Mercantile IT outperforms benchmark

Mercantile Investment Trust outperformed the FTSE All-Share index in the six months to July 2010. The net asset value of the investment trust grew from 1015.6p a share to 1083.8p a share during the period. A 6p a share dividend was paid in the six month period and another 6p a share dividend will be paid on 1 November. The total return for the trust was 10.4%, compared with its benchmark index the FTSE All-Share's total return of 7.9%. Mercantile IT purchased £27.1m of its own shares in the six months to July 2010 and that added 4.2p a share to NAV. Mercantile IT expects to pay a total dividend of 18p a share for the year. The trust has shares in a number of companies which are the subject of bids. They include Chloride, Dana Petroleum, BSS and Tomkins. Mercantile Investment Trust PLC