Interim Management Statement

RNS Number : 0822I
Mercantile Investment Trust(The)PLC
08 June 2011
 



The Mercantile Investment Trust plc

 

Interim Management Statement

 

For the three months ended 30th April 2011

 

 

 

This interim management statement relates to the quarter from 1st February 2011 to 30th April 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

1.5%

20.3%

26.0%

24.0%

150.9%

Net asset value

2.6%

15.8%

24.3%

21.5%

137.3%

Benchmark

5.2%

18.6%

30.4%

34.5%

132.3%

 

* total return with net dividends reinvested

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

 

Financial position

 


As at 30th April 2011

As at 7th June 2011

Total assets

                 £1416.0m

£1406.9m

 

 

Share price

   1107.0p

      1090.0p

 

Net asset value per share

   1237.0p

 1231.1p 

 

Discount

     10.5%

11.5%

 

Gearing

      108.9%

98.9%

 

 

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

 

At the Company's Annual General Meeting held on 18th May 2011, all resolutions were passed, including special resolutions which allow the Company to allot new shares (up to 5%), disapply pre-emption rights and repurchase its own shares (up to 14.99%).  All Directors were re-elected.

 



 

 

Material transactions

 

Changes to share capital

 


Issued Ordinary Shares of 25p



As at 31st January 2011

99,035,719

Shares bought back and cancelled

-

Shares issued

-

As at 30th April 2011

99,035,719

 

 

Payment of dividends

 

On 1st February 2011 a third quarterly dividend of 6.0p per share was paid to shareholders on the register as at the close of business on 7th January 2011.

 

On 3rd May 2011 a fourth quarterly dividend of 18.0p per share was paid to shareholders on the register as at the close of business on 15th April 2011.

 

 

Portfolio

 

Top ten holdings as at 30th April 2011:

 

Stock name

Sector

Weight %

Cable & Wireless Communications

Telecommunications

2.5

Jardine Lloyd Thompson

Financials

2.4

Persimmon

Consumer Goods

2.1

Cove Energy

Oil & Gas

2.1

Pennon

Utilities

2.1

Logica

Technology

1.8

Hiscox

Financials

1.7

Meggitt

Industrials

1.6

Mitchells & Butlers

Consumer Services

1.6

African Barrick Gold

Basic Materials

1.6

 

Sector analysis as at 30th April 2011:

 


Portfolio %

Financials

18.6

Industrials

14.2

Consumer Services

14.0

Consumer Goods

11.5

Basic Materials

9.7

Technology

6.4

Oil & Gas

5.7

Telecommunications

4.7

Utilities

3.8

Health Care

2.1

Cash

9.3

Total

100.00

 

 

 

 

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

8th June 2011

 

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.

 

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 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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