Interim Management Statement

RNS Number : 7440S

Merchants Trust PLC

22 May 2009

 



The Merchants Trust PLC

Interim Management Statement

For the quarter ended 30 April 2009

This interim management statement relates to the quarter from 1 February 2009 to 30 April 2009 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 2009

	£	%
Royal Dutch Shell 'B'	40,221,981	9.40
Vodafone Group	37,172,229	8.69
BP	34,874,458	8.15
GlaxoSmithKline	34,291,810	8.02
HSBC Holdings (UK)	18,631,997	4.36
BAE Systems	16,873,353	3.94
Scottish & Southern Energy	15,789,000	3.69
BHP Billiton	13,741,600	3.21
British American Tobacco	13,100,363	3.06
Centrica	12,811,569	2.99
Total Gross Assets	427,823,063

Material events and transactions

The third quarterly dividend of 5.6p per share was paid on 20 February to shareholders on the register on 23 January 2009.

On 29 April 2009 400,000 ordinary shares were issued from a general block listing of shares, bringing the number of ordinary shares of 25p in issue to 103,213,464.

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

At the Annual General Meeting of the Company held on 12 May 2009, all the resolutions put to shareholders were passed. At the conclusion of the AGM, Joe Scott Plummer retired from the Board. 

A final dividend of 5.6p per share and a special dividend of 0.5p, both in respect of the year ended 31 January 2009, were paid on 15 May 2009 to shareholders on the register on 17 April 2009. 

Financial Performance to 30 April 2009

				% change
		3 m	6m	1yr	3yr		5yrs	10yrs
Share price*		1.64	1.58	-29.83	-30.94		6.97	3.84
Net Asset Value*		0.04	-3.31	-36.12	-35.95		1.26	-2.89
Benchmark # *		3.93	-0.63	-27.21	-21.06		13.22	-10.74

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

# FTSE 100 Total Return

Source: Datastream

Financial position at 30 April and 20 May 2009

		30 April				20 May
Total assets1		£420,999,549			£439,551,786
Net assets		£303,879,627			£324,374,627
Share price		280.0p			301.0p
Net asset value2		287.9p			305.6p
Discount3		2.7%			1.5%
Net gearing4		32.3%			31.3%
Yield5		8.0%			7.4%

1Total assets are stated net of current liabilities.

2Capital 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.

5 Excluding special dividend.

Company Information

Launch date	1889
EPIC	MRCH
Year end	31 January
Financial Reports	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.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.

22 May 2009

 

END

 

 

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