JPMorgan Overseas Investment Trust plc Announces Earnings Results for the Full Year Ended June 30, 2012 ; Proposes Final Dividend, Payable on November 30, 2012; Announces Change of Directors, with Effect from November 6, 2012
September 28, 2012 at 11:46 am EDT
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JPMorgan Overseas Investment Trust plc announced earnings results for the full year ended June 30, 2012. For the period, the company reported losses on investments held at fair value through loss of £30,364,000 compared with profit on investments held at fair value through loss of £45,596,000 for the same period a year ago. Net loss on ordinary activities before tax was £23,107,000 compared with net return on ordinary activities before tax of £45,565,000 for the same period a year ago. Net loss on ordinary activities after tax was £23,351,000 or 90.04 pence per share compared with net return on ordinary activities after tax of £45,157,000 or 175.03 pence per share for the same period a year ago. Net assets was £199,939,000 or 787.5 pence per share compared with £231,827,000 or 889.0 pence per share for the same period a year ago. Net cash inflow from operating activities was £1,648,000 compared with £2,684,000 for the same period a year ago.
The directors are proposing, subject to shareholders' approval at the Annual General Meeting ('AGM'), to pay a final dividend of 13.5 pence per share, compared with 13.5 pence per share for the same period a year ago, on 30th November 2012 to shareholders on the register at the close of business on 9th November 2012.
As previously reported, John Rennocks will be retiring from the board at the conclusion of the forthcoming AGM. He has served as a director of the company since 2001. Jonathan Carey will succeed John in his role as the chairman of the audit and management engagement committee and Nigel Wightman will succeed him as the senior independent director.
JPMorgan Global Growth & Income PLC is a United Kingdom-based closed-ended investment company. The Company's investment objective is to achieve superior total returns from the world stock markets. In order to achieve the investment objective and to seek to manage risk, the Company invests in a diversified portfolio of companies. Its investment policy is to invest in a diversified portfolio of approximately 50-90 world stocks in which the investment manager has a high degree of conviction, to achieve superior total returns and outperform the Morgan Stanley Capital International (MSCI) All Countries World Index (in sterling terms) over the long-term. Its portfolio construction is driven by bottom-up stock selection rather than geographical or sector allocation. It invests in various sectors, such as technology - semi and hardware, media, technology - software, financial services, banks, retail and insurance. The Company's investment manager is JPMorgan Asset Management (UK) Limited.
JPMorgan Overseas Investment Trust plc Announces Earnings Results for the Full Year Ended June 30, 2012 ; Proposes Final Dividend, Payable on November 30, 2012; Announces Change of Directors, with Effect from November 6, 2012