TIDMJMI TIDMJMIS
RNS Number : 2464A
JPMorgan Smaller Cos IT PLC
22 March 2017
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN SMALLER COMPANIES INVESTMENT TRUST PLC
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHSED
31ST JANUARY 2017
Legal Entity Identifier: 549300PXALXKUMU9JM18
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Performance and discount
Equity markets were volatile during the period under review
which started in the immediate aftermath of the EU referendum
result and associated fall in the value of Sterling. The election
of Donald Trump in November had not been predicted, but was
followed by a significant increase in investor confidence ending
the half year on a strong note.
During the six months to 31st January 2017, the total return on
the Company's net assets before dilution was 13.1% (11.2% after
dilution), which compares with 11.4% for the benchmark index. The
return to Ordinary shareholders was 12.8%, with the performance
from a combination of five ordinary shares and one subscription
share (a 'Unit') also being at 12.8%. The outperformance of the
Ordinary shares reflects a narrowing of the share price discount to
diluted net asset value from 20.5% to 19.7%.
Since the period end the Company's NAV has risen 6.6% (5.5%
after dilution) and share price has risen 8.2% as at 17th March
2017. This compares with a rise of 3.5% for the benchmark
index.
It is pleasing to be able to report the outperformance for the
year to date which is in contrast to earlier periods of
underperformance. The Board is aware of the importance to
shareholders of the longer-term results, and is in regular dialogue
with the Manager with the aim of this being delivered in the
future.
The Investment Managers provide a detailed commentary on markets
and the portfolio performance in their Report.
Share buybacks
In line with our policy to reduce the volatility of the
discount, during the six months to 31st January 2017 the Company
repurchased 283,016 Ordinary shares for cancellation at a cost of
GBP2,207,281. These shares were acquired at an average discount of
19.5%, and have enhanced net asset value per share by 3.1 pence.
The Board regularly reviews its policy for managing the discount
and will continue to repurchase shares as appropriate.
Exercise of Subscription shares
As set out in detail on page 18 of the Half Year Report, the
final date for the conversion of Subscription Shares is 30th June
2017, and in May we will be writing to shareholders with a reminder
of their rights. A decision to convert Subscription Shares should
only be made after careful consideration of the prevailing market
price of the Ordinary Shares, particularly if they are trading
below the exercise price of 915 pence. During the six months to
31st January 2017, the Company has issued 360 Ordinary shares
following the exercise of Subscription shares, amounting to
proceeds of GBP3,294.
Loan Facility and Gearing
The use of gearing in the current period of low interest rates
is an attractive way of amplifying the effect of rising markets,
but inevitably increases the risk of loss if markets fall. The
Company has a highly flexible borrowing facility of GBP25 million
in place with Scotiabank until April 2017. This has been reviewed
by the Board and we have decided to renew the facility with
Scotiabank for a further year.
The Board sets the overall gearing guidelines and regularly
discusses these with the investment manager. The guidelines set a
maximum level of gearing with the facility for temporary increases
under special circumstances. The Company's gearing level increased
during the period from 5.7% at the beginning of the period to 8.3%
at 31st January 2017. At the time of writing the Company's gearing
was 8.3%, with total borrowings of GBP19 million.
Board
As noted in the annual report, Richard Fitzalan Howard stepped
down as a Director at the AGM last November and we have welcomed
Alice Ryder as a new member of the Board. As part of the Board's
succession planning and in anticipation of retirements we expect to
commence a recruitment process for a new Director later in the
year.
Outlook
The political landscape has changed significantly over the last
year, and we may see yet further developments in the months ahead.
This has made predicting the future more perilous than usual.
Despite this, there has been a marked increase in optimism which if
sustained will help growth rates in the future. It will be some
time before we know whether this positive outlook takes hold or if
we revert to a period of disappointing growth.
Partly as a result of this uncertainty, UK smaller companies
have relatively low valuations, yet many are showing rising
earnings and dividends helped by a weaker currency. Whilst it is
likely that we will see a continuing period of share price
volatility, long-term investment in growing, high quality smaller
companies is attractive, and the Board is confident that they will
deliver good returns for patient investors.
Michael Quicke OBE
Chairman
22nd March 2017
INVESTMENT MANAGERS' REPORT
Performance and Market Background
The political and economic backdrop to the first six months of
your Company's financial year was tumultuous. A new UK Prime
Minister, a UK interest rate cut and GBP170 billion Bank of England
stimulus, the rapid fall in sterling, the surprise victory of
Donald Trump in the US Election, the rise in oil prices after the
OPEC deal to cut output and a US interest rate rise are but some of
the notable events that provided the backdrop to stockmarkets. Due
in part to some of these events, and in part despite them, the FTSE
Small Cap index rebounded. Economic newsflow steadily improved over
the six months, both globally and in the UK, and it gradually
became clear that the predictions of a swift, dramatic and on-going
decline in both business and consumer confidence in the UK were
wrong, or at least very premature.
Against this volatile background, the FTSE Small Cap (ex
Investment Trusts) Index enjoyed a rebound in the second half of
2016 post the Brexit-induced fall in the first half, and returned
11.4%. It is pleasing to report that your Company outperformed its
benchmark in the half year and provided a total return on net
assets of 13.1% (undiluted).
Portfolio
In our last Annual Report, we outlined the reshaping of the
portfolio that we undertook as a result of the Referendum. This
portfolio repositioning continued in the first six months of this
financial year. We further reduced our overweight exposure to the
UK consumer, selling out of positions, such as Carpetright and
Topps Tiles, using the proceeds from these sales to increase our
focus on overseas earners and exporters such as Fenner, Next
Fifteen Communications and RPS Group. We also increased our
exposure to oil, following the OPEC agreement, buying new positions
in Enquest and Faroe Petroleum and continued to invest in new IPOs
such as Luceco and Warpaint.
During the six months under review, three of our largest
holdings, Fevertree, OneSavings Bank and JD Sports all continued to
deliver very strong performance, and were amongst the most
significant contributors to your Company's outperformance. The
shareprices of both OneSavings Bank and JD Sports were severely
impacted in the aftermath of the EU referendum result, but bounced
back strongly as a result of continued operational outperformance,
which translated into positive share price performance. By
contrast, the key detractor from performance was our holding in
Plus500, a spread-betting provider, which was knocked by regulatory
change.
In our last report we referred to our investment process
struggling to add value during the first half of 2016. This was due
in part to the dramatic rebound in share prices of a number of
distressed resources companies which we did not own, which impacted
our relative performance. In this first half of your company's
financial year the key metrics that we follow, which focus on
attractively valued, high quality companies with positive earnings
momentum resumed normal service in line with their long term
history. In addition, your company has benefitted from an increase
in M & A activity, which we had anticipated. During the six
month period our holdings in Lavendon, e2v and Constellation
Healthcare were all bid for, whilst since the end of January we
have also benefitted from bids for Ithaca Energy and 32Red.
Outlook
The outlook for 2017 is one of increased uncertainty. In the UK
newsflow will be dominated by the Brexit negotiations and we expect
Article 50 to be triggered in March 2017. Outside the UK, focus
will be on the European elections in France, Germany and the
Netherlands, and on the emergence of Donald Trump's actual policy
intentions in the US, rather than the rhetoric heard during the US
election campaign.
At the time of writing, global economic data appears more
positive than had been predicted, leading to upgraded expectations
both for global growth, and for growth forecasts in the UK economy.
However, on the negative side we expect to see a significant
increase in the rate of inflation in the UK, due to the rebound in
commodity prices and the decline in sterling. This will lead to
rising pressure on UK real household earnings with an expected
knock-on effect on consumer spending.
Therefore, as outlined in the Portfolio section, we have sought
to de-emphasise our exposure to the UK consumer at this time and
increased our position in companies which make a significant
proportion of their profits overseas. However, it should be noted
what where we have high conviction in certain consumer-facing
secular growth companies, such as Fevertree, JD Sports and
Victoria, we remain very comfortable in continuing to own them. In
the small cap arena, valuations remain attractive and dividends
continue to grow. In addition, M&A activity continues to
re-emerge given that the decline in sterling has provided a
significant incentive for overseas purchasers to buy UK assets.
Georgina Brittain
Katen Patel
Investment Managers
22nd March 2017
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its
half year report:
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Company fall
into the following broad categories: investment and strategy;
discount; smaller company investment; corporate governance and
shareholder relations; market; accounting, legal and regulatory;
operational and financial. Information on each of these areas is
given in the Business Review within the Annual Report and Accounts
for the year ended 31st July 2016.
Related Parties Transactions
During the first six months of the current 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.
Going Concern
The Directors believe, having considered the Company's
investment objectives, risk management policies, capital management
policies and procedures, nature of the portfolio and expenditure
projections, that the Company has adequate resources, an
appropriate financial structure and suitable management
arrangements in place to continue in operational existence for the
foreseeable future. For these reasons, they consider there is
reasonable evidence to continue to adopt the going concern basis in
preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its
knowledge:
(i) the condensed set of financial statements contained within
the half yearly financial report has been prepared in accordance
with FRS 104 'Interim Financial Reporting' and gives a true and
fair view of the state of affairs of the Company and of the assets,
liabilities, financial position and net return of the Company, as
at 31st January 2017, as required by the UK Listing Authority
Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the
information required by 4.2.7R and 4.2.8R of the UK Listing
Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these
financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether applicable UK Accounting Standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Michael Quicke
Chairman
22nd March 2017
For further information, please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited, Secretary
020 7742 4000
Please note that up to date information on the Company,
including daily NAV and share prices, factsheets and portfolio
information can be found at www.jpmsmallercompanies.co.uk
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31ST JANUARY 2017
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 31st January 31st July 2016
2017 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- -------- -------- -------- -------- --------- --------- -------- ---------- ---------
Gains/(losses)
on investments
held at fair
value through
profit or loss - 19,144 19,144 - (6,682) (6,682) - (16,063) (16,063)
Net foreign
currency gains - - - - - - - 5 5
Income from
investments 1,915 - 1,915 1,459 - 1,459 4,263 - 4,263
Interest
receivable
and
similar income 46 - 46 5 - 5 21 - 21
------------------- -------- -------- -------- -------- --------- --------- -------- ---------- ---------
Gross
return/(loss) 1,961 19,144 21,105 1,464 (6,682) (5,218) 4,284 (16,058) (11,774)
Management fee (224) (523) (747) (241) (562) (803) (463) (1,081) (1,544)
Other
administrative
expenses (221) - (221) (244) - (244) (487) - (487)
------------------- -------- -------- -------- -------- --------- --------- -------- ---------- ---------
Net return/(loss)
on ordinary
activities
before finance
costs
and taxation 1,516 18,621 20,137 979 (7,244) (6,265) 3,334 (17,139) (13,805)
Finance costs (34) (78) (112) (43) (100) (143) (82) (192) (274)
------------------- -------- -------- -------- -------- --------- --------- -------- ---------- ---------
Net return/(loss)
on ordinary
activities
before taxation 1,482 18,543 20,025 936 (7,344) (6,408) 3,252 (17,331) (14,079)
Taxation (36) - (36) (39) - (39) (114) - (114)
------------------- -------- -------- -------- -------- --------- --------- -------- ---------- ---------
Net return/(loss)
on ordinary
activities
after taxation 1,446 18,543 19,989 897 (7,344) (6,447) 3,138 (17,331) (14,193)
------------------- -------- -------- -------- -------- --------- --------- -------- ---------- ---------
Return/(loss)
per share (note
4)
- undiluted 8.64p 110.86p 119.50p 5.22p (42.73)p (37.51)p 18.31p (101.14)p (82.83)p
- diluted(1) 8.64p 110.86p 119.50p 5.22p (42.73)p (37.51)p 18.31p (101.14)p (82.83)p
------------------- -------- -------- -------- -------- --------- --------- -------- ---------- ---------
(1) The Subscription shares have no dilutive effect as the
conversion price for the shares exceeded the average market price
of the Ordinary shares from the date of issue to 31st January
2017
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31ST JANUARY 2017
Called Capital
up
share Share redemption Capital Revenue
capital premium reserve reserves reserve(1) Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------------------- -------- -------- ----------- --------- ----------- ---------
Six months ended 31st
January 2017 (Unaudited)
At 31st July 2016 4,236 18,242 2,437 131,019 4,699 160,633
Repurchase and cancellation
of the Company's
own shares (71) - 71 (2,220) - (2,220)
Issue of Ordinary shares
on exercise of
Subscription shares - 3 - - - 3
Net return on ordinary
activities - - - 18,543 1,446 19,989
Dividend paid in the period - - - - (3,055) (3,055)
------------------------------- -------- -------- ----------- --------- ----------- ---------
At 31st January 2017 4,165 18,245 2,508 147,342 3,090 175,350
------------------------------- -------- -------- ----------- --------- ----------- ---------
Six months ended 31st
January 2016 (Unaudited)
At 31st July 2015 4,324 18,190 2,347 151,286 3,450 179,597
Repurchase and cancellation
of the Company's
own shares (28) - 28 (988) - (988)
Issue of Ordinary shares
on exercise of
Subscription shares 1 36 - - - 37
Net (loss)/return on ordinary
activities - - - (7,344) 897 (6,447)
Dividend paid in the period - - - - (1,889) (1,889)
------------------------------- -------- -------- ----------- --------- ----------- ---------
At 31st January 2016 4,297 18,226 2,375 142,954 2,458 170,310
------------------------------- -------- -------- ----------- --------- ----------- ---------
Year ended 31st July 2016
(Audited)
At 31st July 2015 4,324 18,190 2,347 151,286 3,450 179,597
Repurchase and cancellation
of the
Company's own shares (90) - 90 (2,936) - (2,936)
Issue of Ordinary shares
on exercise of
Subscription shares 2 52 - - - 54
Net (loss)/return on ordinary
activities - - - (17,331) 3,138 (14,193)
Dividend paid in the year - - - - (1,889) (1,889)
------------------------------- -------- -------- ----------- --------- ----------- ---------
At 31st July 2016 4,236 18,242 2,437 131,019 4,699 160,633
------------------------------- -------- -------- ----------- --------- ----------- ---------
(1) The reserve forms the distributable reserve of the Company
and may be used to fund distribution of profits to investors via
dividend payments.
STATEMENT OF FINANCIAL POSITION
AT 31ST JANUARY 2017
(Unaudited) (Unaudited) (Audited)
31st January 31st January 31st July
2017 2016 2016
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------- ------------- ----------
Fixed assets
Investments held at fair value
through profit or loss 189,850 185,811 169,806
Current assets
Debtors 2,111 452 485
Cash and cash equivalents 3,011 3,745 10,575
--------------------------------------- ------------- ------------- ----------
5,122 4,197 11,060
Current liabilities
Creditors: amounts falling
due within one year (19,622) (19,698) (20,233)
--------------------------------------- ------------- ------------- ----------
Net current liabilities (14,500) (15,501) (9,173)
--------------------------------------- ------------- ------------- ----------
Total assets less current liabilities 175,350 170,310 160,633
--------------------------------------- ------------- ------------- ----------
Net assets 175,350 170,310 160,633
--------------------------------------- ------------- ------------- ----------
Capital and reserves
Called up share capital 4,165 4,297 4,236
Share premium 18,245 18,226 18,242
Capital redemption reserve 2,508 2,375 2,437
Capital reserves 147,342 142,954 131,019
Revenue reserve 3,090 2,458 4,699
--------------------------------------- ------------- ------------- ----------
Total shareholders' funds 175,350 170,310 160,633
--------------------------------------- ------------- ------------- ----------
Net asset value per Ordinary
share (note 5)
- undiluted 1,053.3p 991.6p 948.8p
- diluted 1,029.0p 978.5p 942.9p
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31ST JANUARY 2017
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st January 31st January 31st July
2017 2016 2016
GBP'000 GBP'000 GBP'000
----------------------------------- ------------- ------------- -----------
Net cash outflow from operations
before dividends
and interest (975) (1,072) (2,041)
Dividends received 1,957 1,344 3,902
Interest received 16 4 17
Taxation 2 1 1
Interest paid (116) (145) (278)
----------------------------------- ------------- ------------- -----------
Net cash inflow from operating
activities 884 132 1,601
----------------------------------- ------------- ------------- -----------
Purchases of investments (32,949) (35,065) (78,352)
Sales of investments 30,134 37,686 87,897
Settlement of foreign currency
contracts 1 - 6
----------------------------------- ------------- ------------- -----------
Net cash (outflow)/inflow from
investing activities (2,814) 2,621 9,551
----------------------------------- ------------- ------------- -----------
Dividend paid (3,055) (1,889) (1,889)
Repurchase and cancellation
of the Company's
own shares (2,582) (988) (2,574)
Issue of Ordinary shares on
exercise of
Subscription shares 3 37 54
----------------------------------- ------------- ------------- -----------
Net cash outflow from financing
activities (5,634) (2,840) (4,409)
----------------------------------- ------------- ------------- -----------
(Decrease)/increase in cash
and cash equivalents (7,564) (87) 6,743
----------------------------------- ------------- ------------- -----------
Cash and cash equivalents at
start of period 10,575 3,832 3,832
Cash and cash equivalents at
end the period 3,011 3,745 10,575
----------------------------------- ------------- ------------- -----------
(Decrease)/increase in cash
and cash equivalents (7,564) (87) 6,743
----------------------------------- ------------- ------------- -----------
Cash and cash equivalents consist
of:
Cash and short term deposits 623 853 249
Cash held in JPMorgan Sterling
Liquidity Fund 2,388 2,892 10,326
----------------------------------- ------------- ------------- -----------
Total 3,011 3,745 10,575
----------------------------------- ------------- ------------- -----------
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31ST JANUARY 2017
1. Financial statements
The information contained within the financial statements in
this half year report has not been audited or reviewed by the
Company's auditors.
The figures and financial information for the year ended 31st
July 2016 are extracted from the latest published financial
statements of the Company and do not constitute statutory accounts
for that year. Those financial statements have been delivered to
the Registrar of Companies and including the report of the auditors
which was unqualified and did not contain a statement under either
section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
The financial statements are prepared in accordance with the
Companies Act 2006, United Kingdom Generally Accepted Accounting
Practice ('UK GAAP'), including FRS 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland' and the
Statement of Recommended Practice 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' (the 'SORP')
issued by the Association of Investment Companies in November
2014.
FRS 104, 'Interim Financial Reporting', issued by the Financial
Reporting Council ('FRC') in March 2015 has been applied in
preparing this condensed set of financial statements for the six
months ended 31st January 2017.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of
financial statements are consistent with those applied in the
financial statements for the year ended 31st July 2016.
3. Dividend paid
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st January 31st January 31st July
2017 2016 2016
GBP'000 GBP'000 GBP'000
------------------------ ------------- ------------- -----------
2016 Final dividend of
18.3p (2015: 11.0p) 3,055 1,889 1,889
------------------------ ------------- ------------- -----------
All dividends paid and declared in the period have been funded
from the Revenue Reserve.
No interim dividend has been declared in respect of the six
months ended 31st January 2017 (2016: nil).
4. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st January 31st January 31st July
2017 2016 2016
GBP'000 GBP'000 GBP'000
----------------------------- ------------- ------------- -----------
Return/(loss) per share
is based on the following:
Revenue return 1,446 897 3,138
Capital return/(loss) 18,543 (7,344) (17,331)
----------------------------- ------------- ------------- -----------
Total return/(loss) 19,989 (6,447) (14,193)
----------------------------- ------------- ------------- -----------
Weighted average number
of shares in issue during
the period used for the
purpose of the undiluted
calculation 16,726,551 17,190,970 17,136,321
Weighted average number
of shares in issue during
the
period used for the purpose
of the diluted calculation 16,726,551 17,190,970 17,136,321
Undiluted
Revenue return per share 8.64p 5.22p 18.31p
Capital return/(loss) per
share 110.86p (42.73)p (101.14)p
----------------------------- ------------- ------------- -----------
Total return/(loss) per
share 119.50p (37.51)p (82.83)p
----------------------------- ------------- ------------- -----------
Diluted(1)
Revenue return per share 8.64p 5.22p 18.31p
Capital return/(loss) per
share 110.86p (42.73)p (101.14)p
----------------------------- ------------- ------------- -----------
Total return/(loss) per
share 119.50p (37.51)p (82.83)p
----------------------------- ------------- ------------- -----------
(1) There is no dilutive effect as the conversion price for
these shares exceeded the average market price of the Ordinary
shares from the date of issue to 31st January 2017.
5. Net asset value per share
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended
31st January 31st January 31st July
2017 2016 2016
------------------------------- ------------- ------------- -----------
Undiluted
Ordinary shareholders'
funds (GBP'000) 175,350 170,310 160,633
Number of Ordinary shares
in issue 16,647,368 17,174,750 16,930,024
Net asset value per Ordinary
share 1,053.3p 991.6p 948.8p
Diluted
Ordinary shareholders'
funds assuming exercise
of
Subscription shares (GBP'000) 207,881 202,860 193,168
Number of potential Ordinary
shares in issue 20,202,687 20,732,201 20,485,703
Net asset value per Ordinary
share 1,029.0p 978.5p 942.9p
------------------------------- ------------- ------------- -----------
6. Fair valuation of investments
The fair value hierarchy disclosures required by FRS 102 are
given below.
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
31st January 2017 31st January 2016 31st July 2016
Assets Liabilities Assets Liabilities Assets Liabilities
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------- ------------ -------- ------------ -------- ------------
Level 1 189,850 - 185,811 - 169,272 -
Level 3(1) - - - - 534 -
---------------------------- --------- ------------ -------- ------------ -------- ------------
Total value of investments 189,850 - 185,811 - 169,806 -
---------------------------- --------- ------------ -------- ------------ -------- ------------
(1) Relates to Autins Group which was admitted to AIM on 22nd
August 2016.
There were no transfers between Level 1, 2 or 3 during the year
(2016: same).
JPMORGAN FUNDS LIMITED
22nd March 2017
For further information, please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
Neither the contents of the Company's website nor the contents
of any website accessible from hyperlinks on the Company's website
(or any other website) is incorporated into, or forms part of, this
announcement.
ENDS
A copy of the half year will be submitted to the National
Storage Mechanism and will shortly be available for inspection at
www.morningstar.co.uk/uk/NSM
The half year will also shortly be available on the Company's
website at www.jpmsmallercompanies.co.uk where up to date
information on the Company, including daily NAV and share prices,
factsheets and portfolio information can also be found.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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