Mithras Investment Trust PLC Interim Management Statement (4337D)
April 26 2017 - 9:19AM
UK Regulatory
TIDMMTH
RNS Number : 4337D
Mithras Investment Trust PLC
26 April 2017
Mithras Investment Trust PLC (the "Company")
Company No: 2478424
Interim Management Statement (Unaudited)
For the three months ended 31 March 2017
The Company has prepared this Interim Management
Statement ("IMS") voluntarily and it covers the
three months ended 31 March 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 31 March At 31 December to previous
2017 2016 period
Net Asset Value per
Ordinary 2p share
(pence) 223.4 221.2 1.0
Mid market quoted
share price (pence) 202.0 181.3 11.4
Discount (%) 9.6 18.0 (8.4)
FTSE All-Share Index 6,682.7 6,424.3 4.0
Material Events and Transactions
In the three months ended 31 March 2017, the Company
received gross distributions totalling GBP4.9 million
with GBP0.1 million being retained by MCF to meet
ongoing obligations. These distributions principally
comprised proceeds from the first sell down of
OCM POF IV's listed stake in AdvancePierre Foods,
exit proceeds from CVC Europe V's disposals of
Quironsalud and AlixPartners and as well as a further
smaller distribution from Riverside Europe III.
As at 31 March 2017, the Company's maximum outstanding
commitment to MCF was GBP3.4 million. However,
the Company does not expect this amount to be fully
drawn and the current expectation is that up to
GBP0.4 million may be drawn by MCF. The Company's
cash balance at 31 March 2017 was GBP9.8 million.
At the Annual General Meeting ("AGM") on Wednesday,
26 April 2017, shareholders approved a final dividend
of 1.0p per Ordinary 2p share payable on 5 May
2017 to shareholders on the Register of Members
on 3 March 2017. In addition at the General Meeting
("GM") immediately following the AGM, shareholders
approved the special resolution authorising the
Company to buy back up to 4,197,302 shares in connection
with its Sixth Tender Offer.
A copy of the presentation given at the AGM will
shortly be available on the Company's website,
www.mithrasinvestmenttrust.com.
There have been no changes in the Company's share
capital in the quarter under review, which remains
at 14,228,143 Ordinary shares 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
26 APRIL 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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