Net Asset Value(s)
Summary by AI BETAClose X
The Merchants Trust reported net asset values at close of business on 03 November 2026: capital NAV per ordinary share 688.38p (par value) and 702.04p (market value), and cum-income NAV per ordinary share 698.98p (par value) and 712.64p (market value). The market-value NAVs incorporate long-term debt valued using UK corporate bond yield spreads over gilts, with Loan Notes issued 18 December 2017 valued at their original issue yield, which explains the c.13.66p market/par premium on both capital and cum-income NAVs.
Merchants Trust PLC
04 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 03 November 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 688.38p.
- based on the market value of the company’s long term debt and preference shares, the capital net asset value per ordinary share was 702.04p.
- 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 698.98p.
- 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 712.64p.
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
04 November 2026
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