Interim Management Statement

RNS Number : 7189F

Mercantile Investment Trust(The)PLC

19 June 2012

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 30th April 2012

This interim management statement relates to the quarter from 1st February 2012 to 30th April 2012 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	8.7%	-5.9%	50.0%	-10.0%	126.3%
Net asset value	8.9%	-1.6%	58.6%	-6.4%	138.7%
Benchmark	8.0%	-1.6%	65.4%	6.9%	135.4%

* total return with net dividends reinvested

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

Financial position

	As at 30th April 2012	As at 18th June 2012
Total assets	£1,354.6m	£1,275.9m
Share price	1,004.0p	930.5p
Net asset value per share	1,187.3p	1,079.3
Discount	15.4%	13.8%
Gearing	105.7%	100.4%

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 1st February 2012, the Board announced the retirement of Mr Charles Peel and The Right Honourable The Earl of Halifax as Directors of the Company with effect from the conclusion of the Company's Annual General Meeting on 23rd May 2012.

On 26th March 2012, the Board announced the appointment of Mr Jeremy Tigue as a Director of the Company with immediate effect (26th March 2012).  

Material events post 30th April 2012

At the Company's Annual General Meeting held on 23rd May 2012, 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.

Material transactions

Changes to share capital

	Issued Ordinary Shares of 25p
As at 1st February 2012	98,710,719
Shares bought back and cancelled	95,000
Shares issued	-
As at 30th April 2012	98,615,719

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

Payment of dividends

On 1st February 2012 a third quarterly dividend of 6.0p per share was paid to shareholders on the register as at the close of business on 30th December 2011.

On 1st May 2012 a fourth quarterly dividend of 18.0p per share was paid to shareholders on the register as at the close of business on 10th April 2012.

Portfolio

Top ten holdings as at 30th April 2012:

Stock name	Sector	Weight %
Cable & Wireless Worldwide	Telecommunications	3.1
Persimmon	Consumer Goods	2.9
Jardine Lloyd Thompson	Financials	2.8
Cable & Wireless	Telecommunications	2.1
Bovis Homes	Consumer Goods	2.1
Pennon	Utilities	2.1
John Wood Group	Oil & Gas	2.0
Phoenix Group	Financials	1.8
Travis Perkins	Industrials	1.8
Hiscox	Financials	1.6

Sector analysis as at 30th April 2012:

Sector	Portfolio %
Financials	21.2
Consumer Services	15.0
Industrials	14.4
Consumer Goods	12.9
Basic Materials	6.1
Oil & Gas	6.0
Technology	6.0
Telecommunications	5.9
Utilities	2.4
Health Care	2.0
Cash	8.1
Total	100.0

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

19th June 2012

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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