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The Merchants Trust PLC announced its net asset values per ordinary share at the close of business on 31 October 2025. These included a capital NAV of 589.47p (based on par value of debt and preference shares) and 599.00p (based on market value), alongside a cum-income NAV of 599.60p (based on par value) and 609.13p (based on market value).
| Date | 3 Nov 2025 |
| Time | 13:17:09 |
| Category | Corporate updates |
| ID | 9573F |
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 31 October 2025:
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 589.47p.
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 599.00p.
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 599.60p.
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 609.13p.
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.
Enquiries:
Nira Mistry
Tel: 075 5422 4339
03 November 2025