Interim Management Statement

RNS Number : 6138T

Mercantile Investment Trust(The)PLC

09 June 2009

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 30th April 2009

This interim management statement relates to the quarter from 31st January 2009 to 30th April 2009 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	29.1%	-20.9%	-22.1%	39.6%	164.8%
Net asset value	26.8%	-22.9%	-24.6%	31.6%	123.4%
Benchmark	24.9%	-22.4%	-20.0%	29.8%	63.0%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 30th April 2009	As at 8th June 2009
Total assets	£1045.5m	£1068.4m
Share price	765.0p	784.0p
Net asset value	841.3p	852.6p
Discount	9.1%	8.1%
Gearing	107%	113.8%

Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data

Material events 

Richard Hambro, a Director of the Company, passed away on 25th April 2009. The Board have expressed their sincere condolences to his family. Richard will be greatly missed.

At the Company's Annual General Meeting held on 29th April 2009, all resolutions were passed, including one special resolution which allows the Company to repurchase its own shares.

Following the AGM, on 29th April 2009, Cenkos Securities plc was appointed joint broker, to represent the Company with J.P. Morgan Cazenove Limited  

Material transactions 

Changes to share capital 

	Issued Ordinary Shares of 25p
As at 31st January 2009	102,321,968
Shares bought back and cancelled	-
Shares issued	-
As at 30th April 2009	102,321,968

During the quarter, the Company made no market purchases of its own shares for cancellation.

Payment of dividends 

On 1st February 2009 a third quarterly dividend of 6.0p per share was paid to shareholders on the register as at the close of business on 4th January 2009. 

On 1st May 2009 a fourth quarterly dividend of 18.0p per share was paid to shareholders on the register as at the close of business on 4th April 2009. 

Portfolio

Top ten holdings as at 30th April 2009:

Stock name	Sector	Weight %
Segro	Financials	2.7
Wolseley	Industrials	2.2
Tomkins	Industrials	2.1
Taylor Wimpey	Consumer Goods	2.1
Premier Oil	Oil & Gas	2.0
ITV	Consumer Services	2.0
SIG	Industrials	2.0
William Hill	Consumer Services	1.9
Bellway	Consumer Goods	1.8
Venture Production	Oil & Gas	1.8

Sector analysis as at 30th April 2009:

	Portfolio %
Industrials	23.8
Consumer Services	20.1
Financials	18.1
Consumer Goods	13.2
Oil & Gas	8.4
Technology	3.0
Basic Materials	0.6
Health Care	0.4
Utilities	0.4
Telecommunications	0.4
Cash	11.6
Total	100.00

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

9th June 2009

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

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.

 

END

 

 

IMSBXGDLXSGGGCC