Interim Management Statement


 

TIDMIAEM TIDMIAEC 
 
RNS Number : 0942W 
Impax Asian Environmental Mkts Plc 
12 November 2010 
 

              Impax Asian Environmental Markets Plc (the 'Company') 
                          Interim Management Statement 
                  For the three months ended 30 September 2010 
 
This interim management statement covers the period from the 1 July 2010 to 30 
September 2010 (the "Period"), and is prepared in accordance with the UK Listing 
Authority's Disclosure and Transparency Rule 4.3. 
 
Investment objective 
 
The Company's investment objective is to generate long-term capital growth 
through investment in a diverse portfolio of companies in the markets for 
cleaner or more efficient delivery of basic services of energy, water and waste 
in the Asia Pacific Region. To be eligible for investment, such companies must 
have at least 20% of their turnover, profits or invested capital in these 
markets. 
 
Performance 
 
During the Period, the Company's diluted Net Asset Value ("NAV") per Ordinary 
Share (excluding current year net revenue) rose by 10.2% from 108.4p to 119.5p. 
The Company's undiluted NAV per Ordinary Share (excluding current year net 
revenue) rose by 11.9% from 110.0p to 123.1p. Performance over the Period is 
ahead of the MSCI AC Asia Pacific ex Japan Index which rose 11.3% (priced in 
pounds sterling). 
 
The Period was characterised by strength in the energy efficiency, renewable 
energy and waste management & technologies sectors, whilst the water and 
pollution control sectors lagged behind. The solar stocks and Xinyi Glass were 
stand out performers. The Company underperformed the FTSE Environmental 
Opportunities Asia ex Japan Index ("EOAX") which was up 14.6% (priced in pounds 
sterling) during the Period as a couple of large weight index stocks (not owned 
by the Company) performed strongly and the Japanese stocks contributed 
negatively to performance as the Yen strength hurt the prospects for exporters. 
 
Portfolio activity 
 
Impax Asset Management Limited (the "Manager") continues to focus on bottom-up 
stock picking.  The Company increased its exposure to the light emitting diode 
(LED) general lighting theme following a period of underperformance. Profits 
were taken by the Company in a number of companies across a broad range of 
sectors following strong performance. During the Period, the Company added three 
new holdings to its portfolio, participated in an IPO, and sold out of two 
positions. 
 
The five largest holdings as at 30 September 2010 are set out below. Four are 
Chinese companies listed in Hong Kong and one is a Thai company. 
 
 
+------------------+------------------------+-------------------+ 
| Company          | Activity               |    Portfolio      | 
|                  |                        |    weighting      | 
+------------------+------------------------+-------------------+ 
| Xinyi Glass      | Glass manufacturing    |       3.5%        | 
+------------------+------------------------+-------------------+ 
| China Longyuan   | Wind power producer    |       3.2%        | 
| Power            |                        |                   | 
+------------------+------------------------+-------------------+ 
| Lee & Man Paper  | Paper recycling        |       3.1%        | 
+------------------+------------------------+-------------------+ 
| ENN Energy       | Natural gas            |       3.1%        | 
|                  | distribution           |                   | 
+------------------+------------------------+-------------------+ 
| Delta            | Efficient power        |       2.6%        | 
| Electronics Thai | supplies               |                   | 
+------------------+------------------------+-------------------+ 
 
The five largest holdings list illustrates the preference for a diversified 
sector portfolio. The Company is overweight in Greater China compared to the 
EOAX due to the attractive bottom-up opportunities available in the region. 
 
C Share issue 
 
On 23 July 2010 the Company announced that, in light of continuing demand for 
the Company's Ordinary Shares from both existing shareholders and potential new 
investors, it was considering the possibility of raising new monies through an 
issue of C Shares. Subsequently on 1 October 2010, a circular was sent to 
shareholders detailing proposals for such an issue.  Following approval of the 
proposals by shareholders at a general meeting held on 26 October 2010, the 
Company issued 131,000,000 C shares at a price of GBP1 each.  The C shares 
commence trading on the London Stock Exchange on 27 October 2010. 
 
Outlook 
 
The Directors and the Manager remain positive on the outlook for the Company. In 
particular, the momentum of environmental policy and legislation in the Asia 
Pacific region remains strong and many environmental markets are set for strong 
growth. 
 
Significant events from 30 September 2010 to the date of this announcement 
 
The C Share issue is described above.  The Company paid a dividend of 0.4p per 
Ordinary Share on 22 October 2010 to Ordinary Shareholders on the register at 
the close of business on 8 October 2010.  The diluted NAV per Ordinary Share 
(excluding current year net revenue) as at 10 November 2010 was 123.7p. 
 
The interim management statement will be made available on the Manager's website 
www.impax.co.uk 
 
12 November 2010 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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