Net Asset Value(s)
Summary by AI BETAClose X
The Merchants Trust announces NAVs at close of business 30 October 2026: capital NAV per ordinary share 686.14p (par-value basis) and 699.78p (market-value basis); cum-income NAV per ordinary share 696.76p (par) and 710.40p (market). The market valuation of long-term debt applies a margin derived from the spread of A-rated UK corporate bond yields over gilt yields, with the exception that the Loan Notes issued 18 December 2017 are valued at their issue yield. The market-based NAVs are 13.64p higher than par-based NAVs (c.2.0%).
Merchants Trust PLC
02 November 2026
The Merchants Trust PLC
LEI: 5299008VJFXCUD2EG312
As recommended by the AIC, net asset values are calculated on both a capital and a cum-income basis.
The Merchants Trust PLC announces that at close of business 30 October 2026:
- based on the par value of the company’s long term debt and preference shares, the capital net asset value per ordinary share was 686.14p.
- based on the market value of the company’s long term debt and preference shares, the capital net asset value per ordinary share was 699.78p.
- based on the par value of the company’s long term debt and preference shares, the cum-income net asset value per ordinary share was 696.76p.
- based on the market value of the company’s long term debt and preference shares, the cum-income net asset value per ordinary share was 710.40p.
In the valuation of the company’s long term debt at market value, the margin added to the yield of the relevant reference gilt is derived from the spread of A UK corporate bond yields over gilt yields, with the exception that the Loan Notes issued on 18 December 2017 are valued at the yield over the reference gilt at which they were issued.
Enquiries:
Nira Mistry
Tel: 07 554 224 339
02 November 2026
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