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Manchester & London Investment Trust PLC - Publishes report for financial year ended July 31. Net asset value per share climbs 30% to 1,077.29 pence from 831.24p a year prior. NAV total return declines to 33.6% from 55.4%. 2025 dividend per share is 28.00p, up from 21.00p a year ago. ‘The Era of Ai continues, with haste,’ says Chair Daniel Wright, adding that the trust’s conviction remains strong ‘that the growth drivers of Ai have many years to run’. Notes ‘continued dominance’ of mega caps despite worries over inflation, economic growth, geo-political tensions and tariffs. ‘An annual return that exceeds 30% is an exceptional year,’ Chair Wright says, noting the that the annualised total return with dividends reinvested since inception is over 17% per annum. At year end shares traded at a 13.7% discount to NAV, compared to a discount of 15.3% in 2024. Says this is despite buying back 1.8m shares during the year. Thinks the discount will only close when ‘10-year Treasury yields are clearly on a downward path AND growth shares are back in vogue’. Warns that voting power held by the public is near the minimum 35% threshold, risking the loss of its investment trust status and its exemption from UK corporation tax on chargeable gains and other adverse tax consequences, ‘which could be detrimental to net asset value and shareholder returns’. In response, pauses all buybacks by both the company, its directors, persons discharging managerial responsibilities and M&M Investment Company Ltd and associates. Says this pause is ‘until further notice’. Current share price: 872.00 pence, closed down 1.6% in London on Wednesday 12-month change: up 34% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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