Interim Management Statement

RNS Number : 9206U

Merchants Trust PLC

20 May 2008

 



The Merchants Trust PLC

Interim Management Statement

For the quarter ending 30 April 2008

This interim management statement relates to the quarter from 1 February 2008 to 30 April 2008 and contains information for that period unless otherwise stated. This statement is produced to provide information in accordance with the UK Listing Authority's Disclosure and Transparency Rules. 

Investment objective

The objective of The Merchants Trust is to provide an above average level of income and income growth together with long term growth of capital through a policy of investing mainly in higher yielding UK FTSE 100 companies.

Portfolio

Top ten holdings at 30 April 2008

		£	%
BP		54,549,267	8.58
Royal Dutch Shell		53,296,750	8.39
GlaxoSmithKline		47,014,740	7.40
HSBC		45,558,100	7.17
Vodafone		44,521,583	7.01
HBOS		21,711,845	3.42
Rio Tinto		20,980,500	3.30
Aviva		19,923,450	3.14
Anglo American		18,744,446	2.95
BT Group		16,876,625	2.66
Total Gross Assets		635,456,280

Material events and transactions

The third quarterly dividend of 5.4p per share was paid on 13 February to shareholders on the register on 25 January 2008.

There were no changes to the Company's share capital over the period.

Since the end of the period the following events and transactions have taken place:

Michael McKeon and Henry Staunton were appointed to the Board with effect from 1 May 2008.  At the Annual General Meeting of the Company held on 13 May 2008, all the resolutions put to shareholders were passed. At the conclusion of the AGM, Sir Bob Reid retired from the Board. 

A final dividend for the year ended 31 January 2008 of 5.4p per share was paid on 14 May 2008 to shareholders on the register on  11 April 2008.  

  Financial Performance  to 30 April 2008

				% change
		3 m	6m	1yr	3yr		5yrs	10yrs
Share price*		2.67	-12.64	-14.76	44.50		96.92	68.98
Net Asset Value*		2.14	-14.32	-12.49	38.40		100.54	69.67
Benchmark# *		5.19	-7.59	-2.06	40.62		84.03	38.96

* Total return with net dividends reinvested and net of fees.

# FTSE 100 Total Return

Source: Datastream

Financial position at 30 April and 16 May 2008

		30 April		16 May
Net assets		£518,171,441		£529,347,309
Share price		431p		449p
Net asset value1		485.07p		501.25p
Net asset value2		471.39p		487.57p
Discount3		-11.15		-10.42
Gearing    4		22.90%		22.80%
Yield		5.01%		4.81%

1 Debt at book value

2Debt at market value

 Net asset values are calculated and announced weekly.

3 The discount is the difference between the share price and the NAV (debt at book value) per share expressed as a percentage of the NAV per share.

4 Actual gearing - net of cash.

Company Information

Launch date	1889
EPIC	MRCH
Year end	31 January
Report and Accounts	Final posted April, Interim posted September
AGM	May
Dividends paid	February, May, August and November
Price Information	Financial Times, The Daily Telegraph, www.allianzgi.co.uk

Investor information

Further up to date information, including Net Asset Values and share prices, and the latest available factsheets and portfolio information, is provided on the Manager's website, which can be accessed via  www.merchantstrust.co.uk  or www.allianzgi.co.uk .  Investor services can be contacted on 020 7065 1407 and information can also be obtained from the Manager's helpline on 0800 317 573.

20 May 2008

 

END

 

 

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