companies following the Company's Annual General Meeting


7Annual Report and Accounts

The Annual Report and Accounts will be sent to members shortly and will be available on the company's website in due course.


Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at

For further information please contact:

Divya Amin

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 6000

26th May 2009

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

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