Mithras Investment Trust PLC Interim Management Statement (2917V)
November 01 2017 - 9:20AM
UK Regulatory
TIDMMTH
RNS Number : 2917V
Mithras Investment Trust PLC
01 November 2017
Mithras Investment Trust PLC (the "Company")
Company No: 2478424
Interim Management Statement (Unaudited)
For the three months ended 30 September 2017
The Company has prepared this Interim Management
Statement ("IMS") voluntarily and it covers the
three months ended 30 September 2017.
Objective and Investment Policy
The Company's investment objective, approved
by shareholders in January 2009, is to follow
a realisation strategy which aims to crystallise
value for shareholders in a manner which seeks
to achieve a balance between returning cash to
shareholders promptly and maximising the value
of the Company's portfolio.
In December 2012, the Board announced that the
core strategy of returning capital to shareholders
would be achieved through a series of tender
offers.
The Company's investment portfolio consists of
a commitment to Mithras Capital Fund LP ("MCF"),
which is invested in European and United States
based limited partnership buyout funds.
Financial Position and Performance Summary
% change
At 30 September At 30 June to previous
2017 2017 period
Net Asset Value per
Ordinary 2p share
(pence) 234.3 226.5 3.4
Mid market quoted
share price (pence) 219.5 221.0 (0.7)
Discount (%) 6.3 2.4 3.9
FTSE All-Share Index 6,922.2 6,777.3 2.1
Following the completion of the Seventh Tender
Offer on Monday, 2 October 2017, the Company's
proforma Net Asset Value at 30 September 2017 was
241.3 pence per Ordinary 2p share.
Material Events and Transactions
In the three months ended 30 September 2017, there
were no drawdowns or distributions from MCF. However,
the Company received a distribution of GBP2.0 million
on 19 October 2017 which comprised distribution
proceeds from the disposals of IPH and ADB Safegate
from PAI Europe V as well as partial distribution
proceeds from CVC Europe V and Doughty Hanson V.
As at 30 September 2017, the Company's maximum
outstanding commitment to MCF was GBP3.2m. However,
the Company does not expect this amount to be fully
drawn and the current expectation is that up to
GBP0.4m may be drawn by MCF. The Company's cash
balance at 30 September 2017 was GBP0.4m.
No dividends have been paid by the Company during
the period under review.
In addition, at a General Meeting held on 29 September
2017, shareholders approved the special resolution
authorising the Company to buy back up to 3,962,182
Ordinary shares in connection with its Seventh
Tender Offer. The Company's resulting share capital
was 6,068,659 Ordinary shares of 2p each in issue.
A copy of this IMS is available on the Company's website at
www.mithrasinvestmenttrust.com
For further information, please contact:
Mr Bernie Boylan
Mithras Capital Partners LLP
Tel: 020 7872 5651
1 NOVEMBER 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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