Net Asset Value(s)
Summary by AI BETAClose X
At close of business 04 November 2026, Merchants Trust reported capital net asset value per ordinary share of 700.58p (par-value) and 714.25p (market-value), and cum-income net asset value per ordinary share of 711.19p (par-value) and 724.86p (market-value). The market valuation exceeds par by 13.67p (≈1.95% on capital NAV, ≈1.92% on cum-income NAV) and market cum-income exceeds market capital NAV by 10.61p (≈1.49%). Long-term debt is valued at market using A UK corporate bond–gilt spreads, except Loan Notes issued 18 December 2017 which are valued at their original issuance yield.
Merchants Trust PLC
05 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 04 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 700.58p.
- based on the market value of the company’s long term debt and preference shares, the capital net asset value per ordinary share was 714.25p.
- 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 711.19p.
- 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 724.86p.
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
05 November 2026
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