Edison issues review on The Merchants Trust (MRCH)

RNS Number : 8022H

Merchants Trust PLC

12 June 2017

 

London, UK, 12 June 2017

Edison issues review on The Merchants Trust (MRCH)

The Merchants Trust (MRCH) aims to generate a high and growing level of income with the potential for long-term capital growth from a relatively concentrated, actively managed portfolio of UK equities. At end-January 2017, the benchmark was changed from the FTSE 100 index to the FTSE All-Share index, reflecting the evolution of the portfolio over several years towards a lower exposure to large-cap equities, giving the manager the opportunity to select from a broader range of dividend-paying companies. MRCH has a competitive yield compared to the UK stock market and also versus its peers. It has a progressive dividend policy and has increased its annual dividend for the last 35 consecutive years.

MRCH's current 6.4% share price discount to cum income NAV with debt at market value is modestly wider than the 6.2% average discount of the last 12 months. It is also wider than the averages of the last three, five and 10 years (range of 2.2% to 3.7%). The trust has a progressive dividend policy; its annual dividend has grown for 35 consecutive years and over time it has grown at a higher rate than UK inflation. MCRH currently yields 5.1%. 

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