Net Asset Value(s)
Summary by AI BETAClose X
The Merchants Trust reported net asset values at close of business 11 November 2026: capital NAV per ordinary share was 695.92p on a par-value basis and 709.62p on a market-value basis, while cum-income NAV per ordinary share was 706.50p on a par basis and 720.21p on a market basis. Market valuation of long-term debt therefore increases capital NAV by 13.70p and cum-income NAV by 13.71p versus par valuation, and cum-income exceeds capital NAV by 10.58p (par) and 10.59p (market), with market debt yields derived from A UK corporate bond spreads over gilts except for Loan Notes issued 18 December 2017 valued at their original issue yield.
Merchants Trust PLC
12 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 11 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 695.92p.
- based on the market value of the company’s long term debt and preference shares, the capital net asset value per ordinary share was 709.62p.
- 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 706.50p.
- 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 720.21p.
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
12 November 2026
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