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Mercury European Privatisation Trust share price falls


Mercury European Privatisation Trust has announced a 3.4 per cent decrease in share price in its annual results for the year ending March 31, 1999.


The results compare to a rise in the MSCI Europe Index of 8.5 per cent over the same period.


The net asset value also declined by 2.1 per cent during the course of the year.


The investment trust declared a final dividend of 2.45p making a total dividend for the year of 3.10p.


With effect from June 1, 1999 the trust is set to extend its mandate beyond privatisations and companies with privatisation characteristics to encompass all continental European shares.


This event will be marked by a change to the investment management fee, which will be cut from 0.7 per cent a year to 0.55 per cent plus a 15 per cent of any outperformance against its new benchmark the FT/S&P Europe ex UK stockmarket index.


This move will be followed by a proposal at the company&#39s annual general meeting to change its name to Mercury European Investment Trust.


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Value remains within European equities

By Rob Burnett, Neptune European Opportunities Fund

In recent months, investors have become more pessimistic about both the European and the US economic outlook and yet stockmarkets have pushed on to new highs. Some would argue that this is a worrying divergence. We would take the opposite view. This appears to be classic bull market behaviour. A wall of worry has been rebuilt, and stockmarket resilience should be taken as a sign of strength. The market is discounting an improving economic outlook ahead, particularly in the south of Europe.

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