Interim Management Statement

RNS Number : 5279T

Mercantile Investment Trust(The)PLC

07 December 2011

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 31st October 2011

This interim management statement relates to the quarter from 1st August 2011 to 31st October 2011 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	-10.1%	-2.0%	64.4%	-1.6%	149.5%
Net asset value	-8.8%	-2.4%	72.5%	0.6%	146.4%
Benchmark	-9.5%	-1.4%	82.5%	11.2%	143.0%

* total return with net dividends reinvested

Source: JPMAM/Morningstar (www.morningstar.co.uk)

Financial position

	As at 31st October 2011	As at 6th December 2011
Total assets	£1,270.5m	£1,207.7m
Share price	931.0p	894.0p
Net asset value per share	1,066.1p	1,007.7p
Discount	12.7%	11.3%
Gearing	108.8%	110.0%

Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Morningstar (www.morningstar.co.uk)

Material events

On 21st September 2011, the Board announced the appointment of Helen James as a Director of the Company, with immediate effect.

Material transactions

Changes to share capital

	Issued Ordinary Shares of 25p
As at 1st August 2011	99,035,719
Shares bought back and cancelled	-
Shares issued	-
As at 31st October 2011	99,035,719

During the quarter, the Company made no market purchases or issues of its own shares.

Payment of dividends

On 1st August 2011 a first quarterly dividend of 6.00p per share was paid to shareholders on the register as at the close of business on 8th July 2011. 

On 1st November 2011 a second quarterly dividend of 6.00p per share was paid to shareholders on the register at close of business on 30th September 2011.

On 30 November 2011 the Directors announced that a third quarterly dividend of 6.00p per share for the year ended 31st January 2012 would be paid on 1st February 2012 to shareholders on the register as at the close of business on 30th December 2011.   It was also declared that the Election Date for the Dividend Re-Investment Plan would be 13th January 2012.

Portfolio

Top ten holdings as at 31st October 2011:

Stock name	Sector	Weight %
Jardine Lloyd Thompson	Financials	3.3
Misys	Technology	2.9
Pennon	Utilities	2.6
Persimmon	Consumer Goods	2.4
Cable & Wireless	Telecommunications	2.4
Cove Energy	Oil & Gas	2.3
Africa Barrick Gold	Basic Materials	2.0
Laird	Technology	1.9
Hiscox	Financials	1.9
Logica	Technology	1.8

Sector analysis as at 31st October 2011:

Sector	Portfolio %
Financials	22.2
Consumer Services	15.8
Industrials	13.3
Consumer Goods	11.6
Technology	9.0
Basic Materials	7.0
Oil & Gas	6.6
Telecommunications	4.4
Utilities	2.6
Health Care	1.2
Cash	6.3
Total	100.00

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

7th December 2011

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

Telephone: [phone]

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.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

ENDS

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.mercantileit.co.uk 

 

END

 

 

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