Interim Management Statement

RNS Number : 5101G

Mercantile Investment Trust(The)PLC

06 June 2013

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 30th April 2013

This interim management statement relates to the quarter from 1st February 2013 to 30th April 2013 and contains information that covers that period, unless otherwise stated. 

Financial performance -  Cumulative Total Return *

	1 month	3 months	1 year	3 years	5 years	10 years
Share price	0.5%	10.1%	30.6%	47.8%	54.9%	304.4%
Net asset value	0.8%	10.0%	28.8%	46.8%	57.5%	318.6%
Benchmark	0.6%	8.1%	27.4%	48.7%	63.5%	304.7%

* as at 30^th April 2013, total return with net dividends reinvested

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

Financial position

	As at 30th April 2013	As at 5th June 2013
Total assets	£1,652.5m	£1,658,9m
Share price	1,271.0p	1,278.0p
Net asset value per share	1,488.4p	1,487.8p
Discount	14.6%	12.2%
Gearing	13.5%	9.8%

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

There were no material events during the reporting period.

Material events post 30th April 2013

At the Company's Annual General Meeting held on 22nd May 2013, all resolutions were passed, including four items of special business toallow the Company to allot new shares (up to 5%), disapply pre-emption rights, repurchase its own shares (up to 14.99%) and approve the Company's dividend policy to continue to pay four quarterly interim dividends.

On 4^th June the Company announced the appointment of Winterflood Securities Limited to act as joint broker with Cenkos Securities plc, with immediate effect.

Material transactions

Changes to share capital

	Issued Ordinary Shares of 25p
As at 1st February 2013	98,455,719
Shares bought back and cancelled	215,000
Shares issued	-
As at 30th April 2013	98,240,719

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

Payment of dividends

On 1st February 2013 a third quarterly dividend of 6.0p per share was paid to shareholders on the register as at the close of business on 4th January 2013.

On 1st May 2013 a fourth quarterly dividend of 18.0p per share was paid to shareholders on the register as at the close of business on 2nd April 2013.

Portfolio

Top ten holdings as at 30th April 2013:

Stock name	Sector	Weight %
Persimmon	Consumer Goods	4.3
Bovis Homes	Consumer Goods	3.0
Jardine Lloyd Thompson	Financials	2.9
Cable & Wireless	Telecommunications	2.6
Barratt Developments	Consumer Goods	2.2
Mondi	Basic Materials	2.0
Berkeley	Consumer Goods	2.0
Taylor Wimpey	Consumer Goods	1.9
Bellway	Consumer Goods	1.9
Inmarsat	Telecommunications	1.8

Sector analysis as at 30th April 2013:

Sector	Portfolio %
Financials	25.2
Consumer Services	19.0
Consumer Goods	18.2
Industrials	12.7
Oil & Gas	7.3
Telecommunications	5.2
Technology	3.3
Basic Materials	2.8
Utilities	1.2
Health Care	1.2
Cash	3.9
Total	100.0

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

6^th June 2013

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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