The government support measures could also result in either significant levels of inflation in the medium term with a knock on effect on valuations and/or growth; or if they are not sufficient they could lead to continued depressed levels of demand and deflation. Want to see which stocks are moving? In order to provide these confirmations, and in preparing these financial statements, the Directors are required to: •   select suitable accounting policies and then apply them consistently; •   make judgements and estimates that are reasonable and prudent; •   state whether applicable UK Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements; •   prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue in business; and, •   notify the Company's shareholders in writing about the use, if any, of disclosure exemptions in FRS 102 in the preparation of the financial statements. Additionally, the signing of the Brexit trade deal should not be underestimated. amounts falling due after more than one year, Net cash outflow from operations before dividends and interest, Net cash inflow from operating activities, Net cash outflow from investing activities, Net cash inflow/(outflow) from financing activities, Cash and cash equivalents at start of year, Cash held in JPMorgan Sterling Liquidity Fund. They tend to be faster growing and more exposed to future growth drivers. In the past year the ongoing COVID-19 pandemic has been a major source of uncertainty and has contributed to elevated levels of market volatility. The Company's Articles of Association permit the payment of dividends out of realised capital profits. The world will recover from the significant economic shock of the virus and it can be argued that its overall effect has been to turbo charge positive changes, already in place pre-pandemic, in the way businesses are run and industries are positioned. The Company has substantial headroom on its borrowing financial covenants which is closely monitored. The current level of gearing, the highest level since 2012, reflects the optimism the Investment Managers have for the near term future of UK medium and smaller sized companies. The UK economy suffered the greatest fall in economic activity of the G7 last year and so arguably has the greatest upside potential. Annual Results for the Year Ended 31st Jan 2021 07:00:04 31 Mar 2021 - MERCANTILE INVESTMENT TRUST (THE) PLC - News article - Regulatory News Service In such a challenging social and economic environment it also feels inevitable that there would be greater bifurcation between those companies that succeed and those that do not, often for reasons beyond their own control. The trust's Net Asset Value and share price total returns have outperformed the benchmark over one, three, five and 10 years. Privacy and Cookie Policy  Terms, *A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: Market risk arises from uncertainty about the future prices of the Company's investments, which may reflect underlying uncertainties arising from economic, social, fiscal, climate and regulatory changes. Growth in the online and trade channels was driven by huge demand for the latest release of its 'Warhammer 40k' franchise, which surpassed expectations. The world will recover from the significant economic shock of the virus and it can be argued that its overall effect has been to turbo charge positive changes, already in place pre-pandemic, in the way businesses are run and industries are positioned. The Company's level of revenue reserves is monitored and can be added to in years of surplus, or used to support the dividend in years where there is a revenue deficit. Templeton Emerging Markets Investment Trust, JPMorgan Emerging Markets Investment Trust. There will be bumps in the road but many of our portfolio companies are reporting improving trading conditions and we are finding an increasing number of attractive investment opportunities. 1. Absolute and excess returns (net) versus FTSE All Share ex. The Board also receives reports from the Manager detailing how ESG considerations are integrated into the investment decision-making. where up-to-date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found. The Manager provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. The Board reviews both sales and marketing activity and sector relative performance, which it believes are the primary drivers of the relative discount level. The revenue per share decreased to 4.10p, from 7.64p in 2020. The emergence of a number of vaccines gives hope that the world will be able eventually to live with the COVID-19 pandemic, but as the Chancellor pointed out in his recent spending review the economic fallout has only just begun. This information is not a personal recommendation for any . The company designs, manufactures and sells war-gaming figurines and was able to shrug off the financial impact of closing both warehouses and stores through the early stages of the pandemic. The Board is also considering the threat posed by the direct impact of climate change on the operations of the Manager and other major service providers. The facility complements the existing fixed debt as it permits more flexibility for the Investment Managers, and can be drawn and repaid as required, over the term of the facility. Details of the management contract are set out in the Directors' Report within the 2021 Annual Report. Revenues reflect Net change in unrealised gainsand losse decrease from £335.2M to -£131.5M, Realised gainson sales of investments decrease from £100.3M to -£31.8M,UK Dividends decrease of 45% to £30.9M. Our longstanding and substantial holding in Nottingham-based Games Workshop was a significant performer through 2020. This format will only be utilised as a contingency to ensure the continued smooth operation of the Company where physical meetings are prohibited; 'virtual-only' meetings will only be held in extremis. Report for 2021. 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The Board is also seeking shareholder approval to issue shares at a premium to NAV and to disapply pre-emption rights on any such issues. The Company can hold up to 10% in cash or utilise gearing of up to 20% of net assets where appropriate. 549300BGX3CJIHLP2H42, Information disclosed in accordance with the DTR 4.1.3. In terms of longer term performance, the Investment Managers' record remains strong. Our financial year end results have been dominated by the COVID-19 pandemic and the resulting actions taken by Government which led to significant market falls and increased volatility not seen in many years. 1 Represents dividends which remain unclaimed after a period of 12 years and thereby become the property of the Company. 20 Jul 2021: Annual Report: English: 31 Jan 2021: Please note that service charges will also apply. In terms of longer term performance, the Investment Managers' record is strong, as is the case for investing in UK medium and smaller sized capitalisation companies. Terms and conditions relating to the use and distribution of this information may apply. Mercantile Investment Trust (The)PLC. The Company can hold up to 10% in cash or utilise gearing of up to 20% of net assets where appropriate. In the Company's and Manager's view, companies that successfully manage climate change risks will perform better in the long-term. Examples include several longstanding investments, such as our holdings in bus operator, The other most notable detractor from performance was from our holding in, At a sector level, IT Software & Services remains our largest overweight position, with example holdings including the aforementioned. The financial statements have been prepared on a going concern basis. The Manager has a comprehensive business continuity plan which facilitates continued operation of the business in the event of a service disruption (including and disruption resulting from the COVID-19 pathogen). Operating income. The latest fund information for The Mercantile Investment Trust (THE) Plc Ord 2.5P, including fund prices, fund performance, ratings, analysis, asset allocation, ratios & fund manager information. To receive targeted email updates on The Mercantile Investment Trust, to include occasional news and views, as well as performance updates, you can sign up and 'keep in the know', by opting in here: Although the Board chose not to utilise its buyback authority during the worst of the pandemic induced volatility, in a more stable year this mechanism can be beneficial and therefore the Board recommends that the powers to repurchase up to 14.99% of the Company's shares, to be cancelled or held in Treasury, be renewed by shareholders at the forthcoming Annual General Meeting. Found inside – Page 11080,781 48 $ 2,021 43 Decrease in surplus on dividend account .. Total gains from stocks and bonds . Total losses from stocks and bonds . Loss on other investments , viz ; Collateral loans . ... Central Trust Co. of Illinois . Derivatives Regulation is completely updated to cover the full range of emerging regulatory, reporting, and legal issues surrounding derivatives and related instruments, including: Distinguishing between regulated and unregulated ... Live MRC RNS. The Company benefits directly and/or indirectly from all elements of JPMorgan's Cyber Security programme. Please log in to your account or sign up in order to add this asset to your watchlist. The pandemic has inflicted tremendous economic damage across the globe and there are still question marks around what the shape of the recovery will be and whether there will be long lasting economic damage. There is a risk that the Company fails to generate sufficient income from its investment portfolio to meet the Board's desire to increase the dividend at least in line with the rate of inflation each year. M&G Plc Asset Management Financial. This is an achievement recognised within the industry with The Mercantile winning in the 'UK All Companies' category for the second year in a row at the Investment Week Investment Company of the Year Awards 2020. The Board, through its Management Engagement Committee, monitors the performance of the Manager, J.P. Morgan, on an ongoing basis. Based upon this performance record and taking all factors into account, including other services provided to the Company and its shareholders, the Board is satisfied that JPMF should continue as the Company's Manager and that its ongoing appointment remains in the best interests of shareholders. [1] [1] Source: Janus Henderson, The Henderson Smaller Companies Investment Trust plc Fact Sheet, 31st March 2021. If the rapid spread of the virus through February and March precipitated the market's fall, the major vaccine news in November was the equivalent for the recovery and the vaccines' various regulatory approvals and subsequent deployments have allowed markets to look beyond the pandemic and continue their path towards eventual normalisation. We invest in the companies that we believe have the characteristics that may drive this growth, for example nimble business models that have the ability to innovate or disrupt their industries, or companies that occupy prime positions in rapidly growing markets. The accounts are prepared in accordance with UK legislation, which may differ from legislation in other jurisdictions. This will facilitate shareholder attendance in situations where they are prevented, through laws or regulations, from attending at a physical location. However, the world's supply is running dangerously low. As part of our enhanced communications programme, the Company's Manager will shortly begin offering email updates on The Mercantile's progress. The Board recognises that a widening of, and volatility in, the Company's discount is seen by some investors as a disadvantage, and so, with a strong investment team, process and performance, a narrower and more stable discount continues to be an important area of focus for the Board. Year 2020. 5. • Inflation/Deflation Terms and conditions relating to the use and distribution of this information may apply. Were the Company to breach Section 1158, it may lose investment trust status and, as a consequence, gains within the Company's portfolio would be subject to Capital Gains Tax. . We invest in an area of the market most likely to perform well and we have an experienced and enthusiastic team identifying tomorrow's UK market leaders for us. Details of this approach are set out in the ESG report within the 2021 Annual Report. Fundamental company data provided by Zacks Investment Research. Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement. To this end the Board recently announced the appointments of Rachel Beagles and Damien Maltrap to the Board with effect from 1st June 2021. The Mercantile Investment Trust plc is a United Kingdom-based investment trust company.