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The Merchants Trust PLC announced its net asset values per ordinary share at close of business on 01 December 2025. The capital net asset value per ordinary share was reported as 596.24p (par value debt) and 606.05p (market value debt), and the cum-income net asset value per ordinary share as 609.94p (par value debt) and 619.74p (market value debt). The market valuation of long-term debt, except for Loan Notes issued 18 December 2017, used a margin derived from UK corporate bond spreads over gilt yields.
| Date | 2 Dec 2025 |
| Time | 14:13:42 |
| Category | Corporate updates |
| ID | 9318J |
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 01 December 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 596.24p.
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 606.05p.
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 609.94p.
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 619.74p.
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
02 December 2025