Interim Management Statement

Merchants Trust PLC
15 June 2007



The Merchants Trust PLC

Interim Management Statement

For the quarter ending 30 April 2007


This interim management statement relates to the quarter from 1 February 2007 to
30 April 2007 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 Listing 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 2007
                                                     £                         %
Royal Dutch Shell 'B' Shares                    56,324,500                   7.69
GlaxoSmithKline                                 52,852,000                   7.21
BP                                              52,026,000                   7.10
HSBC                                            44,891,000                   6.13
Vodafone                                        42,721,744                   5.83
Royal Bank of Scotland Group                    29,529,000                   4.03
Barclays                                        26,535,500                   3.62
Lloyds TSB Group                                23,501,450                   3.21
HBOS                                            21,423,600                   2.92
Anglo American                                  19,750,600                   2.70

Total Gross Assets                             732,544,421



Material events and transactions

At the Annual General Meeting of the Company held on 14 May 2007, all the
resolutions put to shareholders were passed. At the conclusion of the AGM, Sir
John Banham retired from the Board.

The third quarterly dividend of 5.1p per share was paid on 16 February to
shareholders on the register on 26 January 2007.

A final dividend of 5.1p per share was paid on 16 May 2007 to shareholders on
the register on  13 April 2007.  The total payment for the year ended 31 January
2007 was 20.0p.

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


Financial Performance  to 30 April 2007

                                                % change

                            3 m      6m       1yr       3yr      5yrs     10yrs

Share price                 4.21     7.32     15.44     78.83    54.87    196.96
Net Asset Value             3.61     8.60     14.57     81.14    65.63    171.63
Benchmark*                  5.32     7.13     10.73     58.82    47.90     94.83


Source: Datastream
Total return with net dividends reinvested and net of fees.
* FTSE 100 Total Return

Financial position at 30 April and 8 June 2007

                                         30 April            8 June

Net assets                               £599,468,901        £603,689,499
Share price                              529.5p              528.0p
Net asset value 1                        577.8p              581.8p

Net asset value 2                      554.2p              558.8p
Discount 3                                 -8.4%              -9.2%
Gearing 4                                  18.4%              20.7%
Yield                                       3.8%               3.8%



1 Debt at book value

2 Debt 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                               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.



By order of the Board.
The Merchants Trust PLC

155 Bishopsgate
London EC2M 3AD

15 June 2007




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