TIDMPMSF
RNS Number : 5003M
JPMorgan Progressive Multi-Strategy
29 January 2009
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN PROGRESSIVE MULTI-STRATEGY FUND LIMITED
AUDITED FINAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2008
Chairman's Statement
I wrote in my last statement that as a Board we looked forward to seeing how the
Company's strategy would perform under more normal market conditions. As
shareholders will be only too aware, we have experienced anything but normal
conditions and many of the world's major economies are now in a recession.
However this disappointment can be tempered to some degree with continuing
evidence that the Company is at least performing as designed, namely to outdo
its benchmark, the MSCI World Index expressed in sterling terms, with lower
volatility. Over the year to 30th September 2008, the Company produced a return
on net assets of -9.6% compared with its benchmark which returned -23.8%.
Volatility for the year, measured as standard deviation, was 9.38% compared with
17.23% for the benchmark.
That said, the performance of the Company's share price was undoubtedly
disappointing, falling 24.1% over the year, which reflected a widening of the
discount at which the Company's shares trade to their net asset value and the
very difficult market conditions in the autumn of 2008.
Of course no one can accurately predict when global economies and markets will
recover, but the Company is well placed to benefit from a turn-round when it
occurs. I look forward to presenting better news for shareholders when this
happens.
The Investment Manager's report provides an analysis of the Company's
performance for the year, including the performance of some of the underlying
investments held through the Luxembourg-based PM-S Fund.
The Company was established with a half-yearly redemption facility under which,
subject to certain limitations and at the Directors' discretion, shareholders
may request the redemption of all or part of their holdings of shares for cash.
On 1st September 2008, the Directors approved the redemption of 3,450,000 shares
at a redemption price of 89.72p per share. Subsequent to the year end the
Company has received requests for redemptions in relation to the February 2009
redemption date. Directors have approved the requests up to the value of
5,402,500 shares. When exercising their discretion in respect of redemptions,
the Board tries to balance the interests of Shareholders and the requirements of
the Company.
I look forward to welcoming shareholders to our second Annual General Meeting to
be held on Thursday 19th March 2009 at Regency Court, Glategny Esplanade, St
Peter Port, Guernsey GY1 3NQ.
Christopher Sherwell
Chairman
29th January 2009
Investment Manager's Report
Economic Background
The financial crisis caused by the "credit crunch" that we referred to in the
September 2007 Investment Manager's report has deepened into one of the most
damaging events that financial markets have experienced in living memory. The
last 12 months have caused rapid, mass financial destruction, wiping out 158
year-old Lehman Brothers and compelling the US Government to nationalise the
world's largest insurance company, AIG. This occurred only a week after it had
bailed out the two titans of the mortgage sector, Fannie Mae
and Freddie Mac. Merrill Lynch was forced to capitulate at a knockdown price to
Bank of America. The two remaining investment banks, Goldman Sachs and Morgan
Stanley hastily agreed to convert themselves into commercial banks in an attempt
to avoid a similar fate. The decimated balance sheet of some UK banks forced
them to go cap in hand to the government for fresh capital.
Indeed, the crunch has been so ferocious that it has called into question the
very creditworthiness of whole countries. Monetary authorities around the world
continue to pump record amounts of liquidity into the system in an attempt to
re-open the credit arteries. Meanwhile, plummeting property prices have
exacerbated the already deteriorating finances of the hard-pressed consumer
whose confidence in the financial system is fading rapidly.
Last year we highlighted the irrational price movements caused by hedge funds
unwinding leveraged positions to meet margin calls. This selling pressure
continued through 2008 and was exacerbated over the summer by a glut of forced
selling from managers who were caught in a potentially life-threatening pincer
of redemptions from clients and demands for more collateral from their bankers.
Many of these
hedge funds have, or are in the process of, going out of business and are
selling their remaining assets irrespective of price.
Global stock markets and property prices fell steeply in 2008, reflecting both
the financial crisis caused by the credit crunch and the intense worries about
what the knock-on effect of this will be for the wider economy. The decline in
equities has continued, with the latter part of the year seeing a particularly
savage sell-off. Government bonds have been perceived by many as one of the few
safe havens for investors, and as a result, have performed reasonably well.
Investment Performance
The Company's objective is to provide an equity-like return over the long term
with a lower level of volatility than that normally associated with equities.
In the 12 months to September 2008, your Company's NAV outperformed the
benchmark by 14.2%, falling 9.6% compared with its benchmark, the MSCI World
Index hedged into GBP, which fell 23.8% over the same period. Over the same
period the Company's volatility was 9.38%, nearly half that of the benchmark at
17.23%.
Looking at the individual asset classes of the underlying PM-S Fund, the
performance reflects the experience of the broader markets. The Bond Beta
components of the portfolio returned 3.87% giving a positive contribution for
the year of 2%. The US and European bond exposure provided the best
contributions to returns while the UK element detracted slightly.
Despite a difficult 12 months for the JPM European Equity Market Neutral Fund,
the Pure Alpha component returned -3.7% for the year, contributing -0.85% to the
total return of the fund. The Hybrid Alpha component of the portfolio returned
-16.4% over the year, detracting -3.9% from the overall return. The exposure to
emerging markets, including Greater China and Korea, was a significant detractor
to performance as those markets fell sharply over the quarter to September 2008.
The Equity Beta and Property Beta components of the portfolio were the biggest
detractors to performance returning -31.6% and -33.0% respectively, contributing
-6.9% and -6.8% to the overall returns of the Company. Within the Equity Beta
elements of the portfolio the European & Japanese fund selection were the
biggest detractors, while the US funds held up relatively well in comparison.
Outlook
Despite the plethora of bad news, we are acutely aware that stockmarkets are a
discounting mechanism and, having turned down before the global economies, they
will certainly rally before global economies bottom.
Your Company has behaved as we would expect over the last 12 months, in the most
trying of circumstances, producing a better return than the MSCI World with
nearly half the volatility. When markets recover, we would expect the portfolio
to recover alongside them, and in the meantime our prudent assumptions regarding
the construction of the portfolio should continue to benefit shareholders
relative to global equities while exposing investors to less volatility.
Chris Complin
JPMorgan Asset Management (UK) Limited
29th January 2009
For further information, please contact:
Alison Vincent
For and on behalf of
JPMorgan Asset Management (UK) Limited
020 7742 6000
Dru Danford
Nominated Adviser
Shore Capital and Corporate Limited
0207 408 4090
Consolidated Income Statement
for the year ended 30th September 2008
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| | | 2008 | 20071 |
+--------------------------------------------+-------+-----------------------------+-----------------------------+
| | | Revenue | Capital | Total | Revenue | Capital | Total |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Investment income | | 179 | - | 179 | 159 | - | 159 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Other income | | 30 | - | 30 | 60 | - | 60 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| | | 209 | - | 209 | 219 | - | 219 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| (Losses)/gains on investments held at fair | | | | | | | |
| | | | | | | | |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| value through profit or loss | | - | (5,777) | (5,777) | - | 658 | 658 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Net foreign exchange (losses)/gains | | - | (2,521) | (2,521) | - | 174 | 174 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Total income/(loss) | | 209 | (8,298) | (8,089) | 219 | 832 | 1,051 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Expenses | | | | | | | |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Management fees | | (344) | - | (344) | (133) | - | (133) |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Other administrative expenses | | (398) | - | (398) | (105) | - | (105) |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| (Loss)/profit before finance costs | | | | | | | |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| and taxation | | (533) | (8,298) | (8,831) | (19) | 832 | 813 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Finance costs | | (4) | - | (4) | (2) | - | (2) |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| (Loss)/profit before taxation | | (537) | (8,298) | (8,835) | (21) | 832 | 811 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Taxation | | (16) | - | (16) | (8) | - | (8) |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Net (loss)/profit after taxation | | (553) | (8,298) | (8,851) | (29) | 832 | 803 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Attributable to: | | | | | | | |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Equity holders of the Company | | (469) | (6,383) | (6,852) | (29) | 815 | 786 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Minority interest | | (84) | (1,915) | (1,999) | - | 17 | 17 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| | | (553) | (8,298) | (8,851) | (29) | 832 | 803 |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| (Loss)/earnings per share | 4 | (1.9)p | (25.8)p | (27.7)p | (0.1)p | 3.2p | 3.1p |
+--------------------------------------------+-------+---------+---------+---------+---------+---------+---------+
1 for the period from 14th February 2007 to 30th September 2007.
The 'Total' column of this statement represents the Group's Income Statement,
prepared in accordance with IFRS. The supplementary 'Revenue' and 'Capital'
columns are prepared under guidance published by the Association of Investment
Companies.
All items in the above statement derive from continuing operations.
Company Income Statement
for the year ended 30th September 2008
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| | | 2008 | 20071 |
+-----------------------------------------+-------+-----------------------------+-----------------------------+
| | | Revenue | Capital | Total | Revenue | Capital | Total |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| | Notes | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Investment income | | 12 | - | 12 | 52 | - | 52 |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Other income | | 9 | - | 9 | 12 | - | 12 |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| | | 21 | - | 21 | 64 | - | 64 |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Losses on investments held at fair | | | | | | | |
| value through | | | | | | | |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| profit or loss | | - | (951) | (951) | - | (727) | (727) |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Net foreign exchange (losses)/gains | | - | (2,497) | (2,497) | - | 783 | 783 |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Total income/(loss) | | 21 | (3,448) | (3,427) | 64 | 56 | 120 |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Expenses | | | | | | | |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Management fees | | - | - | - | - | - | - |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Other administrative expenses | | (310) | - | (310) | (91) | - | (91) |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| (Loss)/profit before finance costs and | | (289) | (3,448) | (3,737) | (27) | 56 | 29 |
| taxation | | | | | | | |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Finance costs | | (4) | - | (4) | (1) | - | (1) |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| (Loss)/profit before taxation | | (293) | (3,448) | (3,741) | (28) | 56 | 28 |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Taxation | | - | - | - | - | - | - |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| Net (loss)/profit after taxation | | (293) | (3,448) | (3,741) | (28) | 56 | 28 |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
| (Loss)/earnings per share | 4 | (1.2)p | (13.9)p | (15.1)p | (0.1)p | 0.2p | 0.1p |
+-----------------------------------------+-------+---------+---------+---------+---------+---------+---------+
1 for the period from 14th February 2007 to 30th September 2007.
The 'Total' column of this statement represents the Company's Income Statement,
prepared in accordance with IFRS. The supplementary 'Revenue' and 'Capital'
columns are prepared under guidance published by the Association of Investment
Companies.
All items in the above statement derive from continuing operations.
Consolidated Statement of Changes in Equity
for the year ended 30th September 2008
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| | Attributable to equity holders |
+------------------------------+-------------------------------------------------------------+
| | | | | Other | | | | |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| | Share | Share | Other | capital | Revenue | | Minority | Total |
| | | | | | | | | |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| | capital | premium | reserve1 | reserves | reserve | Total | interest | equity |
| | | | | | | | | |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| Balance at 30th September | - | - | 24,614 | (282) | (29) | 24,303 | 11,199 | 35,502 |
| 2007 | | | | | | | | |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| Shares subscribed | - | - | - | - | - | - | 375 | 375 |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| Shares redeemed | - | - | (3,095) | - | - | (3,095) | (67) | (3,162) |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| Exchange gain on translation | - | - | - | 4,587 | - | 4,587 | - | 4,587 |
| | | | | | | | | |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| Loss for the year | - | - | - | - | (6,852) | (6,852) | (1,999) | (8,851) |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| Transfer of loss to other | - | - | - | (6,383) | 6,383 | - | - | - |
| capital reserve | | | | | | | | |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
| Balance at 30th September | - | - | 21,519 | (2,078) | (498) | 18,943 | 9,508 | 28,451 |
| 2008 | | | | | | | | |
+------------------------------+---------+---------+----------+----------+---------+---------+----------+---------+
for the period from 14th February 2007 to 30th September 2007
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| | Attributable to equity holders | | |
+------------------------------+--------------------------------------------------------------+----------+---------+
| | | | | Other | | | | |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| | Share | Share | Other | capital | Revenue | | Minority | Total |
| | | | | | | | | |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| | capital | premium | reserve1 | reserves | reserve | Total | interest | equity |
| | | | | | | | | |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| Proceeds of share placing | - | 25,060 | - | - | - | 25,060 | - | 25,060 |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| Costs of share placing | - | (446) | - | - | - | (446) | - | (446) |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| Minority interest on | | | | | | | | |
| acquisition | | | | | | | | |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| of subsidiary | - | - | - | - | - | - | 11,182 | 11,182 |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| Cancellation of share | - | (24,614) | 24,614 | - | - | - | - | - |
| premium | | | | | | | | |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| Exchange loss on translation | - | - | - | (1,097) | - | (1,097) | - | (1,097) |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| Profit for the period | - | - | - | - | 786 | 786 | 17 | 803 |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| Transfer of profit to other | - | - | - | 815 | (815) | - | - | - |
| capital reserve | | | | | | | | |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
| Balance at 30th September | - | - | 24,614 | (282) | (29) | 24,303 | 11,199 | 35,502 |
| 2007 | | | | | | | | |
+------------------------------+---------+----------+----------+----------+---------+---------+----------+---------+
1Share premium has been cancelled and the 'Other reserve' created for the
purposes of financing share buybacks.
Company Statement of Changes in Equity
for the year ended 30th September 2008
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| | | | | Other | | |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| | Share | Share | Other | capital | Revenue | |
| | | | | | | |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| | capital | premium | reserve1 | reserves | reserve | Total |
| | | | | | | |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Balance at 30th September 2007 | - | - | 24,614 | 56 | (28) | 24,642 |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Shares redeemed | - | - | (3,095) | - | - | (3,095) |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Loss for the year | - | - | - | - | (3,741) | (3,741) |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Transfer of loss to other capital reserve | - | - | - | (3,448) | 3,448 | - |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Balance at 30th September 2008 | - | - | 21,519 | (3,392) | (321) | 17,806 |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
for the period from 14th February 2007 to 30th September 2007
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| | | | | Other | | |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| | Share | Share | Other | capital | Revenue | |
| | | | | | | |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| | capital | premium | reserve1 | reserves | reserve | Total |
| | | | | | | |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Proceeds of share placing | - | 25,060 | - | - | - | 25,060 |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Costs of share placing | - | (446) | - | - | - | (446) |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Cancellation of share premium | - | (24,614) | 24,614 | - | - | - |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Profit for the period | - | - | - | - | 28 | 28 |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Transfer of profit to other capital reserve | - | - | - | 56 | (56) | - |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
| Balance at 30th September 2007 | - | - | 24,614 | 56 | (28) | 24,642 |
+----------------------------------------------+---------+----------+-----------+----------+---------+---------+
1Share premium has been cancelled and the 'Other reserve' created for the
purpose of financing share buybacks.
Consolidated Balance Sheet
at 30th September 2008
+-----------------------------------------------------------+------------+-----------+-----------+
| | | 2008 | 2007 |
+-----------------------------------------------------------+------------+-----------+-----------+
| | Notes | GBP'000 | GBP'000 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Non current assets | | | |
+-----------------------------------------------------------+------------+-----------+-----------+
| Investments held at fair value through profit or loss | | 29,221 | 35,096 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Current assets | | | |
+-----------------------------------------------------------+------------+-----------+-----------+
| Other receivables | | 46 | 51 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Derivative financial instruments at fair value through | | 782 | 205 |
| profit or loss | | | |
+-----------------------------------------------------------+------------+-----------+-----------+
| Cash and cash equivalents | | 676 | 740 |
+-----------------------------------------------------------+------------+-----------+-----------+
| | | 1,504 | 996 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Current liabilities | | | |
+-----------------------------------------------------------+------------+-----------+-----------+
| Other payables | | (116) | (140) |
+-----------------------------------------------------------+------------+-----------+-----------+
| Bank overdrafts | | (1,597) | - |
+-----------------------------------------------------------+------------+-----------+-----------+
| Derivative financial instruments at fair value through | | (561) | (450) |
| profit or loss | | | |
+-----------------------------------------------------------+------------+-----------+-----------+
| Net current (liabilities)/assets | | (770) | 406 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Net assets | | 28,451 | 35,502 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Equity attributable to equity holders | | | |
+-----------------------------------------------------------+------------+-----------+-----------+
| Called up share capital | | - | - |
+-----------------------------------------------------------+------------+-----------+-----------+
| Other reserve | | 21,519 | 24,614 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Capital reserves | | (2,078) | (282) |
+-----------------------------------------------------------+------------+-----------+-----------+
| Revenue reserve | | (498) | (29) |
+-----------------------------------------------------------+------------+-----------+-----------+
| Equity attributable to equity holders of the Company | | 18,943 | 24,303 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Minority interest | | 9,508 | 11,199 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Total equity | | 28,451 | 35,502 |
+-----------------------------------------------------------+------------+-----------+-----------+
| Net asset value per share | 5 | 87.7p | 97.0p |
+-----------------------------------------------------------+------------+-----------+-----------+
Company Balance Sheet
at 30th September 2008
+--------------------------------------------------------------+----------+----------+-----------+
| | | 2008 | 2007 |
+--------------------------------------------------------------+----------+----------+-----------+
| | Notes | GBP'000 | GBP'000 |
+--------------------------------------------------------------+----------+----------+-----------+
| Non current assets | | | |
+--------------------------------------------------------------+----------+----------+-----------+
| Investments held at fair value through profit or loss | | - | 436 |
+--------------------------------------------------------------+----------+----------+-----------+
| Investment in subsidiary undertaking | | 19,652 | 23,877 |
+--------------------------------------------------------------+----------+----------+-----------+
| | | 19,652 | 24,313 |
+--------------------------------------------------------------+----------+----------+-----------+
| Current assets | | | |
+--------------------------------------------------------------+----------+----------+-----------+
| Other receivables | | 6 | 14 |
+--------------------------------------------------------------+----------+----------+-----------+
| Derivative financial instruments at fair value through | | 33 | 205 |
| profit or loss | | | |
+--------------------------------------------------------------+----------+----------+-----------+
| Cash and cash equivalents | | 2 | 202 |
+--------------------------------------------------------------+----------+----------+-----------+
| | | 41 | 421 |
+--------------------------------------------------------------+----------+----------+-----------+
| Current liabilities | | | |
+--------------------------------------------------------------+----------+----------+-----------+
| Other payables | | (87) | (92) |
+--------------------------------------------------------------+----------+----------+-----------+
| Bank overdrafts | | (1,597) | - |
+--------------------------------------------------------------+----------+----------+-----------+
| Derivative financial instruments at fair value through | | (203) | - |
| profit or loss | | | |
+--------------------------------------------------------------+----------+----------+-----------+
| Net current (liabilities)/assets | | (1,846) | 329 |
+--------------------------------------------------------------+----------+----------+-----------+
| Net assets | | 17,806 | 24,642 |
+--------------------------------------------------------------+----------+----------+-----------+
| Equity attributable to equity holders | | | |
+--------------------------------------------------------------+----------+----------+-----------+
| Called up share capital | | - | - |
+--------------------------------------------------------------+----------+----------+-----------+
| Other reserve | | 21,519 | 24,614 |
+--------------------------------------------------------------+----------+----------+-----------+
| Capital reserves | | (3,392) | 56 |
+--------------------------------------------------------------+----------+----------+-----------+
| Revenue reserve | | (321) | (28) |
+--------------------------------------------------------------+----------+----------+-----------+
| Total equity | | 17,806 | 24,642 |
+--------------------------------------------------------------+----------+----------+-----------+
| Net asset value per share | 5 | 82.4p | 98.3p |
+--------------------------------------------------------------+----------+----------+-----------+
Consolidated Cash Flow Statement
for the year ended 30th September 2008
+-------------------------------------------------------------------+--+------------+-----------+
| | | 2008 | 20071 |
+-------------------------------------------------------------------+--+------------+-----------+
| | | GBP'000 | GBP'000 |
+-------------------------------------------------------------------+--+------------+-----------+
| Operating activities | | | |
+-------------------------------------------------------------------+--+------------+-----------+
| (Loss)/profit before taxation | | (8,835) | 811 |
+-------------------------------------------------------------------+--+------------+-----------+
| Add back interest | | 4 | 2 |
+-------------------------------------------------------------------+--+------------+-----------+
| Add back losses/(gains) on investments held at fair value through | | 5,777 | (658) |
| profit or loss | | | |
+-------------------------------------------------------------------+--+------------+-----------+
| (Decrease)/increase of foreign exchange contracts | | (426) | 205 |
+-------------------------------------------------------------------+--+------------+-----------+
| Net sales/(purchases) of investments held at fair value through | | 3,750 | (11,405) |
| profit or loss | | | |
+-------------------------------------------------------------------+--+------------+-----------+
| Decrease/(increase) in other receivables | | 5 | (51) |
+-------------------------------------------------------------------+--+------------+-----------+
| (Decrease)/increase in other payables | | (24) | 134 |
+-------------------------------------------------------------------+--+------------+-----------+
| Net cash inflow/(outflow) from operating activities before | | 251 | (10,962) |
| interest payable and taxation | | | |
+-------------------------------------------------------------------+--+------------+-----------+
| Interest paid | | - | (2) |
+-------------------------------------------------------------------+--+------------+-----------+
| Tax paid | | (16) | (8) |
+-------------------------------------------------------------------+--+------------+-----------+
| Net cash inflow/(outflow) from operating activities | | 235 | (10,972) |
+-------------------------------------------------------------------+--+------------+-----------+
| Investing activities | | | |
+-------------------------------------------------------------------+--+------------+-----------+
| Acquisition of subsidiary | | - | (12,763) |
+-------------------------------------------------------------------+--+------------+-----------+
| Net cash outflow from investing activities | | - | (12,763) |
+-------------------------------------------------------------------+--+------------+-----------+
| Financing activities | | | |
+-------------------------------------------------------------------+--+------------+-----------+
| Proceeds of share subscriptions | | 375 | - |
+-------------------------------------------------------------------+--+------------+-----------+
| Cost of shares redeemed | | (3,162) | - |
+-------------------------------------------------------------------+--+------------+-----------+
| Net proceeds from Share Placing | | - | 24,620 |
+-------------------------------------------------------------------+--+------------+-----------+
| Net cash (outflow)/inflow from financing activities | | (2,787) | 24,620 |
+-------------------------------------------------------------------+--+------------+-----------+
| (Decrease)/increase in cash and cash equivalents | | (2,552) | 885 |
+-------------------------------------------------------------------+--+------------+-----------+
| Cash and cash equivalents at start of the year | | 740 | - |
+-------------------------------------------------------------------+--+------------+-----------+
| Effect of foreign exchange translation | | 891 | (145) |
+-------------------------------------------------------------------+--+------------+-----------+
| Cash and cash equivalents at the end of the year (including bank | | (921) | 740 |
| overdrafts) | | | |
+-------------------------------------------------------------------+--+------------+-----------+
| | | | |
+-------------------------------------------------------------------+--+------------+-----------+
1 for the period from 14th February 2007 to 30th September 2007.
Company Cash Flow Statement
for the year ended 30th September 2008
+-----------------------------------------------------------------+----+-------------+-----------+
| | | 2008 | 20071 |
+-----------------------------------------------------------------+----+-------------+-----------+
| | | GBP'000 | GBP'000 |
+-----------------------------------------------------------------+----+-------------+-----------+
| Operating activities | | | |
+-----------------------------------------------------------------+----+-------------+-----------+
| (Loss)/profit before taxation | | (3,741) | 28 |
+-----------------------------------------------------------------+----+-------------+-----------+
| Add back interest | | 4 | 1 |
+-----------------------------------------------------------------+----+-------------+-----------+
| Add back losses on investments held at fair value through | | 951 | 727 |
| profit or loss | | | |
+-----------------------------------------------------------------+----+-------------+-----------+
| (Decrease)/increase on foreign exchange contracts | | 375 | (205) |
+-----------------------------------------------------------------+----+-------------+-----------+
| Net sales/(purchases) of investments held at fair value through | | 436 | (441) |
| profit or loss | | | |
+-----------------------------------------------------------------+----+-------------+-----------+
| Decrease/(increase) in other receivables | | 8 | (14) |
+-----------------------------------------------------------------+----+-------------+-----------+
| (Decrease)/increase in other payables | | (5) | 86 |
+-----------------------------------------------------------------+----+-------------+-----------+
| Net cash (outflow)/inflow from operating activities before | | (1,972) | 182 |
| interest payable and taxation | | | |
+-----------------------------------------------------------------+----+-------------+-----------+
| Interest paid | | - | (1) |
+-----------------------------------------------------------------+----+-------------+-----------+
| Tax paid | | - | - |
+-----------------------------------------------------------------+----+-------------+-----------+
| Net cash (outflow)/inflow from operating activities | | (1,972) | 181 |
+-----------------------------------------------------------------+----+-------------+-----------+
| Investing activities | | | |
+-----------------------------------------------------------------+----+-------------+-----------+
| Disposal/(acquisition) of shares in subsidiary | | 3,270 | (24,599) |
+-----------------------------------------------------------------+----+-------------+-----------+
| Net cash inflow/(outflow) from investing activities | | 3,270 | (24,599) |
+-----------------------------------------------------------------+----+-------------+-----------+
| Financing activities | | | |
+-----------------------------------------------------------------+----+-------------+-----------+
| Cost of shares redeemed | | (3,095) | - |
+-----------------------------------------------------------------+----+-------------+-----------+
| Net proceeds from Share Placing | | - | 24,620 |
+-----------------------------------------------------------------+----+-------------+-----------+
| Net cash (outflow)/inflow from financing activities | | (3,095) | 24,620 |
+-----------------------------------------------------------------+----+-------------+-----------+
| (Decrease)/increase in cash and cash equivalents | | (1,797) | 202 |
+-----------------------------------------------------------------+----+-------------+-----------+
| Cash and cash equivalents at start of the year | | 202 | - |
+-----------------------------------------------------------------+----+-------------+-----------+
| Cash and cash equivalents at the end of the year (including | | (1,595) | 202 |
| bank overdrafts) | | | |
+-----------------------------------------------------------------+----+-------------+-----------+
1 for the period from 14th February 2007 to 30th September 2007.
Notes to the Financial Statements
+-------+---------------------------------------------------------------------------------+
| 1. | Principal activity |
+-------+---------------------------------------------------------------------------------+
| | The principal activity of JPMorgan Progressive Multi-Strategy Fund Limited (the |
| | 'Company') is that of an investment company, incorporated and domiciled in |
| | Guernsey. The principal activity of its 'subsidiary', JPMorgan Progressive |
| | Multi-Strategy Fund ('PM-S Fund') a sub-fund of JPMorgan Portfolio Strategies |
| | Funds II (a Luxembourg SICAV), is also that of an investment company. |
| | The Group comprises the Company and PM-S Fund. |
+-------+---------------------------------------------------------------------------------+
| | |
+-------+---------------------------------------------------------------------------------+
| 2. | Comparative accounting period |
+-------+---------------------------------------------------------------------------------+
| | The comparative financial statements cover the period from the date of |
| | incorporation of the Company on 14th February 2007 to 30th September 2007. The |
| | proceeds of the share placing were received by the Company on 15th May 2007. |
| | The comparative consolidated financial statements include the results of the |
| | Company and the PM-S Fund from 1st June 2007, which is the date control |
| | commenced, to 30th September 2007. |
+-------+---------------------------------------------------------------------------------+
| | |
+-------+---------------------------------------------------------------------------------+
| 3. | Accounting policies |
+-------+---------------------------------------------------------------------------------+
| | The financial statements have been prepared in accordance with International |
| | Financial Reporting Standards ('IFRS'), which comprise standards and |
| | interpretations approved by the International Accounting Standards Board |
| | ('IASB') and |
| | International Accounting Standards and Standing Interpretations Committee |
| | interpretations approved by the International Accounting Standards Committee |
| | ('IASC') that remain in effect. The financial statements have been prepared in |
| | accordance with The Companies (Guernsey) Law, 1994. |
| | The principal accounting policies adopted are set out below. Where |
| | presentational guidance set out in the Statement of |
| | Recommended Practice ('SORP') for investment trusts issued by the Association |
| | of Investment Companies ('AIC') in |
| | December 2005 is consistent with the requirements of IFRS, the Directors have |
| | sought to prepare the financial statements on a basis compliant with the |
| | recommendations of the SORP. |
| | The financial statements have been prepared on a going concern basis and under |
| | the historical cost basis of accounting |
| | except for the measurement at fair value of certain financial assets and |
| | financial liabilities. |
| | |
+-------+---------------------------------------------------------------------------------+
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | | Group |
+-------+-----------------------------+------------------------------------------------------------+
| 4. | |Revenue |Capital | Total |Revenue |Capital | Total |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | (Loss)/earnings per share | (469) | (6,383) | (6,852) | (29) | 815 | 786 |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | (Loss)/earnings | (1.9)p | (25.8)p | (27.7)p | (0.1)p | 3.2p | 3.1p |
| | attributable to equity | | | | | | |
| | shareholders | | | | | | |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | (Loss)/earnings per share | | | | | | |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | | | | | | | |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | | Company |
+-------+-----------------------------+------------------------------------------------------------+
| | |Revenue |Capital | Total |Revenue |Capital | Total |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | (Loss)/ earnings | (293) | (3,448) | (3,741) | (28) | 56 | 28 |
| | attributable to equity | | | | | | |
| | shareholders | | | | | | |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | (Loss)/earnings per share | (1.2)p | (13.9)p | (15.12)p | (0.1)p | 0.2p | 0.1p |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | | | | | | | |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
| | The (loss)/earnings per share is based on the (loss)/profit for the year after |
| | taxation and on the weighted average number of shares in issue during the year of 24, |
| | 734,528 (period ended 30th September 2007: 25,060,000). |
+-------+-----------------------------+---------+---------+----------+---------+---------+---------+
+-------+---------------------------------------------------------------------------------+
| | |
+-------+---------------------------------------------------------------------------------+
| 5. | Net asset value per share |
+-------+---------------------------------------------------------------------------------+
| | The net asset values per share of the Group and Company are based on the net |
| | assets attributable to shareholders of |
| | GBP18,943,000 (2007: GBP24,303,000) and GBP17,806,000 (2007: GBP24,642,000) |
| | respectively and on the 21,610,000 (2007: |
| | 25,060,000) shares in issue at the year end. |
| | The Company has no securities in issue that could dilute the net asset value |
| | per share. |
+-------+---------------------------------------------------------------------------------+
| | |
+-------+---------------------------------------------------------------------------------+
| 6. | Status of preliminary announcement |
+-------+---------------------------------------------------------------------------------+
| | The financial information set out in this preliminary announcement does not |
| | constitute the Company's statutory accounts for year ended 30th September 2008. |
| | The statutory accounts for the year ended 30th September 2008 will be finalised |
| | on the basis of the information presented by the Directors in this preliminary |
| | announcement and will be delivered to members following the approval of the |
| | accounts by the Board of directors. |
+-------+---------------------------------------------------------------------------------+
| | |
+-------+---------------------------------------------------------------------------------+
| 7. | The Company's statutory accounts for the year to 30th September 2008 will be |
| | posted to shareholders and will be available on the Company's website on 30th |
| | January 2009 at www.jpmprogressivemultistrategy.co.uk. |
+-------+---------------------------------------------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEIFWUSUSELF
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