Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Impax Asian Env Mkt (IAEM)

  Print      Mail a friend

Wednesday 21 April, 2010

Impax Asian Env Mkt

Interim Management Statement

RNS Number : 5859K
Impax Asian Environmental Mkts Plc
21 April 2010

Impax Asian Environmental Markets Plc (the 'Company')

Interim Management Statement

For the three months ended 31 March 2010


This interim management statement covers the period from the 1 January 2010 to 31 March 2010 (the "Period"), and is prepared in accordance with the UK Listing Authority's Disclosure and Transparency Rule 4.3.


Summary investment objective and policy


The Company's investment objective is to generate long term capital growth from rapid and sustained growth anticipated by the Directors in the markets for cleaner or more efficient delivery of basic services such as energy, water and waste in certain countries in the Asia Pacific Region. These countries are predominantly China, Hong Kong, Taiwan, Japan, South Korea, India, Australia, New Zealand, Singapore, Malaysia, the Philippines and Thailand.


The investment policy is to invest in quoted companies that conduct their business in the Asia Pacific Region and that provide, supply, utilise, implement or advise upon technology-based systems, products or services in the Asia Pacific Region, particularly those of water treatment and pollution control, waste technology and resource management, and utilise alternative and efficient energy sources.




During the Period, the Company's diluted Net Asset Value ("NAV") per Ordinary Share (excluding current year net revenue) rose by 6.9% from 106.5p to 113.9p. The Company's undiluted NAV per Ordinary Share (excluding current year net revenue) rose by 8.0% from 107.8p to 116.4p, performing in line with the MSCI AC Asia Pacific ex Japan Index which rose 7.9% during the period (priced in pounds sterling).


The Period was characterised by strength in the energy efficiency, renewable energy developer and waste management & technologies sectors and weakness in the wind power and solar equipment sectors. The Company slightly underperformed the FTSE Environmental Opportunities Asia ex Japan Index ("EOAX") which was up 8.9% during the Period as two large weight index stocks (not owned by the Company) performed strongly.


New share issues


During the Period, the Company's share price has generally traded at a premium to diluted NAV.  The Company issued 4,949,000 new Ordinary Shares in the Period and has for all practicable purposes fully utilised its ability to issue shares on a 'tap' basis pursuant to Prospectus Rule 1.2.3(1). Accordingly, any further issues of shares by the Company prior to December 2010 may only be carried out following the publication of a prospectus by the Company.


Portfolio activity


Impax Asset Management Limited (the "Manager") continues to focus on bottom-up stock picking.  Important activity during the Period has included the increase in weighting of selected Chinese solar holdings with strong long term growth potential and attractive valuations after a period of underperformance.  Profits were taken by the Company in the renewable energy developers sector (particularly in the Philippines) and certain recycling stocks which had outperformed. During the Period, the Company added five new holdings to its portfolio, participated in two fundraisings, including an IPO, and sold out of one position.


The five largest holdings as at 31 March 2010 are all Chinese companies listed in Hong Kong and are set out below.




Portfolio weighting

Xinyi Glass

Glass manufacturing


Xinao Gas

Gas distribution


Lee & Man Paper

Paper recycling


China Everbright

Waste-to-energy & water


China Longyuan Power

Wind power producer



The five largest holdings list illustrates the preference for a diversified sector portfolio, with all sectors (energy, water and waste) represented. The Company is overweight in Greater China compared to the EOAX due to the attractive bottom-up opportunities available in the region.




The Directors and the Manager remain positive on the outlook for the Company. In particular, the momentum of environmental policy and legislation in the Asia Pacific region remains strong and many environmental markets are set for strong growth.  Although the pace of global economic recovery remains uncertain, the Manager is confident that the secular growth characteristics of environmental markets and the acceleration of spending and investment in the Asian environmental markets will make an incremental contribution to performance.


The interim management statement will be made available on the Manager's website


21 April 2010

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

a d v e r t i s e m e n t