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MTH - Mithras Investment Trust News Story

241p 0.0  0.0%

Last Trade - 11/09/18

Sector
Financials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £3.24m
Position in Universe th / 1816

Mithras Inv.Trst PLC - AGM Statement

Wed 25th April, 2018 12:00pm
RNS Number : 1005M
Mithras Investment Trust PLC
25 April 2018
 

MITHRAS INVESTMENT TRUST PLC (the "Company")

 

AGM Statement

 

At the Company's Annual General Meeting to be held today, the Chairman will make the following statement:

 

Update on Realisation Strategy

 

·      The Private Equity exit environment has continued to support the Company's realisation strategy and there is good visibility on the remaining portfolio and the short term exit prospects.

 

·      The Company is moving towards a position to make a significant distribution to shareholders later this year.

 

·      The timing of the realisation strategy depends upon the completion of a small number of ongoing exit processes.

 

·      At the stage that the costs of maintaining the Company as a listed investment trust become uneconomic and this will trigger the final stage of the realisation strategy.

 

·      The Board has been developing a plan for the final stage of the realisation strategy which is likely to involve either:    

 

i.    The Secondary sale of MCF followed by a Members Voluntary Liquidation of the Company or;

 

ii.    An appointed liquidator pursues the longer term liquidation of the Company's assets.

 

·      The Board has appointed an advisor, FRP Advisory LLP, with the intention that they will become the appointed liquidator at the appropriate time and is working through the planning phase to enable the final stage of the realisation strategy to proceed quickly and efficiently.

 

Expected Realisation Process

 

·      A Circular will be issued seeking shareholder approval by Special Resolution at a General Meeting. Immediately following shareholder approval, the liquidator will assume control and the Board will step down.

 

·      The next cash return to shareholders will be made by the liquidator shortly after the Company is put in to liquidation.

 

·      The Liquidator will retain some cash to meet outstanding obligations.

 

·      There will be significant cost savings even after liquidation and any other costs.

 

·      The Board is working to minimise the costs of liquidating the Company and the Group as these will impact returns to shareholders.

 

·      The Company's shares will be delisted upon entering liquidation meaning no trading in shares will be permitted unless this is approved by the liquidator.

 

·      The Company will seek to maintain investment trust status throughout the liquidation process. Any distributions made will be capital in nature.

 

·      A final and smaller cash distribution to shareholders will be made once the liquidator has settled all potential liabilities and received Her Majesty's Revenue & Customs tax clearance.

 

 

 

 

 

 

 

For further information, please contact:

 

Susan Gledhill

Company Secretary

BNP Paribas Secretarial Services Limited

Tel: 020 7410 5971

 

 

25 APRIL 2018


This information is provided by RNS
The company news service from the London Stock Exchange
 
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