Interim Management Statement

RNS Number : 9393V
Merchants Trust PLC
10 November 2010
 



The Merchants Trust PLC

 

Interim Management Statement

 

For the quarter ended 31 October 2010

 

This interim management statement relates to the quarter from 1 August 2010 to 31 October 2010 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 31 October 2010

 


£

%



Royal Dutch Shell

48,829,351

8.95



GlaxoSmithKline

38,311,495

7.03



HSBC

33,309,644

6.11



Vodafone Group

30,374,700

5.57



BP

28,517,814

5.23



BAE Systems

20,216,441

3.71



AstraZeneca

19,925,527

3.65



Scottish & Southern Energy

19,658,650

3.60



BHP Billiton

19,633,745

3.60



British American Tobacco

18,662,181

3.42








Total Gross Assets

545,328,885




 

           

                                                                                                                       

 

Material events and transactions

 

The second quarterly dividend of 5.6p per share was declared on 15 September 2010 and will be paid on 12 November to shareholders on the register on 8 October 2010.

 

There were no changes to the Company's share capital over the period. The number of ordinary shares in issue at the beginning and end of the period is 103,213,464.

 

The Company is not aware of any significant events or transactions which have occurred between 31 October and the date of this report which would have a material impact.

 

 



Financial Performance to 31 October 2010

 

 




% change





3 m

6m

1yr

3yr

5yrs

10yrs

Share price*

10.9

15.7

30.3

-6.2

28.8

83.6

Net Asset Value*

11.9

6.9

20.1

-16.0

19.2

52.9

Benchmark# *

8.8

3.9

16.5

-5.1

28.5

24.2

 

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

# FTSE 100 Total Return

 

Source: Datastream

 

 

Financial position at 31 October 2010 and 8 November 2010

 

 



31 October      


8 November

Total assets1


£538,807,729


£551,662,528

Net assets


£421,748,021


£434,602,819

Share price


388.0p


399.0p

Net asset value2


408.6p


421.1p

Discount3


5.0%


5.2%

Net gearing4


25.5%


25.3%

Yield


5.9%


5.7%






1Total assets are stated net of current liabilities.

2Capital and income net asset values are calculated and announced daily.

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 Net gearing is borrowings net of cash.

 

 

Company Information

Launch date

1889

EPIC

MRCH

Year end

31 January

Report and Accounts

Final posted April, Half-yearly posted September

AGM

May

Dividends paid

February, May, August and November

Price Information

Financial Times, The Daily Telegraph,

 www.merchantstrust.co.uk  www.rcm.co.uk

 

 

Investor information

 

Further up to date information, including Net Asset Values and share prices, and the latest available fact sheets and portfolio information, is provided on the Manager's website, which can be accessed via  www.merchantstrust.co.uk  or www.rcm.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.

 

 

 

 

10 November 2010


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