Investment Trust Dividends

Change to the Snowball

I bought for the Snowball 1798 shares in MRCH for 9k.

Buying yield 5.8%

Income

Income from Merchants’ investment portfolio saw a modest year-on-year decline from the record year in 2024, with revenue earnings per ordinary share at 29.4p (2024: 30.5p), representing a 3.6% reduction.

Despite this, earnings fully covered the total proposed and declared dividends for the year, allowing for a small addition to revenue reserves, which stood at 18.8p per ordinary share at year-end.

Shareholders will appreciate that one of the key advantages of the investment trust structure is its ability to smooth income distributions-drawing on reserves during challenging market conditions and replenishing them in stronger periods. It is encouraging to see that, following the Board’s strategic use of reserves to sustain dividends through the COVID-19 period, we have now been able to rebuild reserves over recent years.

43 years of dividend growth

The Board proposes a final dividend of 7.3p per share for shareholder approval at Merchants’ upcoming AGM on 20 May 2025. If approved, the dividend will be paid on 29 May 2025 to shareholders on the register at the close of business on 22 April 2025, with an ex-dividend date of 17 April 2025. A Dividend Reinvestment Plan (DRIP) is available, with an election deadline of 7 May 2025.

This brings the total proposed dividend for the year to 29.1p (2024: 28.4p), representing a 2.5% increase over the previous year. Notably, this marks Merchants’ 43rd consecutive year of dividend growth, reinforcing our position as an Association of Investment Companies’ (AIC) Dividend Hero.

£££££££££££££££££

With the two recent trades the current income has been reduced slightly but added a safety net of ‘secure’ dividends.

The Snowball allows costs of five pounds for buys and ten pounds for sales.

The current charges for both are five pounds but some purchases have stamp duty charged, so along with no interest is added the account for cash not invested the figures roughly balance.

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