TIDMCCJI
RNS Number : 2307D
CC Japan Income & Growth Trust PLC
28 June 2021
CC JAPAN INCOME & GROWTH TRUST PLC
HALF-YEARLY FINANCIAL REPORT
FOR THE SIX MONTHSED 30 APRIL 2021
INVESTMENT OBJECTIVE, FINANCIAL INFORMATION AND PERFORMANCE
SUMMARY
INVESTMENT OBJECTIVE
The investment objective of the Company is to provide shareholders
with dividend income combined with capital growth, mainly through
investment in equities listed or quoted in Japan.
FINANCIAL INFORMATION
At At
30 April 31 October
2021 2020
--------------------------------------------------------- ------------ ------------
Net assets (millions) GBP208.6 GBP184.4
--------------------------------------------------------- ------------ ------------
Net asset value ("NAV") per Ordinary Share ("Share")(1) 154.8p 136.8p
--------------------------------------------------------- ------------ ------------
Share price 145.0p 119.5p
--------------------------------------------------------- ------------ ------------
Share price discount to NAV(2) 6.3% 12.6%
--------------------------------------------------------- ------------ ------------
Ongoing charges(2) 1.04% 1.04%
--------------------------------------------------------- ------------ ------------
Gearing (net)(2) 21.1% 20.7%
--------------------------------------------------------- ------------ ------------
(1) Measured on a cum income basis.
(2) This is an Alternative Performance Measure ("APM'"). Definitions
of APMs used in this report, together with how these measures have been
calculated are disclosed in the half-yearly report.
PERFORMANCE SUMMARY
For the
For the six six months
months to to
30 April 30 April
2021 2020
% change(1) % change(1)
NAV ex-income total return per Share(2) +17.0% -16.3%
--------------------------------------------------------- ------------ ------------
NAV cum-income total return per Share(2) +15.5% -16.5%
--------------------------------------------------------- ------------ ------------
Share price total return(2,3) +24.0% -15.0%
--------------------------------------------------------- ------------ ------------
Tokyo Stock Exchange Price Index ("Topix") total
return +8.8% +7.5%
--------------------------------------------------------- ------------ ------------
Revenue return per Share 2.22p 2.84p
--------------------------------------------------------- ------------ ------------
(1) Total returns are stated in GBP sterling, including
dividend reinvested.
(2) These are APMs.
(3) The return excludes the accretion effect of the Subscription
Share with a closing price of 8.0p (equivalent to a 1.6p increment
per Ordinary Share as a 1 for 5 bonus issue) as at 30 April
2021.
Source: Coupland Cardiff Asset Management LLP April
2021 .
CHAIRMAN'S STATEMENT
Performance
In the first half of this financial year, I can report to
Shareholders that the fortunes of your Company have rebounded after
the very challenging year to 31 October 2020. Over the six months
to 30 April 2021 the Company's ex-income Net Asset Value ("NAV")
increased by 17.0%. The share price rose by 24.0% as measured by
total return to reflect the final dividend of 3.20p per Ordinary
Share. These figures exclude the accretion effect of the 1 for 5
bonus issue of Subscription Shares distributed to Shareholders
during the period. For reference, in sterling terms the Tokyo Stock
Exchange Price Index ("Topix") rose 8.8% over the period.
The Japanese stock market has gone through a style rotation to
benefit cyclical and value shares, eclipsing growth stocks and
resurrected by a recovery of world trade and hopes for a broader
reopening of the domestic economy. This has suited our mandate and
the portfolio has been well positioned to capture the upside from
this shift in sentiment. It is also pleasing to see our much better
relative performance against the Japanese investment trust peer
group over the period and in the calendar year to date, albeit that
our differentiated investment objective does not merit a strict
comparison, given our income bias.
Reflecting this performance, the Ordinary Share price discount
to NAV narrowed to 6.3% as at 30 April 2021, compared to 12.6% as
at 31 October 2020.
Subscription Shares - an update
On 18 February 2021, 26,947,000 Subscription Shares ("TSS") were
admitted to the London Stock Exchange (Ticker: CCJS). They were
issued as a free bonus to Shareholders on the basis of 1
Subscription Share for every 5 Ordinary Shares owned. The
Subscription Shares are designed to give Shareholders an
opportunity to benefit from a post-COVID-19 Japanese recovery by
giving them an option to exercise their Subscription Shares into
Ordinary Shares. The Subscription Shares have a limited life but
can be exercised by paying the Subscription Price of GBP1.61 for
new Ordinary Shares on a quarterly basis on the last business day
of May, August, November and February up until the last business
day of February 2023, whereupon they expire.
The trading volumes in the Subscription Shares have inevitably
been thin since launch being "out of the money" (the current share
price is below the Subscription Price). However, the closing price
of 8.0p on 30 April 2021 indicates the scope for incremental value
to Shareholders. Their value is predicated on the performance of
the Ordinary Shares over that period: if the Ordinary Share price
exceeds the Subscription Price, the TSS should trade "in the
money." If Shareholders then choose to exercise, the number of
shares in issue will increase and, as a result, market liquidity
should improve. Alternatively, Subscription Shareholders can sell
their TSS in the market.
I must add a word of warning regarding exercising the
Subscription Shares. Every quarter you will receive a "Corporate
Action Notice" from your stockbroker, Independent Financial Adviser
("IFA") or platform, or wherever your shares are held, triggered by
regulation and not by the Company. For most holders, it only makes
sense to exercise any Subscription Shares when the Ordinary Share
price is at or near the Subscription Price i.e. "in the money". A
small number of Shareholders elected to exercise at the end of May
2021 at the Subscription Price of GBP1.61, so we offered to return
their funds, not wishing to see them lose money, given that ,at
that date, the Ordinary Share price closed at GBP1.40.
If you are uncertain about your Subscription Share rights,
please consult your financial adviser or refer to the Prospectus
and Circular issued to Shareholders on 22 January 2021 which gives
full details and is available online at the Company's website
www.ccjapanincomeandgrowthtrust.com under the "Documents" tab.
Alternatively, Shareholders can contact the Company Secretary. The
telephone number for the Company Secretary is +44(0) 20 4513
9260.
Income & Interim Dividend
Earnings for the period were 2.22p per Ordinary Share compared
to 2.84p in the first half of 2020, a fall of 22%. Inevitably, the
revenue account suffered from the fallout of the COVID-19 pandemic,
particularly from the closure of hospitality and leisure businesses
and a sharp contraction in the Japanese economy in 2020. That said,
the outlook for dividends in Japan continues to look healthy. While
companies slashed earnings guidance in the pandemic, the dividend
picture has been relatively stable. The corporate sector is cash
rich and company managements are increasingly committed to
maintaining distribution policies, which in many cases now appear
to be on an upward trajectory, as discussed in the Investment
Manager's review. The strength of sterling has become something of
a headwind, where the sterling/yen cross rate rose by 12% over the
period impacting the conversion of yen dividend receipts.
Shareholders should be aware that we have a policy of not hedging
currency so there is a risk of revenue leakage on currency
translation. Conversely, there is already evidence that a weaker
yen is stimulating Japanese corporate earnings and hence dividends.
The Board view hedging strategies as expensive with currency
movements notoriously difficult to predict.
The Company has been able to build a revenue reserve as a buffer
since inception in December 2015. The accumulated net revenue
reserve is 4.02p per share which together with the Special Reserve
could be utilised in the event of a revenue shortfall.
The Board has declared an unchanged interim dividend of 1.40p
per Ordinary Share, payable on 6 August 2021 with an ex-date of 8
July 2021.
Outlook
Although Japan has suffered considerably less from the pandemic
compared to many other countries, the slow roll out of vaccinations
and a recent resurgence of cases of COVID-19 saw a "state of
emergency" reimposed, albeit with light restrictions. As a result,
the domestic economy has struggled with hospitality, leisure and
travel at a standstill. Tourism was a major driver of domestic
demand in the pre COVID-19 world and even if the Olympics go ahead
there will be few foreign spectators.
Nevertheless, there are continued reasons for optimism. The bulk
of Japanese corporate earnings are derived from overseas and have
benefitted from the recovery in world trade, aided and abetted by
huge global stimulus. Exports have benefitted from a weaker yen.
Japan is a major cyclical beneficiary of global recovery, where
foreign institutions are underweight and the vaccine roll out is at
last gathering pace. Companies continue to improve rewards to
shareholders through the stability of their dividend distribution
policies with many increases evident on the back of a recovery in
corporate earnings. Despite Japan being relatively unaffected by
the pandemic, Prime Minister Suga's popularity has plummeted, but
the opposition are in disarray before the impending election and
there is little political animus to reverse the steady improvements
in Corporate Governance.
The prospects for Japanese investment returns still looks
promising and as of 25 June 2021, the Company offers a historic
yield of 3.3%. The full year dividend distribution is expected to
be at least maintained in the current financial year to 31 October
2021. We hope that portfolio performance will continue to
strengthen sufficiently to generate healthy total returns for
Shareholders, not least for the Subscription Shares, which can
potentially reward loyal Shareholders for their patience during the
difficult period of performance over the pandemic.
Keeping in touch
I would encourage you to keep in touch by looking at the
Company's website www.ccjapanincomeandgrowthtrust.com. This
provides regular updates including the Investment Manager's monthly
factsheets.
Harry Wells
Chairman
25 June 2021
INVESTMENT MANAGER'S REPORT
Performance Review
The ex-income Net Asset Value ("NAV") total return of the
Company increased 17.0% between 31 October 2020 and 30 April 2021.
During this period, the Company paid last year's second interim
dividend of 3.20p (in lieu of a final dividend), which represented
a 3.2% increase over last year's final dividend despite the
challenging economic and financial conditions resulting from the
COVID-19 pandemic.
The period from 31 October 2020 to 30 April 2021 has been
notable for sharp investor swings between optimism over the rollout
of a global immunisation programme and renewed risks as new
variants of the COVID-19 virus have emerged. Japan itself, which
managed the initial surge of infections in a relatively favourable
manner compared to many other regions, has suffered the negative
economic impact of the periodic reintroduction of restrictions.
The Japanese equity market has continued to make steady upward
progress since the announcement of the first successful vaccine
trial results in early November. However, there has been a notable
change in the style characteristics within the market. Research by
Nomura Securities, which has produced the style indices Topix
Growth and Topix Value since 2009, highlights the fact the move has
been a significant reversal of the strong growth trend that
dominated the majority of 2020 and indeed the previous five
years.
The style reversal in the market to favour value has been to the
benefit of some of the long-term holdings in the portfolio such as
leading mega-banks, Sumitomo Mitsui Financial Group and Mitsubishi
UFJ Financial Group, and trading companies Itochu and Mitsubishi
Corp. Currently, these are the main industries where this strategy
overlaps with 'deep value' investment styles. However, the Company
does not have exposure to deeply cyclical, debt laden sectors such
as airlines, iron and steel or shipping which have led the value
rally. Looking at previous periods when these sectors have risen
sharply, we believe that these rallies create nothing more than
short term trading opportunities as expectations for a turning
point in business conditions rise. But, we believe that their poor
record of consistently low capital efficiency and depressed
shareholder returns have a greater bearing on the long term
performance of the shares and consequently continue to
differentiate the stronger investment case for the banks and
trading companies compared to airlines or steel companies.
Since the announcement of the first successful vaccine in
November 2020, the Company has delivered a positive relative
performance. The recognition of the attributes of the banks and
trading companies has had a notable contribution and there has also
been a recent and more modest positive return from some of the REIT
holdings in the office segment (Invesco Office, UBS MidCity).
Employment related companies Dip and Technopro appear to have been
given some credit for their recovery potential. However, the
consumer staple companies Kao, Noevir and Pigeon have continued to
languish despite affirming their shareholder return attractions,
through projecting dividend increases in the face of the current
trading difficulties. Hikari Tsushin was the largest negative
contributor after its share price fell sharply in January, due to a
sharp spike in electricity spot prices which was detrimental to its
wholesale power business. Our conversations with the company
confirm that while material, the shortfall has been offset by the
strength in other parts of its business.
Portfolio Positioning
Trading activity in the portfolio has continued to reflect the
balance between the near-term intent to maximise the dividend
distributed to Shareholders and to establish holdings which have
the greatest long-term growth potential.
The disparity amongst different industries in terms of economic
activity is visible both in headline macroeconomic data and
corporate results. For example, while world trade volumes hit
historic highs in early 2021, benefitting many of Japan's exporters
and leading industrial companies, the number of international
tourists is down over 90% compared to the previous year. Individual
companies have consequently sought to adapt to very differing
circumstances.
In this environment, the Company exited holdings in Gakkyusha,
Yamada Holdings, Pigeon and Nomura, due to concerns over the
sustainability of their pre-COVID-19 business success, and sold
Hoya and Invesco Office REIT as valuations became less
attractive.
Holdings in the Mitsubishi UFJ Holdings and Sumitomo Mitsui
Financial Group as well as Sompo Insurance were increased as it
became clear that their business prospects were unlikely to be as
tumultuous as many initially feared. New positions have been
established in Nintendo (home entertainment games), Orix (financial
services), Open House (real estate services) and Asahi Holdings
(precious metal recycling and waste material processing). The
common theme amongst all these companies is their commitment to
delivering consistent shareholder returns despite the various
challenges they have faced during the last 18 months.
Outlook
We believe that many of the existing portfolio companies have
clearly demonstrated that they will not backtrack on their
commitment to deliver steady returns to shareholders. For example,
the Japanese solar power business, West Holdings recently announced
a 13 for 10 stock split but confirmed that it will maintain the
same Y50 per share as a full year dividend on the increased
capital. Consequently, this represents a 30% increase on their
original forecast for the current year and a 44% increase on the
dividend they paid in the prior year. In another positive move, NTT
announced its intention to pay a Y55 final dividend rather than the
Y50 it originally forecast which will result in a 10.5% increase
for the full year. Shin-Etsu Chemical paid an additional Y10 per
share in its second half dividend (Y130 compared to original
forecast of Y120) for a full year increase of 13.6% on financial
year 2020, reflecting the strength of their PVC and silicon wafer
businesses. Similarly, Tokyo Electron and Murata increased their
financial year 2020 dividend payments by a further Y41 and Y5
respectively resulting in annual increases of 32.8% and 18.5%.
Strong financial markets had a favourable impact on the results of
SBI Holdings and the Japan Exchange Group. SBI increased their
final dividend by 25% above forecast to Y100 and Japan Exchange
announced the additional payment of a Y10 special dividend together
with a Y20bn share buyback programme, equivalent to 1.4% of their
outstanding equity. It is notable that many companies have
announced seemingly conservative forecasts for financial year 2021
due to the general uncertainty about the near-term trends but are
anticipating increases in capital investment to match longer term
ambitions.
Dividends from Japanese companies in general have demonstrated
greater resilience to the impact of the pandemic than many other
regions and hence the Japanese equity market has maintained its
record of delivering superior growth in shareholder distributions
over recent years. We believe that this positive trend is set to
continue, given the continuing underlying improvements in corporate
governance and capital efficiency that became evident under the
policies established by former Prime Minister Abe. The regular
review of the Corporate Governance Code along with the revisions to
eligibility criteria for inclusion in the indices of the Tokyo
Stock Exchange are notable recent initiatives that are having a
clear influence on corporate attitudes and medium-term management
policies which underpin this investment strategy and have allowed
it to recover after the seismic events of early 2020.
Richard Aston
Coupland Cardiff Asset Management LLP
25 June 2021
TOP TEN SECTORS AND HOLDINGS
As at 30 April 2021
TOP 10 SECTORS
% of net
Sector assets
------------------------------ ---------
Information & Communications 13.2
------------------------------ ---------
Chemicals 12.5
------------------------------ ---------
Real Estate 10.7
------------------------------ ---------
Services 9.9
------------------------------ ---------
Banks 8.5
------------------------------ ---------
Electrical Appliances 7.7
------------------------------ ---------
Wholesale 7.0
------------------------------ ---------
Insurance 5.0
------------------------------ ---------
Securities & Commodities 4.3
------------------------------ ---------
Other Products 4.2
------------------------------ ---------
Other Sectors 16.1
------------------------------ ---------
Other net assets 0.9
------------------------------ ---------
Total 100.0
------------------------------ ---------
TOP 10 EQUITY HOLDINGS
% of net
Company Sector assets
Sumitomo Mitsui Financial Group Banks 4.5
--------------------------------- ------------------------------ ---------
SBI Holdings Securities & Commodities 4.2
--------------------------------- ------------------------------ ---------
Itochu Corp Wholesale 4.1
--------------------------------- ------------------------------ ---------
Shin-Etsu Chemical Chemicals 4.1
--------------------------------- ------------------------------ ---------
Asahi Holdings Nonferrous Metals 4.0
--------------------------------- ------------------------------ ---------
Mitsubishi UFJ Financial Group Banks 4.0
--------------------------------- ------------------------------ ---------
Nippon Telegraph & Telephone Information & Communications 3.9
--------------------------------- ------------------------------ ---------
Softbank Information & Communications 3.7
--------------------------------- ------------------------------ ---------
Tokyo Electron Electrical Appliances 3.7
--------------------------------- ------------------------------ ---------
GLP J-REIT Real Estate 3.5
--------------------------------- ------------------------------ ---------
Other equity holdings n/a 59.4
--------------------------------- ------------------------------ ---------
Other net assets 0.9
----------------------------------------------------------------- ---------
Total 100.0
----------------------------------------------------------------- ---------
TOP TEN CONTRACTS FOR DIFFERENCE ("CFDs")
Absolute Absolute Market
Value value as value
a %
Company Sector GBP'000 of net assets GBP'000
Sumitomo Mitsui Financial
Group Banks 1,882 0.9 (48)
------------------------------ ------------------------------ --------- -------------- --------
SBI Holdings Securities & Commodities 1,773 0.9 401
------------------------------ ------------------------------ --------- -------------- --------
Itochu Corp Wholesale 1,709 0.8 488
------------------------------ ------------------------------ --------- -------------- --------
Shin-Etsu Chemical Chemicals 1,706 0.8 606
------------------------------ ------------------------------ --------- -------------- --------
Asahi Holdings Nonferrous Metals 1,681 0.8 63
------------------------------ ------------------------------ --------- -------------- --------
Mitsubishi UFJ Financial
Group Banks 1,680 0.8 23
------------------------------ ------------------------------ --------- -------------- --------
Nippon Telegraph & Telephone Information & Communications 1,637 0.8 5
------------------------------ ------------------------------ --------- -------------- --------
Softbank Information & Communications 1,563 0.7 (27)
------------------------------ ------------------------------ --------- -------------- --------
Tokyo Electron Electrical Appliances 1,531 0.7 809
------------------------------ ------------------------------ --------- -------------- --------
GLP J-REIT Real Estate 1,451 0.7 414
------------------------------ ------------------------------ --------- -------------- --------
Top ten 16,613 7.9 2,734
-------------------------------------------------------------- --------- -------------- --------
Other 24,794 11.9 1,574
Total 41,407 19.8 4,308
-------------------------------------------------------------- --------- -------------- --------
INTERIM MANAGEMENT REPORT
The Directors are required to provide an Interim Management
Report in accordance with the Financial Conduct Authority ("FCA")
Disclosure Guidance and Transparency Rules. The Chairman's
Statement and the Investment Manager's Report in this half-yearly
report provide details of the important events which have occurred
during the period and their impact on the financial statements. The
following statements on related party transactions, going concern
and the Directors' Responsibility Statement, together, constitute
the Interim Management Report for the Company for the six months
ended 30 April 2021. The outlook for the Company for the remaining
six months of the year ending 31 October 2021 is discussed in the
Chairman's Statement and the Investment Manager's Report.
PRINCIPAL AND EMERGING RISKS AND UNCERTAINTIES
A detailed explanation of the principal and emerging risks and
uncertainties to the Company are detailed in the Company's most
recent Annual Report for the year ended 31 October 2020, which can
be found on the Company's website at
www.ccjapanincomeandgrowthtrust.com
Since the publication of the 2020 annual financial report on 26
February 2021, the COVID-19 pandemic continues to be a serious
threat to most parts of the global economy and the Board continues
to monitor the situation closely and is in regular contact with the
Investment Manager and the Company's other service providers in
order to assess and mitigate the impact on the Company's investment
objectives, investment portfolio and shareholders. Otherwise, in
the view of the Board, these principal and emerging risks and
uncertainties are substantially unchanged from the year end and are
as much applicable to the remaining six months of the financial
year, as they are to the six months under review.
The Board has a dynamic risk management register and associated
risk heat map in place to help identify principal and emerging
risks in the business and oversee the effectiveness of internal
controls and processes. These key risks fall into four
categories:
-- Strategic and business risks, including risks associated with the economy;
-- Financial risks;
-- Operational risks, including business interruption due to COVID-19; and
-- Regulatory and compliance risks.
RELATED PARTY TRANSACTIONS
The Company's Investment Manager is Coupland Cardiff Asset
Management LLP. Coupland Cardiff Asset Management LLP is considered
a related party under the Listing Rules. The Investment Manager is
entitled to receive a management fee payable monthly in arrears at
the rate of one-twelfth of 0.75% of Net Asset Value per calendar
month. Investment management fees paid during the six-month period
to 30 April 2021 were GBP780,000. There is no performance fee
payable to the Investment Manager. There have been no changes to
the related party transactions that could have a material effect on
the financial position or performance of the Company since the year
ended 31 October 2020.
GOING CONCERN
The Board has a reasonable expectation that the Company has
adequate resources to continue in operational existence for at
least twelve months from 25 June 2021. In reaching this conclusion,
the Directors have considered the liquidity of the Company's
portfolio of investments as well as its cash position, income and
expense flows. The Company's net assets as at 30 April 2021 were
GBP208.6 million (30 April 2020: GBP174.5 million). As at 30 April
2021, the Company held GBP207.0 million (30 April 2020: GBP165.6
million) in quoted investments. In addition, as at 30 April 2021,
the Company had gross exposure to Contracts for Difference of
GBP41.4 million (30 April 2020: GBP33.1 million). The total
expenses (excluding finance costs and taxation) for the six months
ended 30 April 2021 were GBP1.1million (30 April 2020: GBP1.0
million). The Company has a GBP12 million (or equivalent in
Japanese yen) bank overdraft facility with Northern Trust Company
and as at 30 April 2021, GBP2.7 million had been utilised on the
Japanese yen bank account.
In light of the COVID-19 pandemic, the Directors have fully
considered and assessed the Company's portfolio of investments. A
prolonged and deep market decline could lead to falling values to
the investments or interruptions to cashflow. However, the Company
currently has more than sufficient liquidity available to meet any
future obligations.
The market and operational risks associated with the COVID-19
pandemic, and the ongoing economic impact of measures introduced to
combat its spread, were discussed and are continually monitored by
the Board.
The Investment Manager, Administrator and other key service
providers are providing regular updates on operational resilience.
The Board is satisfied that the key service providers have the
ability to continue to operate efficiently in a remote or virtual
working environment, as had been demonstrated since March 2020.
DIRECTORS' STATEMENT OF RESPONSIBILITY FOR THE HALF-YEARLY
REPORT
The Directors confirm to the best of their knowledge that:
-- The condensed set of financial statements contained within
the half-yearly financial report has been prepared in accordance
with FRS 104 Interim Financial Reporting.
-- The Interim Management Report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the FCA's Disclosure
Guidance and Transparency Rules.
Harry Wells
Chairman
For and on behalf of the Board of Directors
25 June 2021
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS TO 30 APRIL 2021
Six months to 30 Six months to 30 April Year ended 31 October
April 2021 (Unaudited) 2020 (Unaudited) 2020 (Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ----- -------- -------- -------- -------- --------- --------- -------- --------- -----------
Gains/(losses)
on investments - 26,199 26,199 - (38,952) (38,952) - (29,495) (29,495)
Currency
gains - 415 415 - 376 376 - 302 302
Income 4 3,861 - 3,861 4,743 - 4,743 8,553 - 8,553
Investment
management
fee (156) (624) (780) (147) (590) (737) (285) (1,140) (1,425)
Other expenses (305) - (305) (266) - (266) (556) - (556)
Return on
ordinary
activities
before finance
costs and
taxation 3,400 25,990 29,390 4,330 (39,166) (34,836) 7,712 (30,333) (22,621)
Finance costs 5 (28) (82) (110) (35) (89) (124) (63) (166) (229)
Return on
ordinary
activities
before
taxation 3,372 25,908 29,280 4,295 (39,255) (34,960) 7,649 (30,499) (22,850)
Taxation 6 (386) - (386) (474) - (474) (853) - (853)
Return on
ordinary
activities
after taxation 2,986 25,908 28,894 3,821 (39,255) (35,434) 6,796 (30,499) (23,703)
---------------- ----- -------- -------- -------- --------- -------- --------- -----------
Return per
Ordinary
Share 10 2.22p 19.23p 21.45p 2.84p (29.14)p (26.30)p 5.04p (22.64)p (17.60)p
---------------- ----- -------- -------- -------- -------- --------- --------- -------- --------- -----------
The total column of this statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations.
Both the supplementary revenue and capital columns are both prepared under
guidance from the Association of Investment Companies. There is no other
comprehensive income and therefore the return for the year is also the total
comprehensive income for the period.
CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2021
30 April 30 April 31 October
2021 2020 2020
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
------------------------------------------ ----- ------------- ------------- -----------
Fixed assets
Investments at fair value through profit
or loss 3 207,036 165,644 180,927
------------------------------------------ ----- ------------- ------------- -----------
Current assets
Cash and cash equivalents - 11,162 2,463
Cash collateral in respect of Contracts
for Difference ("CFDs") - 101 41
Amounts due in respect of CFDs 5,534 530 3,014
Other debtors 3,121 5,532 3,100
8,655 17,325 8,618
------------------------------------------ ----- ------------- ------------- -----------
Creditors: amounts falling due within
one year
Bank overdraft (5,346) - -
Cash collateral in respect of contracts
for difference ("CFDs") (242) - -
Amounts payable in respect of CFDs (1,226) (6,646) (4,969)
Other creditors (304) (1,808) (216)
(7,118) (8,454) (5,185)
------------------------------------------ ----- ------------- ------------- -----------
Net current assets 1,537 8,871 3,433
------------------------------------------ ----- ------------- ------------- -----------
Net assets 208,573 174,515 184,360
------------------------------------------ ----- ------------- ------------- -----------
Capital and reserves
Share capital 8 1,348 1,348 1,348
Share premium 98,067 98,437 98,437
Special reserve 64,671 64,671 64,671
Capital reserve
-Revaluation gains on investment held
at period end 23,243 3,565 14,746
-Other capital reserves 15,833 847 (1,578)
Revenue reserve 5,411 5,647 6,736
Total Shareholders' funds 208,573 174,515 184,360
------------------------------------------ ----- ------------- ------------- -----------
NAV per share - Ordinary Shares (pence) 11 154.81p 129.53p 136.84p
------------------------------------------ ----- ------------- ------------- -----------
Approved by the Board of Directors and authorised for issue on 25 June
2021 and signed on their behalf by:
Harry Wells
Director
CC Japan Income & Growth Trust plc is incorporated in England and Wales
with registration number 9845783.
CONDENSED STATEMENT OF CHANGES IN EQUITY
SIX MONTHS TO 30 APRIL 2021 (Unaudited)
Share Share Special Capital Revenue
capital premium reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- --------- --------- --------- --------- ---------
Balance at 1 November
2020 1,348 98,437 64,671 13,168 6,736 184,360
Return on ordinary
activities after taxation - - - 25,908 2,986 28,894
Dividends paid - - - - (4,311) (4,311)
Ordinary Shares issue
costs - (370) - - - (370)
Balance at 30 April
2021 1,348 98,067 64,671 39,076 5,411 208,573
----------------------------- --------- --------- --------- --------- --------- ---------
SIX MONTHS TO 30 APRIL
2020 (Unaudited)
Share Share Special Capital Revenue
capital premium reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- --------- --------- --------- --------- ---------
Balance at 1 November
2019 1,348 98,437 64,671 43,667 6,003 214,126
Return on ordinary
activities after taxation - - - (39,255) 3,821 (35,434)
Dividends paid - - - - (4,177) (4,177)
Balance at 30 April
2020 1,348 98,437 64,671 4,412 5,647 174,515
----------------------------- --------- --------- --------- --------- --------- ---------
YEARED 31 OCTOBER
2020 (Audited)
Share Share Special Capital Revenue
capital premium reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- --------- --------- --------- --------- ---------
Balance at 1 November
2019 1,348 98,437 64,671 43,667 6,003 214,126
Return on ordinary
activities after taxation - - - (30,499) 6,796 (23,703)
Dividends paid - - - - (6,063) (6,063)
Balance at 31 October
2020 1,348 98,437 64,671 13,168 6,736 184,360
----------------------------- --------- --------- --------- --------- --------- ---------
The Company's distributable reserves consist of the Special reserve,
Revenue reserve and Capital reserve attributable to realised profits.
CONDENSED STATEMENT OF CASH FLOWS
SIX MONTHS TO 30 APRIL 2021
Six months Six months
to 30 April to 30 April
2021 2020
Year ended
31 October
(Unaudited) (Unaudited) 2020 (Audited)
GBP'000 GBP'000 GBP'000
-------------------------------------------- ------------- ------------- ----------------
Operating activities cash flows
Return on ordinary activities before
finance costs and taxation* 29,390 (34,836) (22,621)
Adjustment for:
(Gains)/losses on investments (18,381) 30,685 23,290
CFD transactions (5,980) 4,250 48
(Increase)/decrease in other debtors (84) 125 (380)
Increase/(decrease) in other creditors 87 (17) (75)
Tax withheld on overseas income (386) (474) (853)
------------- ------------- ----------------
Net cash flow from/(used in) operating
activities 4,646 (267) (591)
-------------------------------------------- ------------- ------------- ----------------
Investing activities cash flows
Purchases of investments (58,804) (46,039) (92,584)
Proceeds from sales of investments 51,139 59,398 99,458
Net cash flow (used in)/from investing
activities (7,665) 13,359 6,874
-------------------------------------------- ------------- ------------- ----------------
Financing activities cash flows
Share issue costs (370) - -
Equity dividends paid (4,311) (4,177) (6,063)
Finance costs paid (109) (124) (229)
Net cash used in financing activities (4,790) (4,301) (6,292)
(Decrease)/increase in cash and cash
equivalents (7,809) 8,791 (9)
------------- ------------- ----------------
Cash and cash equivalents at the beginning
of the period/year 2,463 2,472 2,472
Cash and cash equivalents at the end
of the period/year (5,346) 11,263 2,463
-------------------------------------------- ------------- ------------- ----------------
* Cash inflow from dividends was GBP3,418,000 (30 April 2020: GBP4,880,000
and 31 October 2020: GBP7,396,000).
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
CC Japan Income & Growth Trust plc (the "Company") was incorporated
in England and Wales on 28 October 2015 with registered number 9845783,
as a closed-ended investment company. The Company commenced its operations
on 15 December 2015. The Company intends to carry on business as an
investment trust within the meaning of Chapter 4 of Part 24 of the Corporation
Tax Act 2010.
The Company's investment objective is to provide Shareholders with dividend
income combined with capital growth, mainly through investment in equities
listed or quoted in Japan.
The principal activity of the Company is that of an investment trust
company within the meaning of section 1158 of the Corporation Tax Act
2010.
The Company's shares were admitted to the Official List of the UK Listing
Authority with a premium listing on 15 December 2015. On the same day,
trading of the Ordinary Shares commenced on the London Stock Exchange.
The Company's registered office is 1st Floor, Senator House, 85 Queen
Victoria Street, London, EC4V 4AB.
2. ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with
FRS 104 Interim Financial Reporting and the Statement of Recommended
Practice "Financial Statements of Investment Trust Companies and Venture
Capital Trusts" issued by the Association of Investment Companies in
October 2019.
This half-yearly Financial Report is unaudited and does not include
all the information required for full annual financial statements. The
half-yearly Financial Report should be read in conjunction with the
Annual Report and Accounts of the Company for the year ended 31 October
2020. The Annual Report and Accounts for the year ended 31 October 2020
were prepared in accordance with FRS 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland ("FRS 102") and received
an unqualified audit report. The financial information for the year
ended 31 October 2020 in this half-yearly Financial Report has been
extracted from the audited Annual Report and Accounts for that year
end. The accounting policies in this Half-yearly Financial Report are
consistent with those applied in the Annual Report for the year ended
31 October 2020.
The interim financial statements have been presented in GBP sterling
(GBP).
3. INVESTMENTS
As at 31
As at 30 As at 30 October
April 2021 April 2020 2020
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
-------------------------------------- ----- ------------- ------------- -----------
Investments listed on a recognised
overseas investment exchange 207,036 165,644 180,927
--------------------------------------------- ------------- -----------
207,036 165,644 180,927
-------------------------------------------- ------------- ------------- -----------
Fair Value Measurements of Financial Assets and Financial Liabilities
The financial assets and liabilities are either carried in the balance
sheet at their fair value, or the balance sheet amount is a reasonable
approximation of fair value (due from brokers, dividends receivable,
accrued income, due to brokers, accruals and cash and cash equivalents).
The valuation techniques for investments and derivatives used by the
Company are explained in the accounting policies notes 2 (b and c) in
the Annual report for the year ended 31 October 2020.
The table below sets out fair value measurements using fair value hierarchy
in accordance with "Amendments to FRS 102: Fair Value Hierarchy Disclosure
(March 2016)" published by the FRC.
Level 1 Level 2 Level 3 Total
30 April 2021 (Unaudited) GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ ----------- ----------- ---------- ----------
Assets:
Equity investments 207,036 - - 207,036
CFDs - Fair Value gains - 5,534 - 5,534
Liabilities:
CFDs - Fair Value losses - (1,226) - (1,226)
------------------------------------ ----------- ----------- ----------
Total 207,036 4,308 - 211,344
------------------------------------ ----------- ----------- ---------- ----------
Level 1 Level 2 Level 3 Total
30 April 2020 (Unaudited) GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ ----------- ----------- ---------- ----------
Assets:
Equity investments 165,644 - - 165,644
CFDs - Fair Value gains - 530 - 530
Liabilities:
CFDs - Fair Value losses - (6,646) - (6,646)
------------------------------------ ----------- ----------- ----------
Total 165,644 (6,116) - 159,528
------------------------------------ ----------- ----------- ---------- ----------
Level 1 Level 2 Level 3 Total
31 October 2020 (Audited) GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------ ----------- ----------- ---------- ----------
Assets:
Equity investments 180,927 - - 180,927
CFDs- Fair Value gains - 3,014 - 3,014
Liabilities:
CFDs - Fair Value losses - (4,969) - (4,969)
------------------------------------ ----------- ----------- ---------- ----------
Total 180,927 (1,955) - 178,972
------------------------------------ ----------- ----------- ---------- ----------
There were no transfers between levels during the period to 30 April
2021 (30 April 2020: nil and 31 October 2020: nil).
Categorisation within the hierarchy has been determined on the basis
of the lowest level input that is significant to the Fair Value measurement
of the relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical
assets.
Level 2 - valued by reference to valuation techniques using observable
inputs including quoted prices.
Level 3 - valued by reference to valuation techniques using inputs that
are not based on observable market data. There are no Level 3 investments
as at 30 April 2021 (30 April 2020: nil and 31 October 2020: nil).
4. INCOME
Six months Six months Year ended
to 30 April to 30 April 31 October
2021 2020 2020
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
--------------------------- -------------- ------------- ------------
Income from investments:
Overseas dividends 3,861 4,743 8,553
-------------- ------------- ------------
3,861 4,743 8,553
--------------------------- -------------- ------------- ------------
Overseas dividend income is translated into sterling on receipt.
5. FINANCE COSTS
Six months Six months Year ended
to 30 April to 30 April 31 October
2021 2020 2020
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
-------------------------------------------- ------------- ------------- ------------
Interest paid - 100% charged to revenue 8 13 21
CFD finance cost and structuring fee -
20% charged to revenue 20 22 41
Structuring fees - 20% charged to revenue - - 1
------------- ------------- ------------
28 35 63
-------------------------------------------- ------------- ------------- ------------
CFD finance cost and structuring fee -
80% charged to capital 80 87 164
Structuring - 80% charged to capital 2 2 2
------------- ------------- ------------
82 89 166
-------------------------------------------- ------------- ------------- ------------
Total finance costs 110 124 229
-------------------------------------------- ------------- ------------- ------------
6. TAXATION
Six months to 30 April Six months to 30 April
2021 (Unaudited) 2020 (Unaudited)
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------- -------- ------------ ---------- ----------
Analysis of tax charge in the
period:
Overseas withholding tax 386 - 386 474 - 474
-------- -------- -------- ------------ ----------
Total tax charge for the period 386 - 386 474 - 474
--------------------------------- -------- -------- -------- ------------ ---------- ----------
Year ended 31 October
2020 (Audited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
--------------------------------- -------- -------- --------
Analysis of tax charge in the
year:
Overseas withholding tax 853 - 853
-------- --------
Total tax charge for the year 853 - 853
--------------------------------- -------- -------- --------
7. INTERIM DIVID
During the six months ended 30 April 2021, the Company paid a dividend
of 3.20p per Ordinary Share in respect of the year ended 31 October
2020.
The Directors have declared an interim dividend for the six months ended
30 April 2021 of 1.40p (2020: 1.40p) per Ordinary Share. The dividend
will be paid on 6 August 2021, to Ordinary Shareholders on the register
at the close of business on 9 July 2021. The Ordinary Shares will go
ex-dividend on 8 July 2021.
8. SHARE CAPITAL
Share capital represents the nominal value of shares that have been
issued. The share premium includes any premiums received on issue of
share capital. Any transaction costs associated with the issuing of
shares are deducted from share premium.
As at 30 April 2021 As at 30 April As at 31 October
(Unaudited) 2020 (Unaudited) 2020 (Audited)
No of shares GBP'000 No of shares GBP'000 No of shares GBP'000
------------------- ---------------------- ------------- ------------------ ----------- ------------------ -----------
Allotted, issued &
fully paid:
Ordinary Shares of
1p
Opening balance 134,730,610 1,348 134,730,610 1,348 134,730,610 1,348
------------------- ---------------------- ------------- ------------------ ----------- ------------------ -----------
Closing balance 134,730,610 1,348 134,730,610 1,348 134,730,610 1,348
------------------- ---------------------- ------------- ------------------ ----------- ------------------ -----------
On 18 February 2021, the Company issued 26,946,122 Subscription Shares
to qualifying Shareholders on the register of members of the Company
by close of business on 15 February 2021, pursuant to the terms of the
Bonus Issue. None of the Subscription Shares were exercised during the
period to 30 April 2021.
Since the period end, the Company has not issued any new Ordinary Shares
or Subscription Shares.
9. FINANCIAL COMMITMENTS
As at 30 April 2021, there were no commitments in respect of unpaid
calls and underwritings (30 April 2020: nil and 31 October 2020: nil).
10. RETURN PER ORDINARY SHARE
Total return per Ordinary Share is based on the return on ordinary activities,
including income, for the period after taxation of GBP28,894,000 (30
April 2020: loss of GBP35,434,000 and 31 October 2020: loss of GBP23,703,000).
Based on the weighted average number of Ordinary Shares in issue for
the period to 30 April 2021 of 134,730,610 (30 April 2020: 134,730,610,000
and 31 October 2020: 134,730,610,000), the returns per Ordinary Share
were as follows:
As at 30 April 2021 As at 30 April 2020 As at 31 October 2020
(Unaudited) (Unaudited) (Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
----------------- -------- -------- ------- -------- --------- --------- --------- --------- -----------
Return per
Ordinary Share 2.22p 19.23p 21.45p 2.84p (29.14)p (26.30)p 5.04p (22.64)p (17.60)p
----------------- -------- -------- ------- -------- --------- --------- --------- --------- -----------
11. NET ASSET VALUE PER SHARE
Total shareholders' funds and the NAV per share attributable to the
Ordinary Shareholders at the period end calculated in accordance with
the Articles of Association were as follows:
As at 30 April As at 30 April As at 31 October
2021 (Unaudited) 2020 (Unaudited) 2020 (Audited)
---------------------------------- -------------------- -------------------- ---------------------
Net Asset Value (GBP'000) 208,573 174,515 184,360
---------------------------------- -------------------- -------------------- ---------------------
Ordinary Shares in issue 134,730,610 134,730,610 134,730,610
---------------------------------- -------------------- -------------------- ---------------------
NAV per Ordinary Share 154.81p 129.53p 136.84p
---------------------------------- -------------------- -------------------- ---------------------
12. RELATED PARTY TRANSACTIONS
Transactions with the Investment Manager and the Alternative Investment
Fund Investment Manager ("AIFM")
The Company provides additional information concerning its relationship
with the Investment Manager and AIFM, Coupland Cardiff Asset Management
LLP. Investment management fees for the six-month period to 30 April 2021
were GBP780,000 (30 April 2020: GBP737,000 and 31 October 2020: GBP1,425,000).
The fees outstanding at the period ended 30 April 2021 were GBP131,000
(30 April 2020: GBP102,000 and 31 October 2020: GBP116,000).
Research purchasing agreement
The Markets in Financial Instruments Directive II ("MiFID II") treats
investment research provided by brokers and independent research providers
as a form of "inducement" to investment managers and requires research
to be paid separately from execution costs. In the past, the costs of
broker research were primarily borne by the Company as part of execution
costs through dealing commissions paid to brokers. With effect from 3
January 2018, this practice has changed, as brokers subject to MiFID II
are now required to price, and charge for, research separately from execution
costs. Equally, the rules require the Investment Manager, as an investment
Manager, to ensure that the research costs borne by the Company are paid
for through a designated Research Payment Account ("RPA") funded by direct
research charges to the Investment Manager's clients; including the Company.
The estimated research charge for the period 1 January 2021 to 31 December
2021, as budgeted by the Investment Manager, is approximately GBP28,000
(2020: GBP30,000).
Directors' fees and shareholdings
Directors' fees are payable at the rate of GBP25,000 per annum for each
Director other than the Chairman, who is entitled to receive GBP37,500.
The Chairman of the Audit Committee is also entitled to an additional
fee of GBP5,125 per annum and the senior independent director is entitled
to an additional fee of GBP1,000.
The Directors had the following ordinary shareholdings in the Company,
all of which were beneficially owned.
Ordinary
Shares Subscription
As at 30 Shares Ordinary Shares Ordinary Shares
April 2021 As at 30 April As at 30 April As at 31 October
(Unaudited) 2021 (Unaudited) 2020 (Unaudited) 2020 (Audited)
--------------------- ------------- ------------------ ------------------ ------------------
Harry Wells 40,000 8,000 40,000 40,000
Kate Cornish-Bowden 40,000 8,000 30,000 30,000
John Scott 62,500 12,500 62,500 62,500
Peter Wolton 67,250 13,449 60,000 67,250
Mark Smith* - - 10,000 10,000
*Mr Mark Smith retired from the Board on 26 March 2021.
13. POST BALANCE SHEET EVENTS
There are no post balance sheet events other than as disclosed in this
half-yearly financial report.
14. STATUS OF THIS REPORT
These interim financial statements are not the Company's statutory accounts
for the purposes of section 434 of the Companies Act 2006. They are
unaudited. The half-yearly financial report will be made available to
the public at the registered office of the Company. The report will
also be available on the Company's website www.ccjapanincomeandgrowthtrust.com
The information for the year ended 31 October 2020 has been extracted
from the last published audited financial statements, unless otherwise
stated. The audited financial statements have been delivered to the
Registrar of Companies. The Auditors reported on those accounts and
their report was unqualified, did not draw attention to any matters
by way of emphasis and did not contain a statement under sections 498(2)
or 498(3) of the Companies Act 2006.
GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES ("APM")
Administrator The Company's administrator, the current
such administrator being PraxisIFM
Fund Services (UK) Limited.
AIC Association of Investment Companies.
Alternative Investment Fund or "AIF" An investment vehicle under AIFMD.
Under AIFMD (see below) the Company
is classified as an AIF.
Alternative Investment Fund Managers A European Union Directive which came
Directive or "AIFMD" into force on 22 July 2013 and has
been implemented in the UK.
Annual General Meeting or "AGM" A meeting held once a year, which
Shareholders are entitled to attend,
and where they can vote on resolutions
to be put forward at the meeting and
ask Directors questions about the
Company.
CFD or Contract for difference A financial instrument, which provides
exposure to an underlying equity with
the provider financing the cost to
the buyer with the buyer receiving
the difference of any gain or paying
for any loss.
Custodian An entity that is appointed to safeguard
a company's assets.
Depositary Certain AIFs must appoint depositaries
under the requirements of AIFMD. A
depositary's duties include, inter
alia, safekeeping of the Company's
assets and cash monitoring. Under
AIFMD the depositary is appointed
under a strict liability regime.
Dividend Income receivable from an investment
in shares.
Discount (APM) The amount, expressed as a percentage,
by which the share price is less than
the Net Asset Value per share.
As at 30 April 2021
--------------------------------- ------------ ---------------- --------
NAV per Ordinary Share a 154.8
Share price b 145.0
Discount (b÷a)-1 6.3%
----------------------------------------------- ---------------- --------
Ex-dividend date The date from which you are not entitled
to receive a dividend which has been
declared and is due to be paid to
Shareholders.
Financial Conduct Authority or ("FCA") The independent body that regulates
the financial services industry in
the UK.
Gearing (APM) A way to magnify income and capital
returns, but which can also magnify
losses. A bank loan is a common method
of gearing.
As at 30 April 2021 GBP'000
--------------------------- ----------- --------
CFD Notional Market Value a 41,407
Non-base cash borrowings b 2,615
NAV c 208,573
Gearing (net) ((a+b)/c) 21.1%
---------------------------- ---------- --------
Gross assets (APM) The Company's total assets including
any leverage amount.
Index A basket of stocks which is considered
to replicate a particular stock market
or sector.
In the Money The Subscription Shares are "In the
Money" when the Ordinary Share price
trades at a level that exceeds the
Subscription Price.
Investment trust A closed end investment company which
is based in the UK and which meets
certain tax conditions which enables
it to be exempt from UK corporation
tax on its capital gains. This Company
is an investment trust.
Leverage (APM) An alternative word for "Gearing".
Under AIFMD, leverage is any method
by which the exposure of an AIF is
increased through borrowing of cash
or securities or leverage embedded
in derivative positions.
Under AIFMD, leverage is broadly similar
to gearing, but is expressed as a
ratio between the assets (excluding
borrowings) and the net assets (after
taking account of borrowing). Under
the gross method, exposure represents
the sum of the Company's positions
after deduction of cash balances,
without taking account of any hedging
or netting arrangements. Under the
commitment method, exposure is calculated
without the deduction of cash balances
and after certain hedging and netting
positions are offset against each
other. Under both methods, the AIFM
has set maximum limits of leverage
for the Company of 200%. A leverage
percentage of 100% equates to nil
leverage.
Gross Commitment
As at 30 April 2021 GBP'000 GBP'000
--------------------------- ----------- --------- -----------
Security Market value a 207,036 207,036
CFD Notional market value b 41,407 41,407
Cash and cash equivalents c 7,793 5,525
NAV d 208,573 208,573
Leverage (a+b+c)/d 123% 122%
---------------------------- ---------- --------- -----------
Market liquidity The extent to which investments can be bought
or sold at short notice.
Net assets An investment company's assets less its liabilities
Net Asset Value ("NAV") Net assets divided by the number of Ordinary
per Ordinary Share Shares in issue (excluding any shares held in
treasury)
Ordinary Shares The Company's Ordinary Shares in issue.
A measure, expressed as a percentage of average
Ongoing charges (APM) net assets, of the regular, recurring annual
costs of running an investment company.
Out of the Money The Subscription Shares are "Out of the Money"
when the Ordinary Shares trade at less than the
Subscription Price.
Portfolio A collection of different investments constructed
and held in order to deliver returns to Shareholders
Premium (APM) and to spread risk.
The amount, expressed as a percentage, by which
the share price is more than the Net Asset Value
per share.
Share buyback A purchase of a company's own shares. Shares
can either be bought back for cancellation or
held in treasury.
Share Price The price of a share as determined by buyers
and sellers on the relevant stock exchange.
Subscription Shares A Subscription Share confers the right (but not
Subscription Price the obligation) to subscribe for one Ordinary
Treasury shares Share on exercise of the rights attached to the
Subscription Share and on payment of the Subscription
Price of GBP1.61 at the end of each calendar
quarter between 31 May 2021 and 28 February 2023.
Total return (APM) The Subscription Price is set at GBP1.61 being
the price that holders of the Subscription Shares
can pay to exercise these shares into New Ordinary
Shares of the Company on a quarterly basis up
until the end of February 2023.
A company's own shares held in Treasury account
by the Company but which are available to be
resold in the market.
A measure of performance that takes into account
both income and capital returns.
NAV
Period ended 30 April 2021 Share price ex-income
---------------------------------------- ----------- ------------- -----------
Opening at 1 November 2020 (in
pence) a 119.5 133.2
Closing at 30 April 2021 (in
pence) b 145.0 152.6
Price movement (b÷a)-1 c 21.3% 14.6%
Dividend reinvestment d 2.7% 2.4%
Total return (c+d) 24.0% 17.0%
---------------------------------------- ----------- ------------- -----------
Volatility A measure of how much a share moves up and down
in price over a period of time.
COMPANY INFORMATION
DIRECTORS, INVESTMENT MANAGER AND ADVISERS
DIRECTORS INVESTMENT MANAGER
Harry Wells (Chairman) Coupland Cardiff Asset Management
Kate Cornish-Bowden (Audit LLP
Chair) 31-32 St James's Street
John Scott London
Peter Wolton SW1A 1HD
Website - www.couplandcardiff.com
BROKER REGISTERED OFFICE
Peel Hunt LLP 1st Floor, Senator House
100 Liverpool Street 85 Queen Victoria Street
London London
EC2M 2AT EC4V 4AB
Website - www.praxisifm.com
DEPOSITARY AND CUSTODIAN COMPANY SECRETARY AND ADMINISTRATOR
Northern Trust Global Services PraxisIFM Fund Services (UK) Limited
SE 1st Floor, Senator House
10 Rue du Château d'Eau 85 Queen Victoria Street
L-3364 Leudelange London
Grand-Duché de Luxembourg EC4V 4AB
REGISTRAR AUDITOR
Link Asset Services, Ernst & Young LLP
The Registry, 25 Churchill Place
34 Beckenham Road Canary Wharf
Beckenham London
Kent BR3 4TU E14 5EY
COMPANY SECURITY INFORMATION/IDENTIFICATION CODES
ISIN GB00BYSRMH16 / GB00BM90B010 (Subscription Shares)
SEDOL BYSRMH1 / BM90B01 (Subscription Shares)
TICKER CCJI LDN / CCJS (Subscription Shares)
WEBSITE www.ccjapanincomeandgrowthtrust.com
BLOOMBERG CCJI LDN / CCJS (Subscription Shares)
GIIN 6 HEK HT - 99 999 -SL - 826
* Registered in England and Wales with registration number
9845783
Enquiries:
Brian Smith / Ciara McKillop 020 4513
9260
PraxisIFM Fund Services (UK) Limited
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IR DELFLFQLZBBE
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