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The Merchants Trust PLC announced its net asset values per ordinary share as at close of business on 11 December 2025. These included a capital net asset value of 591.43p based on par value of long-term debt and preference shares, and 601.31p based on market value. The cum-income net asset value was 606.28p using par value and 616.16p using market value for the long-term debt and preference shares.
| Date | 12 Dec 2025 |
| Time | 13:59:57 |
| Category | Corporate updates |
| ID | 4371L |
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 11 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 591.43p.
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 601.31p.
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 606.28p.
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 616.16p.
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
12 December 2025