Interim Management Statement

RNS Number : 1903D

Merchants Trust PLC

11 May 2012

 



The Merchants Trust PLC

Interim Management Statement

For the quarter ended 30 April 2012

This interim management statement relates to the quarter from 1 February 2012 to 30 April 2012 and contains information for that period unless otherwise stated. This statement is produced to provide information in accordance with the UK Listing Authority's Disclosure and Transparency Rules.

Investment objective

The objective of The Merchants Trust is to provide an above average level of income and income growth together with long term growth of capital through a policy of investing mainly in higher yielding UK FTSE 100 companies.

Portfolio

Top ten holdings at 30 April 2012

	£		%
GLAXOSMITHKLINE		41,153,805	7.64
ROYAL DUTCH SHELL 'B'		40,061,835	7.44
HSBC		35,147,078	6.53
BP		35,139,779	6.53
VODAFONE GROUP		29,612,866	5.50
BRITISH AMERICAN TOBACCO		20,037,221	3.72
BAE SYSTEMS		19,476,417	3.62
SSE		18,876,000	3.51
NATIONAL GRID		17,050,600	3.17
UNILEVER		16,929,150	3.14
Total Gross Assets	538,391,968

Material events and transactions

The following events have occurred since 1 February 2012.

Dividends

The third quarterly dividend for the year ended 31 January 2012 of 5.8p per Ordinary Share, was paid on 23 February 2012 to shareholders on the register on 27 January 2012.

There were no changes to the Company's share capital over the period. The number of Ordinary Shares in issue at the beginning and end of the period was 103,213,464.

Since 30 April 2012 the following events have occurred:

Annual General Meeting

At the AGM held on 9 May 2012 all resolutions were passed.

Dividends

The final dividend for the year ended 31 January 2012 of 5.8p per Ordinary Share will be paid on 14 May 2012 to shareholders on the register on 13 April 2012.

Financial Performance to 30 April 2012

			% change
	3mths	6mths		1yr	3yrs		5yrs	10yrs
Share price*	5.1	2.9		-5.7	61.6		-3.3	49.7
Net Asset Value*	3.2	4.6		-2.3	64.7		-7.9	52.5
Benchmark# *	2.3	5.5		-2.0	50.4		7.2	58.6

* Total return with net dividends reinvested and net of fees.

# FTSE 100 Total Return

Source: Datastream

Financial position at 30 April 2012 and 09 May 2012

		30 April		09 May
Total assets1		531,689,792		519,984,579
Net assets		417,052,209		405,346,996
Share price		375.40		359.60
Net asset value2		404.07		392.73
Discount3		7.09%		8.44%
Net gearing4		24.99%		25.79%
Yield		6.13%		6.40%
Debt at market NAV5		370.34		359.00
Premium6		1.37%		0.17%

¹Total assets are stated net of current liabilities.

² On the income basis (with debt at book value). Capital and income net asset values are calculated and announced daily.

³ The discount/premium  is the difference between the share price and the NAV (with debt at book value) per share expressed as a percentage of the NAV per share.

⁴ Net gearing is borrowings net of cash.

⁵ The net asset value calculated on the income basis (with debt at market value).

⁶ The discount/premium  is the difference between the share price and the NAV (with debt at market value) per share expressed as a percentage of the NAV per share.

Company Information

Launch date	1889
EPIC	MRCH
Year end	31 January
Report and Accounts	Final posted April, Half-yearly posted September
AGM	May
Dividends paid	February, May, August and November
Price Information	Financial Times, The Daily Telegraph,  www.merchantstrust.co.uk  www.rcm.com

Investor information

Further up to date information, including Net Asset Values and share prices, and the latest available fact sheets and portfolio information, is provided on the Manager's website, which can be accessed via  www.merchantstrust.co.uk  or  www.rcm.com/investmenttrusts .  Information can also be obtained from the Investor Services' helpline on 0800 389 4696.

11 May 2012

 

END

 

 

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