Net Asset Value(s)
Summary by AI BETAClose X
Merchants Trust reports net asset values at close 10 November 2026: capital NAV per ordinary share 692.74p (par-value basis) and 706.44p (market-value basis), and cum-income NAV 703.33p (par) and 717.03p (market). Market-value NAVs exceed par-value NAVs by 13.70p (≈1.98%), and cum-income market NAV is 10.59p (≈1.50%) above market capital NAV, reflecting mark-to-market valuation of long-term debt and preference shares. Long-term debt is valued at market by adding a margin derived from the spread of A UK corporate bond yields over gilt yields, except Loan Notes issued 18 December 2017 which are valued at their issue yield.
Merchants Trust PLC
11 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 10 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 692.74p.
- based on the market value of the company’s long term debt and preference shares, the capital net asset value per ordinary share was 706.44p.
- 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 703.33p.
- 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 717.03p.
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
11 November 2026
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