Interim Management Statement

RNS Number : 5595V

Mercantile Investment Trust(The)PLC

29 May 2008

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 30th April 2008

This interim management statement relates to the quarter from 31st January 2008 to 30th April 2008 and contains information that covers that period, unless otherwise stated.  

Financial performance - Cumulative Total Return *

	3 months	1 Year	3 Years	5 Years	10 Years
Share price	-0.4%	-23.7%	69.7%	162.4%	206.0%
Net asset value	-0.1%	-23.5%	56.3%	165.8%	187.7%
Benchmark	2.7%	-16.7%	51.0%	147.5%	121.3%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th April 2008	As at 28th May 2008
Total assets	£1337.9m	£1138.9m
Share price	992.0p	953.0p
Net asset value	1114.9p	1095.35p
Discount	11.0%	13.0%
Gearing	92.9%	102.7%

Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data

Material events 

At the Company's Annual General Meeting held on 30th April 2008, all resolutions were passed, including three special resolutions which allow the Company to repurchase its own shares, to change its name from JPMorgan Fleming Mercantile Investment Trust plc to The Mercantile Investment Trust plc, and to adopt new Articles of Association. The Company's ticker has changed to MRC.  

Material transactions 

Changes to share capital 

	Issued Ordinary Shares of 25p
As at 31st January 2008	104,303,166
Shares bought back and cancelled	150,861
Shares issued	-
As at 3oth April 2008	104,152,305

During the quarter, the Company made market purchases of 150,861 of its own shares for cancellation, representing 0.12% of the shares outstanding at the beginning of the financial year, at an average discount of 12.5%. 

Payment of dividends 

On 1st February 2008 a third quarterly dividend of 5.50p per share was paid to shareholders on the register as at the close of business on 4th January 2008. 

On 1st May 2008 a fourth quarterly dividend of 17.50p per share and a special dividend of 4.00p per share was paid to shareholders on the register as at the close of business on 4th April 2008. 

Portfolio

Top ten holdings as at 30th April 2008

Stock name	Sector	Weight %
IG	Financials	2.3
Ladbrokes	Consumer Services	2.1
Drax	Utilities	2.1
GKN	Consumer Goods	2.0
Millenium & Copthorne Hotels	Consumer Services	1.6
United Business Media	Consumer Services	1.5
Pennon	Utilities	1.4
Daily Mail & General Trust	Consumer Services	1.4
National Express	Consumer Services	1.3
Meggitt	Industrials	1.3

Sector analysis as at 30th April 2008

	Portfolio %
Industrials	21.3
Financials	20.7
Consumer Services	19.6
Consumer Goods	5.7
Oil & Gas	5.0
Utilities	4.4
Basic Materials	2.0
Technology	1.5
Telecommunications	0.5
Health Care	-
Cash	19.3
Total	100.00

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

29th May 2008

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. 

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmfmercantile.co.uk For investor information please contact the JPMorgan helpline on Freephone 0800 20 40 20.

 

END

 

 

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