Jupiter Enhanced Income Investment Trust PLC

Transcription

1 Jupiter Enhanced Investment Trust Previously : Jupiter Geared Cap&Inc Share : Ordinary Main Investment Country Investment Sector Speciality UK General Equity High & rising income & capital growth from listed UK equities & fixed interest. Share price NAV Diluted Discount (-) / Gross assets Market cap. 21 May May 2004 NAV Premium (+) (million) (million) GBX * GBP USD Composite estimated last published on 14 May Ticker Portfolio Gross Average daily Debt Cover ISIN Market Launch Yield dividend yield turnover 000 Share gearing Sedol Makers JEH/LON GB Jan 1999 (prospective) Investment objectives The fund aims to maximise income and capital return by investing mainly in a quality portfolio of UK listed securities, equity related securities and fixed interest stocks. Basic details Investment Management Investmt.Man. Jupiter Asset Management Ltd 1 Grosvenor Place London UK SW1X 7JJ Telephone +44 (20) Fax number +44 (20) Manager Anthony Nutt (20 Feb 2003) +44 (20) WWW Directors Wilfrid M Caldwell (Chairman), Simon M Corbett, Piers M Godfrey, Michael Heathcoat Amory, Christopher I C Munro Fees & Ratios Year-end 31 Dec Gross Assets (m) Net Assets (m) Expenses (m) Total Exp / GA 1.14% 1.40% 1.27% 1.26% Net Exp / NA 1.14% 1.40% 1.27% 1.26% Net Inc / NA 3.41% 4.09% 4.67% 3.90% Portfolio t/o Management Agreement is with Jupiter Asset Management Limited for a fee payable monthly in arrears at 0.85% p.a. of total assets (+VAT). The Agreement is terminable on one years' notice. The Manager will receive a performance fee, if Total Assets have increased by more than 10% in any financial year, at a rate of 15% of any such excess. In any case the fee will be reduced to the extent that the Cover on the Zero Dividend Preference Shares would fall below one times. The Fund will be administered by Jupiter Administration Services Limited for an initial fee of GBP50,900 p.a., increasing annually, with reference to the RPI. (GBP54,431 in 2003). Financial calendar Year end 31 Dec Last AGM 13 May 2004 Last Accounts 01 Mar 2004 Next AGM 13 May 2005 NAV published Monthly Dividends Quarterly Other information Launch date 18 Jan 1999 Domicile UK Tax Domicile UK Traded on London (LSE) Registrar Capita Independent Registrars Group Plc Custodian The Northern Trust Company Inv. Relations Redemption 31 Oct years Fund Capital Initial Public Offering 57,000,000 IRC shares issued at GBX raising 57.0m gross and 54.7m net of expenses 57,000,000 ZDPS shares issued at GBX raising 57.0m gross and 54.7m net of expenses Capital Changes Date Note Jan 04 The resolutions concerning the extension of the planned life of the Company were passed at the EGM of ZDP shareholders Jan 04 The resolutions concerning the extension of the planned life of the Company were passed at the EGM of Ord shareholders Dec 03 The fund has released details of recommended proposals to extend the planned life of the Company Jan 99 Jupiter Enhanced will have initial shareholder funds of œ114m Dec 98 Launch of Jupiter Enhanced IT plc, a new split capital trust Capital structure as at 21 May 2004 Debt Redeems GBPm Equity Issued GBPm Ord Inc 25p 57,000, Zero Div 25p 57,000, Total Assets/Debt ratio 0.00 Stated Gearing 291

2 Jupiter Enhanced Investment Trust Portfolio summary Asset allocation (%) estimated on 21 May 2004, based on 30 Apr 2004 Quoted Equity 92 Unquoted Equity - FI (Government) - FI (Corporate) 4 Derivatives - Convertibles - Cash 3 Other Funds 1 Geographical allocation (%) estimated on 21 May 2004, based on 30 Apr 2004 UK Cash & Fixed Interest European Regional Dev'd Sector allocation (%) estimated on 21 May 2004, based on 30 Apr 2004 Miscellaneous Debt - General Net Current Assets Other Investment Cos Top shareholdings ( % portfolio) 30 Apr 2004 HSBC Holdings Shell Transport & 5.0 Trading 2.7 British American Tobacco 4.9 Chaucer Holdings 2.7 SABMiller 3.7 GlaxoSmithKline 2.7 BP Plc 3.3 RAC 2.6 Royal Bank of Scotland 3.2 Lloyds TSB Group 2.6 Dealing & Settlement London Stock Exchange. Stock Exchange Automated Quotation System (SEAQ). Market maker driven. CREST, 5 day rolling settlement. Wind-up provisions An EGM will be convened on 19/07/2004 to propose a voluntary windup resolution, with the exception if the Directors have been released from the obligation to call such a meeting by a special resolution earlier passed. In 01/2004 special shareholder meetings were held which approved proposals to extend the life of the fund by three months until 31/10/2004, with an increased final entitlement for ZDP shareholders. Tax Situation Tax considerations in UK Funds may gain approval as investment trusts pursuant to Section 842 of the and Corporation Taxes Act 1988 (ICTA) provided that they are not closed companies, and the income of funds is mainly eligible investment income, provided that the funds do not retain more than 15% of the income in any accounting period. They will then be exempt from UK taxation on realised chargeable gains. Dividends received from other UK resident companies will constitute franked investment income. will be subject to UK corporation tax after relief for allowable expenses where it is not franked investment income or foreign income dividends received from UK resident companies. arising from overseas investment may be subject to withholding tax, and this may be reduced or eliminated via any double taxation treaties between the UK and the countries concerned. Special Tax considerations Deferred taxation is provided on all timing differences which are expected to reverse in the future without being replaced, calculated at the rate at which it is anticipated the timing differences will reverse. Valuation Policy Listed fixed asset investments are stated at mid-market value and unlisted fixed asset investments are stated at Director's valuation. The net unrealised revaluation between market value or Directors' valuation and cost is taken to the capital reserve. News 13 May 2004 First interim dividend of 2.25p per Ord Inc declared 19 Mar 2004 No longer has a notifiable interest in 600 Group Plc 02 Mar 2004 Apollo Fund +400,000 Ords to 3,500,000 (6.14%) 26 Feb 2004 Final results for the year ended 31/12/ Feb 2004 SG Option Europe no longer has a notifiable interest in the fund's Ords 19 Feb 2004 Apollo Fund +1,900,000 Ords to 3,100,000 (5.44%) 17 Feb 2004 Fourth & Special interim dividend of 2.65p & 0.75p per Ord respectively 13 Feb 2004 Geared Investment Trust no longer has a notifiable interest in the Fund's Ords 08 Jan 2004 Credit Lyonnais Securities hold 1,625,000 Ords (2.85%) 16 Dec 2003 Special interim dividend declared of 1.5p per Ord Inc

3 Jupiter Enhanced Investment Trust DISCLAIMER The FactBook pages are compiled by Fundamental Data and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The FactBook pages are based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Fundamental Data accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these FactBook pages.

4 Jupiter Enhanced Investment Trust Ordinary FD Peer group ZDSUK SPO FD/AITC SCI O/I Comparative Indices FTALLSH FTSE All-Share Index Performance as at 21 May 2004 Category YTD 1-Year 3-Year 5-Year NAV Capital return Fund $ ZDSUK SPO $ Total return Fund $ ZDSUK SPO $ Price Capital return Fund $ ZDSUK SPO $ Total return Fund $ ZDSUK SPO $ Index Capital return FTSE All-Share Index $ Total return $ Risk & correlation 21 May 2004 NAV volatility (σ) Price volatility (σ) Alpha (NAV) (α) Beta (NAV) (β) Sharpe ratio (NAV) Treynor ratio (NAV) R-squared (NAV) Correlation coeff (NAV) Risk breakdown Total portf. risk (σ) Market risk Specific risk Index statistics (FTSE All-Share Index) Volatility (σ) Treynor relative Discount statistics 21 May 2004 Low High Average Volatility(σ) Z Statistic Year on Year Performance NAV Total Return Fund Peer Group Comp Index YTD Since Sep Recent Dividend history Type Ex-dividend Pay date Net GBp Special Special 25 Feb Feb Dec Nov Aug May Feb Nov Aug May Feb Nov Mar Mar Jan Dec Sep Jun Mar Dec Sep Jun Mar Dec Quarterly dividends are declared on the Ordinary Shares and payable in June, September, December and March of each year. Analytics Redemption Yields & Capital growth -2½% 0% 2½% 5% 7½% 10% All assets grown Terminal Gross Assets Terminal Assets / share Redemption Yield Only Equity grown Terminal Gross Assets Terminal Assets / share Redemption Yield Hurdle Rates Theor. Ratio Wipe out Share price Option Cheap / Equity All Equity All Value Dear

5 Jupiter Enhanced Investment Trust Zero Dividend Preference Share Statistics Current: 21 May 2004 GBp Price Net Asset Value Market Cap (million) Shares outstanding (m) 30 Apr Prior charges Current (million) - Prior charges Final (million) - Hurdle Rates Whole p/f Equity Only Wipe out Share Price Redemption price Cover Ratio ZDPS ZDPS + PC Repayment Terms From GBp on 18 Jan 1999 increasing at 8.35% p.a., 365 times p.a. to GBp on 31 Oct 2004 subject to the availability of sufficient assets 0% of revenue reserves, currently at GBPm 1.0 or 0.00p attributable to this share Gross Redemption Yield Annual GRY ( rate to objective redemption price ) Gilt GILT1Y 4.48 Points over/under gilt month points range 599 Whole p/f Equity Only Growth rate TAV GRY TAV GRY Relative Performance 1-Year 3-Year 5-Year Price (capital return) Sector price (capital return)