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The Merchants Trust PLC announced its net asset values per ordinary share at the close of business on 26 November 2025. The capital net asset value was 593.82p based on the par value of long-term debt and preference shares, and 603.49p based on their market value. The cum-income net asset value was 607.07p on a par value basis and 616.74p on a market value basis for the debt and preference shares.
| Date | 27 Nov 2025 |
| Time | 13:34:58 |
| Category | Corporate updates |
| ID | 3289J |
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 26 November 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 593.82p.
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 603.49p.
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 607.07p.
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 616.74p.
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
27 November 2025