Share Name Share Symbol Market Type Share ISIN Share Description
Mercia Asset Management Plc LSE:MERC London Ordinary Share GB00BSL71W47 ORD 0.001P
  Price Change % Change Share Price Shares Traded Last Trade
  2.00 7.14% 30.00 5,468,044 13:40:59
Bid Price Offer Price High Price Low Price Open Price
29.50 30.50 30.25 28.75 28.75
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 12.75 -17.61 -5.11 132
Last Trade Time Trade Type Trade Size Trade Price Currency
16:51:02 O 250,000 29.97 GBX

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Date Time Title Posts
04/3/202100:02Mercia Technologies PLC965
01/3/202122:09Mercia Technologies PLC61
29/1/201421:58The new SL500 came today14
24/11/201107:05Merchant Secs37

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Mercia Asset Management (MERC) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-03-03 16:51:0629.97250,00074,925.00O
2021-03-03 16:49:3229.97250,00074,925.00O
2021-03-03 16:45:5730.00170,00051,000.00O
2021-03-03 16:37:4330.00250,00075,000.00O
2021-03-03 16:37:3530.00243,50073,050.00O
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Mercia Asset Management Daily Update: Mercia Asset Management Plc is listed in the General Financial sector of the London Stock Exchange with ticker MERC. The last closing price for Mercia Asset Management was 28p.
Mercia Asset Management Plc has a 4 week average price of 23.65p and a 12 week average price of 23.35p.
The 1 year high share price is 30.25p while the 1 year low share price is currently 13.50p.
There are currently 440,109,707 shares in issue and the average daily traded volume is 1,332,936 shares. The market capitalisation of Mercia Asset Management Plc is £132,032,912.10.
varies: It is a long time since I looked at MERC's purchase of NVM and I see that this took place in Dec. 2019. MERC paid £12.4m in cash and issued the vendors with 16.8m shares with a value of £4.2m using the placing price of 25p. It also promised deferred consideration of £6.3, payable in equal instalments on the 1st, 2nd and 3rd anniversaries of the purchase. I think that MERC has the option to make these payments in shares. The deferred consideration is conditional on most of the NVM funds transferring to and remaining under MERC management. The price of MERC shares before the announcement was 32p. MERC raised £30m to pay for this purchase at 25p but did not allow its own small shareholders to participate in the placing. This upset many of us and scored a boycott from Simon Thompson still in force today. Whilst sympathising with this reaction I believe that the course of action followed by MERC was in the long term interest of its shareholders in that NVM was well worth the price paid and such an opportunity had to be seized .
pavey ark: columbaria , I certainly agree with your summary. I hold some MHC at 1.7p and 2.1p so in profit but I was there because of the hormone/pregnancy kit and the new venture has passed me by. If it gets back to 3p I will sell and follow it through my holding in MERC. The bio tech holdings in the portfolio must be getting looked at but there are any number of holdings that are set to go. One substantial realisation and the share price will take off in a very big way.
columbarius: A handy payment covering about three quarters of the maiden interim dividend. Also note today's RNS from Mercia portfolio company Concepta (CPT). It's been largely written off in Mercia's conservative books but new management (Mercia now represented on the board) and change of direction look promising. Any share price appreciation from the 1p level adds to Mercia's NAV. Someone likes the newsflow, 400,000 buy at 27p.
redartbmud: Mercia Asset Management PLC ("Mercia", the "Group" or the "Company") Performance fee entitlement Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£872million of assets under management, is pleased to note that Northern Venture Trust PLC ("NVT") has released its preliminary results for the year ended 30 September 2020. As a consequence of NVT's strong recovery in its net asset value per share, arising in part from a very recent successful sale of one of its investments, Mercia, as investment adviser to NVT, is now entitled to receive a performance fee of £284,000. This revenue will be included in Mercia's full year consolidated financial statements for the year ending 31 March 2021. Mark Payton, Chief Executive Officer of Mercia, commented: "It is very encouraging to see the recovery in net asset value per share of Northern Venture Trust PLC, as well as similar recoveries in net asset value per share for both Northern 2 VCT PLC and Northern 3 VCT PLC. This recovery in asset prices is consistent with what we are seeing in our own direct investment portfolio." Gobsmacked from Goole. Makes a change from them giving it away.
varies: redartbmud In answer to your posting on 10 November I do perceive an advantage for MERC shareholders in successes achieved by the Managed Funds. The better they perform, the more subscriptions they attract and the greater the fees that MERC can charge. Far and away my best investment success in recent years has been in IPX. The share price has risen nearly 12 fold in about 4 years and much of this is attributable to the success of the funds they manage. Their only quoted investment trust is, I believe, Impax Environmental. This has outperformed most in its sector but IPX shares have done much, much better. IPX specialises in investments acceptable to institutions worried about Climate Change and this is a large factor in its success. If MERC makes good money for those invested n its managed funds, then MERC's shareholders will benefit too.
sev22: It was only just over a month ago that 5 Directors bought shares in the company for 20p, including one Non-Exec spending nearly £250,000. I think these are well worth picking up below that price. 25 September 2020 Mercia Asset Management PLC ("Mercia" or the "Company") Director/PDMR Dealings Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.GBP800 million of assets under management, announces that it has received a notification of the following transactions relating to Ordinary shares of GBP0.00001 each in the capital of Mercia ("Ordinary Shares") by Directors and PDMRs of the Company as follows: -- Ian Metcalfe, Non-Executive Chair of the Company, became beneficially interested in a further 50,000 Ordinary Shares. The Shares were bought yesterday at 20.00p per share. -- Ray Chamberlain, Non-Executive Director of the company, became beneficially interested in a further 1,200,000 Ordinary Shares. The Shares were bought by the Forward Innovation Fund yesterday at 20.00p per share. -- Martin Glanfield, Director and Chief Financial Officer of the Company, became beneficially interested in a further 171,495 Ordinary Shares. The Shares were bought on his behalf yesterday at 20.00p per share by his SIPP. -- Julian Viggars, Director and Chief Investment Officer of the Company, became beneficially interested in a further 52,910 Ordinary Shares. The Shares were bought on his behalf yesterday at 18.90p per share by his SIPP. -- Peter Dines, PDMR and Chief Operating Officer of the Company, became beneficially interested in a further 50,000 Ordinary Shares. The Shares were bought yesterday at 20.00p per share.
sev22: Thank you for the link. Edison have produced an excellent detailed research report on Mercia here which all investors would be well advised to read. Mercia’s shares continue to trade at a severe discount to current NAV of 32.1p per share. Add the additional 4.5p per share set out below gives a potential total value of at least 36.6p versus a latest closing price of 18.5p (shares are trading at half price). Valuation: 0.60x NAV + £20m for MFM Mercia’s shares continue to trade at a discount to NAV (0.60x), even before considering the embedded value of Mercia Fund Managers (MFM), which we estimate could be worth an additional 4.5p per share or more on top of NAV. Catalysts for a re-rating include further scaling of the business, commercialisation of the direct investment portfolio and/or successful exits.
redartbmud: Mercia Asset Management PLC ("Mercia" the "Company" or the "Group") Sale of The Native Antigen Company Mercia Asset Management PLC (AIM:MERC), the proactive, regionally focused specialist asset manager, is pleased to announce the profitable sale of The Native Antigen Company Limited ("NAC") to LGC, a global leader in the life sciences tools sector, for a total cash consideration of up to £18.0million. Mercia held a 29.4% fully diluted direct holding in NAC at the date of sale and will receive initial cash proceeds of £4.8million, with up to a further £0.4million receivable upon finalisation of customary closing working capital calculations. Based upon the total anticipated amount receivable of £5.2million, the total realised return above the £2.7million holding value as at 30 September 2019, will be a further £2.5million. Of this, £0.6million will be included as a fair value increase in the Group's results for the year end ended 31 March 2020, which will be announced on 14 July 2020. The remaining balance of £1.9million will be recognised as a realised gain in the Group's interim results for the six months to 30 September 2020. The sale is anticipated to generate an 8.4x return on its original direct investment cost and a 65% internal rate of return ("IRR"). Mercia first invested in NAC in 2011 through its third-party managed funds (which as at 31 March 2020 held an additional combined 20.9% stake) and subsequently, from its own balance sheet as a direct investment in December 2014. In addition to the direct investment returns, the sale will generate a 12.1x return on a blended third-party managed funds investment cost and a 31% funds IRR. Mercia has proactively supported NAC since its first day of trading, including representation from Mercia's Chief Operating Officer Peter Dines, as a non-executive director on the NAC board through to exit. Founded in 2010, as a divestiture from a University of Birmingham spinout company, NAC has become one of the world's leading suppliers of infectious disease reagents and is widely acknowledged to be a primary source of reagents for the study of emerging diseases. Dr Mark Payton, Mercia Asset Management, CEO, said: "Keeping to our commitment of realising balance sheet investments within a three to seven year period from initial investment, NAC is the fourth full cash exit from our direct investment portfolio. It has been an excellent investment for Mercia and this sale is a strong demonstration of the value which our differentiated model can create; for investors in our managed funds, shareholders in Mercia and the founders we back. NAC is an example of an innovative regional business sourced through Mercia's network, supported initially by our managed fund capital and then scaled using our own balance sheet capital. "Mercia plays a critical role in helping the UK's most exciting regional businesses scale and I am proud of the part we have played in NAC's journey, not just as the major capital provider but also as a critical partner in helping the business achieve its potential. I look forward to watching as they continue to go from strength to strength with their new owner." Yet another transformational sale by Merc - Not. Underwhelmed from Uttoxeter.
gwr7: I bought some today. I used a fill or kill order. I'm with wan on this one. Omega Diagnostics is part of the government supported consortium that is developing Point of Care antibody tests to help show the extent of immunity to SARS-CoV-2 in the population. These tests could offer some redemption for a government that took the wrong approach early on and has been scrambling to catch up ever since. The University of Oxford has identified the best allergen to use in the POC test. The partners, including Omega Diagnostics and BBI solutions, will develop and distribute the tests, assuming they are sufficiently accurate. Oxford have been leading on testing the failed antibody kits. There has been a lot of press about the Chinese tests. The government seems to have been held to ransom over these. They agreed to pay up front between £3m and £17m for millions of tests (depending on what you read) that simply don't work. They are no doubt making a claim through paypal. Best of British with that, but it shows how desperate they are for the tests. If they get approval for the POC test, the market could be millions for the UK and possibly billions worldwide as many countries need tests in order to determine who has antibodies, and a bit further down the line, immunity to the SARS-CoV-2 virus. I believe we'll get the working POC test. I've been invested in Omega for four years and I know they have the best experience in the game having developed the world's only semi-quantitive POC test for antibodies on a specific type of T cell in HIV patients. The test estimates a concentration of those T cells in the blood. The covid test is easier in the sense that the first iteration gives a simple yes/no answer to presence of antibodies but the difficulty is achieving the accuracy to keep false positives and negatives to an absolute minimum which is essential for the intended use. The test has to be at least 98% accurate, the higher the better so the top companies in their fields are working on it. I mentioned BBI solutions earlier and they have partnered with the Native Antigen Company based in Oxford. They will be producing antigens for the tests. You can see that if the POC test gets approval that is a big deal for NAC. On a separate though related issue, here is an interesting link hTTps:// Omega also has a distribution network in China. Maybe we can show China how to do it! Ideally I would hold shares in NAC but direct ownership is not possible for me. The good news is I know a company that does. Mercia Asset Management have 32.7% Obviously it would be daft to buy in just because of this but they have other promising companies within and without the covid space. I like the way they pick them. Most of the admin costs are covered by the profitable asset management business and they are a lead investment manager for the government’s northern powerhouse initiative. I believe the drive to support quality businesses oop north has legs. Add to that the share price was beaten down by forced sales from Woodford and Invesco funds, and is at a big discount to NAV limiting downside. It looks like a good investment to me. It is definitely long term so it is not going to multi-bag in weeks like other shooting stars of the minute but I believe it will do in time. One of the reasons Woodford failed was that Hargreaves Lansdown were using their promotional fund rankings to funnell investors into his funds who weren’t suited to them. Woodford was the goose that laid the golden egg but that was with high quality income companies. HL turned a blind eye to the investments making up his funds after he set up on his own, and also their open-ended nature. When PIs wanted to withdraw money en masse there wasn’t the liquidity in the smaller companies Woodford had invested in. Redemptions couldn’t be covered without disastrous forced sales. I think Mercia was a good pick by him. Obviously the Mercia share price performance has been poor since launch and that has upset investors. Also they shunned PIs in a discounted placing last year at 25p which forced an apology in the FT so hopefully they learnt from that. Mercia’s investments in companies take time to realise their true value and they need some high profile company sales or IPOs to cement their reputation. I think they’ll achieve them. As ever DYOR.
chimers: The big news accompanying half-time results from recently rebranded Mercia Asset Management plc (see New brand, new focus, new chair for Mercia) is an agreement to acquire the venture capital trust (VCT) fund management business of NVM Private Equity LLP for up to £25m cash and shares. The acquisition will be part-funded by a £30m placing at 25p per share, a not insubstantial 22% discount to Mercia’s 32p closing price yesterday. This is a significant acquisition for Mercia, boosting its VCT portfolio by some £270m, and increasing Mercia’s total assets under management by over 50% to £770m. Both Mercia and NVM are prolific investors in UK tech, sometimes in the same business (see Mercia and mates pop more dosh into Voxpopme). On the face of it, this deal makes good sense. Mercia gets a huge boost to its core VCT business, while (I assume) NVM gets to focus on its knitting (small management buyouts). I met up again with Mercia CEO Mark Payton just the other week. He has taken Mercia from being a Midlands-focused university spin-out investor to a publicly quoted, regionally focused broad-based backer of young, high-growth UK tech companies. Payton reiterated his aim to grow Mercia into an operationally profitable business (not there yet) with £1b of assets under management. The NVM deal gets him substantially closed to the latter objective. Prudent management will be required to achieve the former. Update: Just heard back from Mark Payton - the NVM deal will push Mercia into monthly profitability and he expects they will be profitable on a trading basis in FY2021. Good stuff!
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