DOCSLIB.ORG

John Laing Group H118 Results

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
John Laing Group H118 Results John Laing Group H118 results Project investment delivers growth Investment companies 10 September 2018 Continuity of strategy and personnel has enabled John Laing Group (JLG) to capitalise on the opportunities in the international market for Price 313.0p infrastructure investment and establish an impressive track record of Market cap £1,536m growth. With the demand for infrastructure projects remaining strong, we believe JLG is well placed financially, operationally and competitively to Net cash (£m) at 30 June 2018 234 deliver attractive returns to shareholders. (company definition) Shares in issue 490.8m NAV/share EPS* DPS* P/NAV P/E Yield Free float 100% Year end (p) (p) (p) (x) (x) (%) Code JLG 12/17 281 31.9 8.9 1.1 9.8 2.8 12/18e 318 57.3 9.2 1.0 5.5 2.9 Primary exchange LSE 12/19e 354 46.3 9.4 0.9 6.8 3.0 Secondary exchange N/A Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. The 8.9p DPS figure for FY17 includes an interim dividend adjusted for the rights issue. Share price performance H1 growth exceeds expectations JLG’s H118 results demonstrated the continuing growth of the business post the March rights issue. The all-important NAV per share rose from 281p at FY17 to 307p, an increase of 9.3% (Edison last published FY18 forecast: 303p). The significant fair value (FV) movement of £193.9m was helped by a contribution from the disposal of JLG’s remaining 15% of the Intercity Express project (IEP Phase 1) at above book value but also benefitted from a change in operational discount rates (£43.2m). The unwinding of discounting (£47.8m) and reductions in construction premiums (£23.2m), embedded value within the portfolio, also contributed % 1m 3m 12m significantly to the FV movement. The IAS 19 pension gain, which we had not Abs 10.2 8.3 16.8 included in our forecasts, added 6p/share to NAV growth. DPS increased 2.9% to Rel (local) 16.0 14.3 17.7 1.80p per share. In total, JLG has achieved a CAGR in NAV per share, including dividends, of 15.5% in the period 2015–2017. 52-week high/low 316.2p 239.9p Business description JLG well placed to exploit market opportunities John Laing is an originator, active investor in, and The key drivers for infrastructure investment remain in place: population growth, manager of greenfield infrastructure projects. It urbanisation and tightening environmental standards. JLG is positive on the operates internationally and its business is focused outlook, particularly in North America, and the pipeline of potential investment on the transport, energy, social and environmental sectors. opportunities now stands at £2,300m (75 projects) (+7% vs FY17 £2,150m). Of the total pipeline, JLG classifies c £500m as short- to medium-term opportunities, split c £325m Public Private Partnership (PPP) and £186m renewable energy. Demand Next events for secondary assets also remains strong, enabling JLG to preserve the yield shift. Pre-close update December 2018 Analyst Valuation: Premium to NAV; discount to peers Graeme Moyse +44 (0)20 3077 5700 After the recent strong performance, JLG’s shares trade at a small premium (c 2%) [email protected] to the H118 NAV per share of 307p. The share price is now broadly in line with our Edison profile page revised FY18 forecast NAV per share of 318p. However, despite its recent strong run, JLG stands at a discount to peer group averages (c 8% premium). At a 8% John Laing Group is a premium to H118 NAV per share of 307p, JLG would be worth c 332p/share. Given research client of Edison the undemanding relative rating, proven track record of growth and the prospect of Investment Research Limited continuing increases in the NAV per share and DPS, we believe JLG offers the potential for attractive returns for investors. Investment summary Company description: Originator and investor in infrastructure projects JLG originates, invests in and manages portfolios of infrastructure projects. The business operates in selected geographical markets – Asia-Pacific, North America and Europe – and is focused on the transport, environmental and social sectors. At 30 June 2018, the value of the investment portfolio of 41 projects, and JLG’s 2.4% holding in JLEN was valued at £1,259.7m. The assets are split between projects under construction, primary (c 50.5%), and operational projects, secondary (c 49.5%). JLG has separately listed two funds on the London Stock Exchange: John Laing Environmental Assets (JLEN in 2014) and John Laing Infrastructure Fund (JLIF in 2010). JLG retains c 2.4% of JLEN. Valuation: Small premium to historic NAV per share After the recent strong performance, the shares are trading at a small premium (c 2%) to the H118 NAV per share of 307p, (average 2015–18 of -4%; maximum +12%, minimum -18%). The valuation is broadly in line with our revised FY18e forecast NAV per share of 318p (Exhibit 3). However, despite its recent strong run JLG stands at a discount to peer group averages (c 8% premium). At a 8% premium to the last disclosed NAV per share of 307p JLG would be worth c 332p/share. Given the relative rating, proven track record of growth and the prospect of continuing increases in the NAV per share and DPS, we believe JLG continues to offer potentially attractive returns to investors. Further growth in portfolio valuation expected We set out our assumptions for the movement in the basic components of the portfolio value in Exhibit 1. We also show our revised assumptions for growth in NAV per share and DPS. Following the recent strong H118 results, we have increased our forecast for NAV per share growth (Exhibit 3). The increase, in large part, reflects an assumption of a greater FV movement. Exhibit 1: Movements in portfolio value, NAV and DPS £m 2016 2017 2018e 2019e 2020e Opening value 841.4 1,175.9 1,193.8 1,460.1 1,678.7 Cash invested 301.5 209.9 250.0 250.0 250.0 Cash yield (34.8) (40.2) (49.2) (56.5) (64.8) Investment realisations (146.6) (312.5) (250.0) (250.0) (250.0) Asset transfers 0.0 0.0 0.0 0.0 0.0 Rebased asset value 962 1,033 1,144.6 1,403.6 1,613.8 Total FV movement 214.4 160.7 315.5 275.1 311.5 Closing value 1,175.9 1,193.8 1,460.1 1,678.7 1,925.3 NAV (p/share) 254 281 318 354 397 DPS (p/share) 8.15 8.9* 9.2 9.4 9.6 Source: Edison Investment Research. Note: *The DPS figure for FY17 includes an interim figure adjusted for the rights issue bonus factor. Sensitivities: Discount rates and foreign exchange remain key JLG’s business remains sensitive to changes in discount and foreign exchange rates. Portfolio valuation: JLG has stated that a 0.25% increase in the discount rate applied to the DCF valuation of its projects would reduce the value of the investment portfolio by £42.6m. Foreign exchange: JLG has stated that, prior to hedging, +/- 5% in the value of sterling against the relevant currencies would result in a c £40m decline/increase in the value of the portfolio. John Laing Group | 10 September 2018 2 NAV and DPS returns The continuity of strategy and senior management has enabled JLG to successfully exploit the opportunities in the international market for infrastructure investment. In H118 the net asset value rose 9.3% and the DPS increased 2.9%. In the previous three years to the end of 2017, the company achieved a CAGR in NAV per share, including dividends, of 15.5%. Infrastructure and renewable energy focus JLG is an originator, active investor in and manager of infrastructure projects. The business is organised into three key areas; primary, secondary and asset management. The primary business focuses on sourcing, originating and bidding for greenfield sites. Capital is recycled by selling assets once they are operational. The secondary business concentrates on ownership of renewable energy and PPP projects. JLG invests globally and the portfolio is well diversified by asset type. The asset management business actively manages JLG’s own investment portfolio as well as providing services to two external funds, JLIF and JLEN. Value creation from investment and management of infrastructure JLG’s strategy is to create value for shareholders (as shown by NAV per share and DPS growth) as a result of its origination, investment and management of international infrastructure assets. In targeting primary investment, JLG identifies jurisdictions that possess stable political and regulatory environments, demonstrate a commitment to privately financed infrastructure and allow JLG to work with trusted partners. In addition, projects must be based on realistic targets and offer a strong secondary market for assets. Portfolio value enhancement can be achieved through a variety of techniques, including reduction of asset replacement costs, management costs and purchasing costs. JLG has also targeted fee income from managing external assets (for JLIF and JLEN); we believe this will continue as an element of its strategy, albeit with the possibility of the loss of revenue from JLIF in light of the current recommended offer. Will Samuel replaces Phil Nolan as chairman Phil Nolan, chairman of JLG since 2010, stepped down after the AGM in May and has been replaced by Will Samuel, who originally joined the board as chairman designate in December 2017. Will is also chairman of Tilney Group and was previously chairman of TSB, Howdens Joinery and Ecclesiastical Insurance Group.
Load more

Recommended publications
  • Parker Review
    Ethnic Diversity Enriching Business Leadership An update report from The Parker Review Sir John Parker The Parker Review Committee 5 February 2020 Principal Sponsor Members of the Steering Committee Chair: Sir John Parker GBE, FREng Co-Chair: David Tyler Contents Members: Dr Doyin Atewologun Sanjay Bhandari Helen Mahy CBE Foreword by Sir John Parker 2 Sir Kenneth Olisa OBE Foreword by the Secretary of State 6 Trevor Phillips OBE Message from EY 8 Tom Shropshire Vision and Mission Statement 10 Yvonne Thompson CBE Professor Susan Vinnicombe CBE Current Profile of FTSE 350 Boards 14 Matthew Percival FRC/Cranfield Research on Ethnic Diversity Reporting 36 Arun Batra OBE Parker Review Recommendations 58 Bilal Raja Kirstie Wright Company Success Stories 62 Closing Word from Sir Jon Thompson 65 Observers Biographies 66 Sanu de Lima, Itiola Durojaiye, Katie Leinweber Appendix — The Directors’ Resource Toolkit 72 Department for Business, Energy & Industrial Strategy Thanks to our contributors during the year and to this report Oliver Cover Alex Diggins Neil Golborne Orla Pettigrew Sonam Patel Zaheer Ahmad MBE Rachel Sadka Simon Feeke Key advisors and contributors to this report: Simon Manterfield Dr Manjari Prashar Dr Fatima Tresh Latika Shah ® At the heart of our success lies the performance 2. Recognising the changes and growing talent of our many great companies, many of them listed pool of ethnically diverse candidates in our in the FTSE 100 and FTSE 250. There is no doubt home and overseas markets which will influence that one reason we have been able to punch recruitment patterns for years to come above our weight as a medium-sized country is the talent and inventiveness of our business leaders Whilst we have made great strides in bringing and our skilled people.
    [Show full text]
  • EMBARGOED UNTIL 4 MARCH 2021 John Laing Group Plc Results For
    EMBARGOED UNTIL 4 MARCH 2021 John Laing Group plc Results for the year ended 31 December 2020 NAV per share at 31 December 2020, before dividends paid in the year, of 320 pence, representing a 5% reduction from 31 December 2019. After challenging H1 2020, improved H2 2020 performance in-line with guidance provided at H1 results, with 5% underlying NAV growth1 in the second half driven by strong value creation in PPP & Projects and stable underlying Renewable Energy performance. With our strong balance sheet and differentiated and international greenfield platform, we are well positioned to invest in a growing and attractive infrastructure market. Governments in all of our core markets are looking to infrastructure investment to support growth and future-proof their economies, creating opportunities for John Laing in new and existing sectors. John Laing Group plc (“John Laing” or “the Group”) is today announcing its audited results for the year ended 31 December 2020. Year ended or as at Six months ended or Year ended or as at £ million (unless otherwise stated) 31 December 2020 as at 30 June 2020 31 December 2019 Net assets (“net asset value” or “NAV”) 1,529 1,525 1,658 Portfolio value 1,542 1,603 1,768 NAV per share before dividends paid1 320p 317p 347p NAV per share2 310p 309p 337p (Loss)/profit before tax (65) (95) 100 Dividend per share 9.70p 1.88p 9.50p 1 NAV per share before dividends paid at 31 December 2020 is calculated based on NAV before the 2019 final dividend of £38 million and the 2020 interim dividend of £9million, paid in May and October 2020 respectively, and equivalent to 9.5 pence per share 2 NAV per share at 31 December 2020 calculated as NAV of £1,529 million divided by the number of shares in issue at 31 December 2020 of 493.1 million, excluding shares held in the Employee Benefit Trust (“EBT”) Full year highlights: • Return to NAV growth and significant improvement in second half performance: underlying1 H2 NAV growth of 5%.
    [Show full text]
  • Investec W&I – Morning Minutes 04.08.2020
    Morning Meeting 4 August 2020 Index +/- % change Currencies +/- 12 month range FTSE 100 6032.9 135.1 2.3 £:$ 1.303 -0.01 1.15 1.33 FTSE All-Share 3349.5 67.5 2.1 Y:$ 106.095 0.37 102.55 112.09 DJ Industrial Average 26664.4 236.1 0.9 E:£ 1.110 0.00 1.07 1.20 S&P 500 3294.6 23.5 0.7 E:$ 1.174 -0.01 1.07 1.18 NASDAQ Composite Index 10902.8 157.5 1.5 10 Yr Bond Yld % +/- -3 months -12 months Nikkei Japan 1000 Index 1822.6 32.1 1.8 UK 0.10 0.00 0.25 0.67 Hang Seng Index 24458.1 -137.2 -0.6 US 0.56 0.02 0.64 1.86 EURO STOXX 50 (EUR) 3248.3 74.0 2.3 Germany -0.52 0.01 -0.59 -0.51 Switzerland SMI (PR) 10229.7 223.8 2.2 Price (p) +/- 12 month range France CAC 40 4875.9 92.2 1.9 Germany DAX (TR) 12647.0 333.6 0.0 Investec plc 150.85 0.35 128.8 498.0 Matrix Winners Price +/- % change Sector Winners % change Mkt Wt ITM Power PLC 259.5 18.5 7.7 FTSE All-Share / General Industrials - SEC 4.0 1.5 Lloyds Banking Group plc 27.9 1.6 6.0 FTSE All-Share / Life Insurance - SEC 3.61 1.5 Micro Focus International plc 291.9 14.8 5.3 FTSE All-Share / Forestry & Paper - SEC 3.34 0.4 Travis Perkins plc 1163.5 55.0 5.0 FTSE All-Share / Support Services - SEC 3.2 5.6 NatWest Group PLC 111.1 5.1 4.8 FTSE All-Share / Construction & Materials - SEC 3.1 1.5 Matrix Losers Price +/- % change Sector Losers % change Mkt Wt Hiscox Ltd 755.2 -26.4 -3.4 FTSE All-Share / Real Estate Investment & Services - SEC -0.3 0.4 Carnival plc 802.0 -24.6 -3.0 FTSE All-Share / Technology Hardware & Equipment - SEC -0.3 0.1 HSBC Holdings Plc 332.3 -9.95 -2.9 FTSE All-Share / Tobacco - SEC
    [Show full text]
  • Howden Joinery Group Plc Annual Report & Accounts 2015
    Howden Joinery Group Plc Annual Report and Accounts 2015 Annual Report and Accounts 2015 …that has remained unchanged in good times Howden Joinery Group Plc Annual Report & Accounts 2015 and bad since we started the business in 1995: 01 The strategic report, directors’ report 02 and governance statements The strategic report Chairman’s statement 04 Chief Executive’s statement – our business model, market and strategy 06 Review of operations and finance 12 Going Concern, Viability Statement and other Statements of the Directors in connection with this Annual Report and Accounts 17 Principal risks and uncertainties 19 Corporate social responsibility 23 Directors’ report Board of Directors 36 Directors’ report 39 Governance statements Corporate Governance Report 41 Report of the Remuneration Committee 47 Audit Committee Report 67 Nominations Committee Report 73 The financial statements Consolidated income statement 78 Consolidated statement of comprehensive income 79 Consolidated balance sheet 80 Consolidated statement of changes in equity 81 Consolidated cash flow statement 82 Notes to the consolidated financial statements 83 Independent auditor’s report to the members of Howden Joinery Group Plc 123 Company balance sheet 127 Notes to the Company balance sheet 128 Parent company and subsidiary undertakings 132 Five year record 133 Shareholder ranges 134 Advisors and committees 135 Corporate timetable 136 Howden Joinery Group Plc Annual Report & Accounts 2015 REVENUE OPERATING GROSS 03 (UK) PROFIT MARGIN £1,203.8m £221.9m 64.3% (2014: £1,075.5m) (2014: £189.8m) (2014: 63.7%) YEAR END EARNINGS FULL YEAR CASH PER SHARE DIVIDEND £226.1m 27.3p 9.9p (2014: £217.7m) PER SHARE PER SHARE (2014: 24.6p) (2014: 8.4p) Chairman’s statement CONTINUING STRONG PERFORMANCE This is in addition to the £70m share repurchase programme 04 Over the last two decades Howdens has evolved and grown announced in February 2015, which has already returned to become the leading supplier of kitchens in the UK, focused £45m to shareholders.
    [Show full text]
  • Issue Country of Domicile GICS Sector Portfolio Weight (%) AJ BELL United
    Issue Country of domicile GICS sector Portfolio weight (%) AJ BELL United Kingdom Financials 3.35% AVAST United Kingdom Information Technology 2.45% CAPITAL FOR COLLEAGUES United Kingdom Financials 0.03% CERES POWER HOLDINGS United Kingdom Industrials 0.76% COMPASS GROUP United Kingdom Consumer Discretionary 1.73% COUNTRYSIDE PROPERTIES United Kingdom Consumer Discretionary 3.84% CREST NICHOLSON HOLDINGS United Kingdom Consumer Discretionary 1.84% DFS FURNITURE United Kingdom Consumer Discretionary 3.08% DISTRIBUTION FINANCE CAPITAL United Kingdom Financials 0.70% ETHICAL PROPERTY CO United Kingdom Real Estate 0.06% FIRST DERIVATIVES United Kingdom Information Technology 2.00% GB GROUP United Kingdom Information Technology 2.58% GENUIT GROUP United Kingdom Industrials 1.04% GREENCOAT UK WIND United Kingdom Utilities 0.96% GYM GROUP United Kingdom Consumer Discretionary 2.75% HALMA United Kingdom Information Technology 2.74% HARGREAVES LANSDOWN United Kingdom Financials 3.53% HELIOS TOWERS United Kingdom Communication Services 2.93% HOME REIT United Kingdom Consumer Discretionary 0.88% INTERTEK GROUP United Kingdom Industrials 3.23% KINGSPAN GROUP Ireland Industrials 2.52% LEARNING TECHNOLOGIES GROUP United Kingdom Information Technology 4.01% LEGAL & GENERAL GROUP United Kingdom Financials 3.72% LONDON STOCK EXCHANGE GROUP United Kingdom Financials 3.78% MORTGAGE ADVICE BUREAU HOLDINGS United Kingdom Financials 1.57% NATIONAL EXPRESS GROUP United Kingdom Industrials 3.35% NATIONAL GRID United Kingdom Utilities 1.30% OXFORD INSTRUMENTS
    [Show full text]
  • Equities As at 31 December 2016
    NOTTINGHAMSHIRE COUNTY COUNCIL PENSION FUND Equities holdings as at 31/12/2016 Market Emerging Markets Equities Holding Value HENDERSON EMERGING MARKET OPPORTUNITIES FD C CLASS 3,774,861 21,071,274 JP MORGAN EMERGING MARKETS ORD 25P 115,000 794,650 LEGAL & GENERAL GLOBAL EMERGING MKTS INDEX 8,560,938 65,039,668 LEGAL & GENERAL WORLD EMERGING MARKETS 8,760,644 24,887,589 PICTET EMERGING MARKETS FUND 58,902 24,874,111 SCHRODER INV GUERN SCHRODER EMERGING MARKETS 94,004 2,647,388 TEMPLETON EMERGING MARKETS 4,000,000 23,800,000 SCHRODER INSTL DEV MKTS FUND A UNITS 3,201,296 69,873,309 Europe Equities ABB LTD CHF0.86 (REGD) 83,770 1,432,795 ABB LTD CHF0.86 (REGD) (SWEDISH REGISTER) 22,289 381,829 ABERTIS INFRAESTRUCTURAS SA EUR3 75,270 854,209 ACCOR EUR3 22,400 677,061 ADECCO SA CHF1 (REGD) 14,600 774,844 ADIDAS-SALOMON AG NPV 20,540 2,621,173 ADIENT PLC W/I CPMM STK US40.001 2,418 114,672 AEGON NV EUR 0.12 130,755 583,510 AGEAS COMM STK NPV 7,909 253,910 AIR FRANCE KLM EUR1 91,006 401,775 AIR LIQUIDE (POSTSUB) (PRIM) REGD EUR5.50 10,299 928,792 AIRBUS GROUP SE COM STK EUR1.00 36,900 1,975,228 AKZO NOBEL NV EUR2 27,000 1,368,081 ALLEGION COMM STK US$0.01 4,533 234,785 ALLIANZ AG NPV 2,501 333,037 ALLIANZ SE NPV 17,431 2,329,322 ALLIED IRISH BANK COM STK 80 332 ANHEUSER BUSCH INBEV SA/NV 41,700 3,571,968 AP MOLLER MAERSK SER 'A' DKK1000 650 796,198 AP MOLLER MAERSK SER'B' DKK1000 525 679,848 ASML HLDG NV EUR0.09 9,200 837,142 ASSIC GENERALI EUR1 83,027 1,000,710 ATLAS COPCO AB A SHS COM STK SEK0.64 72,000 1,785,667 ATRESMEDIA CORP DE ME EUR0.75
    [Show full text]
  • Tb Evenlode Income
    TB EVENLODE INCOME MONTHLY FACTSHEET all data as at 31 May 2019 MANAGER COMMENTARY Fund Attributes The UK market fell in May, with worries over US/China trade tariffs not helpful for sentiment. In the UK, Emphasis on sustainable real dividend growth political uncertainty continues with Brexit unresolved and a new prime minister to be announced in July. Focus on companies with high returns on capital and Evenlode Income rose +0.8% compared to a fall of -3.1% for the IA UK All Companies sector and -3.0% strong free cash-flow for the UK market. Strongest contributors to the fund’s return included Smith & Nephew, Diageo and Low portfolio turnover, long-term holding periods Sage. All three companies reported positive trading updates with healthy revenue growth continuing. Minimum of 80% in UK shares and up to 20% in The most negative contributors were Victrex and Burberry. Both companies released results during the overseas shares and/or cash month that we found reassuring (with good strategic progress and strong cash generation). However, Invests across the market-cap spectrum their share prices weren’t helped by concerns over the global economic outlook. What are the Risks? In terms of portfolio changes, we were relatively active in May. We added a new holding in Bunzl, whose shares have fallen recently following a slowdown in sales growth. Bunzl provides its business customers As a focused equity portfolio of typically less than 40 with not-for-resale products such as napkins, plates, foil and safety glasses. It is the only global operator investments, the fund can involve higher risk and higher in a fragmented market with good long-term growth opportunities.
    [Show full text]
  • 2011 March Final
    Lancaster City Council - Spend Over £500 for March 2011 Net Amount Supplier Name Spending Service Nature of Spend Ledger Date Invoice Reference (excluding VAT) A1 Streamline Road Markings Limited Regeneration and Policy R & M - General 31/03/2011 14393 7845.00 A1 Supaskips Ltd Environmental Services Services - Waste Disposal 03/03/2011 38065 1414.50 A1 Supaskips Ltd Environmental Services Services - Waste Disposal 08/03/2011 38219 780.50 A1 Supaskips Ltd Environmental Services Services - Waste Disposal 24/03/2011 38615 515.00 A Beautiful Mummy Ltd Regeneration and Policy Business Development Grants 24/03/2011 22/03/11 1250.00 Abzorbed Entertainment Ltd Community Engagement Equipment and Tools - General 31/03/2011 19 3200.00 Adactus Housing Association Ltd Community Engagement Capital Grants 31/03/2011 AIV0099 23114.12 Advance Security (UK) Ltd Environmental Services Security Services 01/03/2011 CO040533 6139.64 Air Quality Consultants Ltd Health & Housing R & M - Air Quality Monitoring Station 28/03/2011 3647 1400.00 Air Quality Consultants Ltd Health & Housing Services - Air Quality Monitoring 31/03/2011 3682 2241.00 Air Quality Consultants Ltd Health & Housing Services - Air Quality Monitoring 31/03/2011 3683 2400.00 Air Quality Consultants Ltd Health & Housing Services - Air Quality Monitoring 31/03/2011 3684 4508.00 Airwave Solutions Ltd Health & Housing Equipment and Tools - General 23/03/2011 0900000205-018 2266.04 Alan Field Associates Community Engagement Exhibitions & Events - Guarantees 15/03/2011 AF1569 3500.00 Allied (Lancaster)
    [Show full text]
  • Northamptonshire Pension Fund Proxy Voting
    Northamptonshire Pension Fund Proxy Voting April 2020 – June 2020 Meeting Vote Issuer Name Proposal Text Proponent Date Instruction RM Plc 06/04/2020 Accept Financial Statements and Statutory Reports Annual For RM Plc 06/04/2020 Approve Final Dividend Annual For RM Plc 06/04/2020 Re-elect John Poulter as Director Annual For RM Plc 06/04/2020 Re-elect Andy Blundell as Director Annual For RM Plc 06/04/2020 Re-elect David Brooks as Director Annual For RM Plc 06/04/2020 Elect Paul Dean as Director Annual For RM Plc 06/04/2020 Re-elect Patrick Martell as Director Annual For RM Plc 06/04/2020 Re-elect Neil Martin as Director Annual For RM Plc 06/04/2020 Re-elect Deena Mattar as Director Annual For RM Plc 06/04/2020 Reappoint KPMG LLP as Auditors Annual For RM Plc 06/04/2020 Authorise Board to Fix Remuneration of Auditors Annual For RM Plc 06/04/2020 Approve Remuneration Report Annual For 1 Northamptonshire Pension Fund Proxy Voting April 2020 – June 2020 Meeting Vote Issuer Name Proposal Text Proponent Date Instruction RM Plc 06/04/2020 Authorise Issue of Equity Annual For RM Plc 06/04/2020 Authorise Issue of Equity without Pre-emptive Rights Annual For RM Plc 06/04/2020 Authorise Issue of Equity without Pre-emptive Rights in Annual For Connection with an Acquisition or Other Capital Investment RM Plc 06/04/2020 Authorise Market Purchase of Ordinary Shares Annual For RM Plc 06/04/2020 Authorise the Company to Call General Meeting with Two Annual For Weeks' Notice Rio Tinto Plc 08/04/2020 Accept Financial Statements and Statutory Reports Annual
    [Show full text]
  • 2020 Half Year Report
    MidCap_HY_Cover.qxp 25/02/2021 11:25 Page FC1 JPMorgan Mid Cap Investment Trust plc Half Year Report & Financial Statements for the six months ended 31st December 2020 MidCap_HY_Cover.qxp 25/02/2021 11:25 Page IFC2 KEY FEATURES Your Company Objective JPMorgan Mid Cap Investment Trust plc (the ‘Company’) aims to achieve capital growth from investment in medium-sized UK listed companies. The Company specialises in investment in FTSE 250 companies, using long and short term borrowings to increase returns to shareholders. Investment Policies • To focus on FTSE 250 stocks that deliver strong capital growth. • To have significant exposure to the UK economy, with selective exposure to overseas earnings. • To seek out both value stocks and growth stocks, including AIM stocks, to deliver strong performance throughout the market cycle. • To use gearing to increase potential returns to shareholders. • To invest no more than 15% of gross assets in other UK listed investment companies (including investment trusts). The Company’s shares are designed for private investors in the UK, including retail investors, professionally-advised private clients and institutional investors, who seek the potential for capital growth from investment in the UK market and who understand and are willing to accept the risks of exposure to equities. Private investors may wish to consider consulting an independent financial adviser who specialises in advising on the acquisition of shares and other securities before acquiring shares in the Company. Investors should be capable of evaluating the risks and merits of such an investment and should have sufficient resources to bear any loss that may result.
    [Show full text]
  • FTSE Russell Publications
    2 FTSE Russell Publications 19 August 2021 FTSE 250 Indicative Index Weight Data as at Closing on 30 June 2021 Index weight Index weight Index weight Constituent Country Constituent Country Constituent Country (%) (%) (%) 3i Infrastructure 0.43 UNITED Bytes Technology Group 0.23 UNITED Edinburgh Investment Trust 0.25 UNITED KINGDOM KINGDOM KINGDOM 4imprint Group 0.18 UNITED C&C Group 0.23 UNITED Edinburgh Worldwide Inv Tst 0.35 UNITED KINGDOM KINGDOM KINGDOM 888 Holdings 0.25 UNITED Cairn Energy 0.17 UNITED Electrocomponents 1.18 UNITED KINGDOM KINGDOM KINGDOM Aberforth Smaller Companies Tst 0.33 UNITED Caledonia Investments 0.25 UNITED Elementis 0.21 UNITED KINGDOM KINGDOM KINGDOM Aggreko 0.51 UNITED Capita 0.15 UNITED Energean 0.21 UNITED KINGDOM KINGDOM KINGDOM Airtel Africa 0.19 UNITED Capital & Counties Properties 0.29 UNITED Essentra 0.23 UNITED KINGDOM KINGDOM KINGDOM AJ Bell 0.31 UNITED Carnival 0.54 UNITED Euromoney Institutional Investor 0.26 UNITED KINGDOM KINGDOM KINGDOM Alliance Trust 0.77 UNITED Centamin 0.27 UNITED European Opportunities Trust 0.19 UNITED KINGDOM KINGDOM KINGDOM Allianz Technology Trust 0.31 UNITED Centrica 0.74 UNITED F&C Investment Trust 1.1 UNITED KINGDOM KINGDOM KINGDOM AO World 0.18 UNITED Chemring Group 0.2 UNITED FDM Group Holdings 0.21 UNITED KINGDOM KINGDOM KINGDOM Apax Global Alpha 0.17 UNITED Chrysalis Investments 0.33 UNITED Ferrexpo 0.3 UNITED KINGDOM KINGDOM KINGDOM Ascential 0.4 UNITED Cineworld Group 0.19 UNITED Fidelity China Special Situations 0.35 UNITED KINGDOM KINGDOM KINGDOM Ashmore
    [Show full text]
  • Official Top 500 2010
    Powered by OFFICIAL TOP 500 2010 BRAND RANK INDEX CATEGORY MICROSOFT 1 100.00 Software & Computer Services ROLLS-ROYCE GROUP 2 99.69 Aerospace & Defence BLACKBERRY 3 97.96 Electronic & Electrical Equipment VIRGIN ATLANTIC 4 97.47 Travel & Leisure - Airlines GOOGLE 5 97.41 Media - Marketing Services - Advertising Solutions LONDON STOCK EXCHANGE 6 96.96 Financial - Exchanges & Markets GLAXOSMITHKLINE 7 95.57 Pharmaceuticals & Biotech BRITISH AIRWAYS 8 95.02 Travel & Leisure - Airlines VISA 9 94.81 Financial - Credit Cards & Payment Solutions PRICEWATERHOUSECOOPERS 10 94.43 Support Services - Accountancy & Business Services BP 11 94.32 Oil & Gas SHELL 12 92.80 Oil & Gas BOSCH 13 91.59 Construction & Materials - Tools / Equipment MASTERCARD 14 90.48 Financial - Credit Cards & Payment Solutions HERTZ 15 90.45 Travel & Leisure - Automobile Rental BT 16 90.15 Telecommunications - General FT 17 90.05 Media - Content Creators/Owners APPLE 18 89.14 Technology - Hardware & Equipment NOKIA 19 88.90 Electronic & Electrical Equipment CHUBB 20 87.82 Support Services - Security & Fire Protection ERNST & YOUNG 21 87.79 Support Services - Accountancy & Business Services VODAFONE 22 86.61 Telecommunications - Mobile & Online BOEING 23 85.64 Aerospace & Defence FEDEX EXPRESS 24 85.43 Industrial Transportation - B2B Delivery Services THE ECONOMIST 25 85.27 Media - Content Creators/Owners DELOITTE 26 84.80 Support Services - Accountancy & Business Services AMERICAN EXPRESS 27 84.70 Financial - Credit Cards & Payment Solutions HILTON 28 84.22 Travel & Leisure
    [Show full text]