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The Merchants Trust PLC announced its net asset values per ordinary share at close of business on 07 September 2023, reporting capital NAVs of 503.59p (par value debt) and 512.42p (market value debt), and cum-income NAVs of 518.37p (par value debt) and 527.20p (market value debt). The company also disclosed that capital only NAVs from 2 February 2023 to 6 September 2023 were previously incorrectly stated by an immaterial amount due to an outsourced service provider's administrative error, which has since been corrected.
| Date | 8 Sept 2023 |
| Time | 17:12:08 |
| Category | Corporate updates |
| ID | 9186L |
The Merchants Trust PLC
LEI: 5299008VJFXCUD2EG312
As recommended by the AIC, net asset values are calculated on both a capital and a cum-income basis.
The Merchants Trust PLC announces that at close of business 07 September 2023:
1) based on the par value of the company's long term debt and preference shares, the capital net asset value per ordinary share was 503.59p.
2) based on the market value of the company's long term debt and preference shares, the capital net asset value per ordinary share was 512.42p.
3) based on the par value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 518.37p.
4) based on the market value of the company's long term debt and preference shares, the cum-income net asset value per ordinary share was 527.20p.
In the valuation of the company's long term debt at market value, the margin added to the yield of the relevant reference gilt is derived from the spread of A UK corporate bond yields over gilt yields, with the exception that the Loan Notes issued on 18 December 2017 are valued at the yield over the reference gilt at which they were issued.
The cum-income net asset values, both with market value of the debt and par value of the debt, previously announced were accurate. However, it has been discovered that due to an administrative error by Merchants' outsourced service provider the capital only net asset values announced, both with market value of the debt and par value of the debt, for the period from 2 February 2023 to 6 September 2023 were incorrectly stated by an immaterial amount. The error has now been corrected and the values stated above for capital only net asset values are accurate.
Enquiries:
Kirsten Salt
Tel: 020 3246 7513
08 September 2023