Interim Management Statement

RNS Number : 8333J
Mercantile Investment Trust(The)PLC
09 December 2008
 



The Mercantile Investment Trust plc


Interim Management Statement


For the three months ended 31st October 2008


This interim management statement relates to the quarter from 31st July 2008 to 31st October 2008 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

-25.1%

-44.6%

-6.2%

20.3%

167.2%

Net asset value

-28.9%

-47.5%

-14.0%

20.2%

138.6%

Benchmark

-28.2%

-46.1%

-16.9%

15.3%

65.4%


* total return with net dividends reinvested

Source: JPMAM/Fundamental Data


Financial position 


 
As at 31st October 2008
            As at 8th December 2008
Total assets
                 £920.9m

£861.0m

Share price
   638.0p
554.0p
Net asset value
   702.2p
646.9p
Discount
     9.1%
14.4%
Gearing
      101.1%
95.8%


Share prices shown are closing bid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data


Material events 


The Company has reached agreement in principle with its manager, JPMorgan Asset Management (UK) Limited, (who has negotiated recovery from HMRC) on the basis of recovery of past VAT and is in the process of documenting this. The Company's total recovery is expected to be in the region of £8m plus interest, of which £5.8m was included in the Company's net assets as at 31st January 2008.  

Material transactions 


Changes to share capital 


 
Issued Ordinary Shares of 25p          
 
 
As at 31st July 2008
102,610,765
Shares bought back and cancelled
154,797
Shares issued
-
As at 31st October 2008
102,455,968


During the quarter, the Company made market purchases of 154,797 of its own shares for cancellation, representing 0.15% of the shares outstanding at the beginning of the financial year, at an average discount of 13.12%. 


Payment of dividends 


On 1st August 2008 a first quarterly dividend of 6.00p per share was paid to shareholders on the register as at the close of business on 4th July 2008


On 31st October 2008 a second quarterly dividend of 6.00p per share was paid to shareholders on the register as at the close of business on 3rd October 2008


Portfolio


Top ten holdings as at 31st October 2008


Stock name
Sector
Weight %
IG
Financials
2.7
Home Retail Group
Consumer Services
2.4
Bellway
Consumer Goods
1.5
Go-Ahead
Consumer Services
1.5
Arriva
Consumer Services
1.5
Cazenove
Financials
1.5
DSG International
Consumer Services
1.4
Investec
Financials
1.2
Daily Mail & General Trust
Consumer Services
1.2
National Express
Consumer Services
1.2


Sector analysis as at 31st October 2008


 
Portfolio %
Consumer Services
24.5
Financials
20.5
Industrials
16.5
Consumer Goods
8.5
Oil & Gas
5.8
Utilities
2.2
Basic Materials
1.3
Technology
1.2
Telecommunications
0.4
Health Care
0.0
Cash
19.1
Total
100.00




 

By order of the Board
Juliet Dearlove, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
9th December 2008


Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

Telephone 020 7742 6000



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. 


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.


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