Interim Management Statement

RNS Number : 2526N

Mercantile Investment Trust(The)PLC

08 June 2010

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 30^th April 2010

This interim management statement relates to the quarter from 1^st February 2010 to 30^th April 2010 and contains information that covers that period, unless otherwise stated. 

Financial performance -  Cumulative Total Return *

	3 months	1 Year	3 Years	5 Years	10 Years
Share price	10.9%	30.1%	-21.9%	73.7%	129.0%
Net asset value	11.1%	37.0%	-19.2%	65.1%	102.5%
Benchmark	12.3%	41.8%	-8.4%	66.0%	106.6%

* total return with net dividends reinvested

Source: JPMAM/Morningstar (www.morningstar.co.uk)

Financial position

	As at 30th April 2010	As at 7th June 2010
Total assets	£1282.5m	£1004.8m
Share price	953.5p	889.5p
Net asset value per share	1108.5p	1014.1p
Discount	14.0%	12.3%
Gearing	103.6%	101.1%

Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Morningstar (www.morningstar.co.uk)

Material events

At the Company's Annual General Meeting held on 19^th May 2010, all resolutions were passed, including special resolutions which allow the Company to allot new shares (up to 10%), disapply pre-emption rights, repurchase its own shares (up to 14.99%), adopt new Articles of Association and increase the maximum aggregate Directors' fees.

Material transactions

Changes to share capital

	Issued Ordinary Shares of 25p
As at 31st January 2010	101,947,968
Shares bought back and cancelled	2,820,249
Shares issued	-
As at 30th April 2010	99,127,719

Payment of dividends

On 1^st February 2010 a third quarterly dividend of 6.0p per share was paid to shareholders on the register as at the close of business on 4^th January 2010.

On 30^th April 2010 a fourth quarterly dividend of 18.0p per share was paid to shareholders on the register as at the close of business on 16^th April 2010.

Portfolio

Top ten holdings as at 30^th April 2010:

Stock name	Sector	Weight %
Cable & Wireless	Telecommunications	2.8
ITV	Consumer Services	2.8
Premier Oil	Oil & Gas	2.2
Tomkins	Industrials	2.2
Pennon Group	Utilities	2.1
Bovis Homes	Consumer Goods	1.9
Tate & Lyle	Consumer Goods	1.8
Rentokil Initial	Industrials	1.8
FirstGroup	Consumer Services	1.7
Imagination Technologies	Technology	1.6

Sector analysis as at 30^th April 2010:

	Portfolio %
Consumer Services	22.1
Industrials	16.4
Financials	14.4
Consumer Goods	10.7
Oil & Gas	6.6
Technology	5.6
Basic Materials	5.4
Utilities	5.0
Telecommunications	3.0
Health Care	0.1
Cash	10.7
Total	100.00

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

8^th June 2010

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.mercantileit.co.uk.

 

END

 

 

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