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MTH - Mithras Investment Trust News Story

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Sector
Financials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £3.24m
Position in Universe th / 1808

Mithras Inv.Trst PLC - Half-year Report - Part 1

Wed 26th July, 2017 5:03pm
RNS Number : 2037M
Mithras Investment Trust PLC
26 July 2017

MITHRAS INVESTMENT TRUST PLC (the "Company")

Interim Financial Results for the six months ended 30 June 2017

Announcement of Unaudited Results

This announcement contains regulated information.

Financial Summary

Group Financial Highlights

Six months ended

30 June

2017


Six months ended

30 June

2016


Year ended

31 December

2016

22.7 million


26.3 million


31.5 million

10,030,841


14,228,143


14,228,143

226.5 pence


185.2 pence


221.2 pence

221.0 pence


152.0 pence


181.3 pence

2.4%


17.9%


18.0%

Cash distributions to shareholders during the period (dividends paid plus tender offers)

0.1 million


0.2 million


0.2 million

- - Tender offer proceeds

9.2 million


9.0 million


9.0 million


-----------------

9.3 million

-----------------


-----------------

9.2 million

-----------------


----------------

9.2 million

----------------






64.2 pence


45.9 pence


45.9 pence

-


-


1.0 pence

0.7 million


1.9 million


7.0 million

1.8%


1.6%


1.6%

2.7%


2.4%


2.4%

1 The ongoing charges figures have been calculated using the Association of Investment Companies' ("AIC") recommended methodology and relate to the ongoing costs of running the Company. Subsidiary expenses, such as those incurred by MCP and non-recurring fees are therefore excluded from the calculation.

2 The ratio reflects the ongoing expense for the Group. This follows the AIC guidance in calculating ongoing charges, but includes ongoing expenses of all subsidiaries.

Performance (% Total Return) at 30 June 2017


6 months
%

1 Year
%

3 Year
%

5 Year
%

Since Flotation
%

22.4

46.1

55.0

122.7

477.4

2.8

22.8

49.6

63.8

368.5

5.5

18.1

23.9

65.2

425.2

*Returns based on NAV per share adjusted for dividends paid. The return since flotation is based on Group total return after tax before dividends, attributable to owners on opening owners' equity.


Net assets*

m

NAV

P

Share price

P

Discount

%

Dividends paid per Ordinary share**

P

Tender offer proceeds per Ordinary share

P

49.8

137.2

69.0

49.7

5.0

-

53.3

146.8

112.5

23.4

2.0

-

52.7

145.1

99.5

31.4

2.0

-

52.0

143.1

112.5

21.4

2.0

-

44.3

160.4

137.5

14.3

1.0

37.6

37.8

162.1

142.5

12.1

1.0

24.0

33.7

173.0

146.5

15.3

1.0

25.8

31.5

221.2

181.3

18.0

1.0

45.9

22.7

226.5

221.0

2.4

1.0

64.2

Investment Manager's Review

Overview of Results for the Six Months ended 30 June 2017

The Company's NAV increased from 221.2 pence per share to 226.5 pence per share in the six months to 30 June 2017, an increase of 2.4%. This increase is after the final dividend of 1.0 pence per share paid to shareholders in May 2017. The Company has enjoyed another period of strong performance, with the exit environment remaining positive. The Company has made significant progress with its realisation strategy. Currency movements continue to impact NAV performance. Whilst the Company benefitted from Sterling weakening by 2.8% against the Euro, a strengthening in the value of the Sterling against the US Dollar by 5.1% negatively impacted performance.

The Company completed its sixth and largest tender offer in April 2017, buying back 29.5% of the remaining Ordinary shares in issue, returning 9.2 million of cash to shareholders. The Company has now returned a gross total of 44.1 million to shareholders by way of tender offers which equates to a total capital return of 119.7 pence per share or the cancellation of approximately 72% of the original shares in issue.

As with previous Interim Reports, these results are based upon the 31 March 2017 underlying fund valuations, being the latest available information. The Board has chosen to make a Directors' revaluation adjustment at 30 June 2017, making a provision of 0.3 million against the current valuation of the MCF portfolio.

During the period, the share price increased from 181.3 pence per share to 221.0 pence per share, an increase of 21.9%. The Company's discount has narrowed significantly from 18.0% to 2.4% reflecting the Company's continued progress with its realisation strategy.

Dividend

As approved by shareholders at the 2017 Annual General Meeting ("AGM"), a final dividend of 1.0 pence per share (2016: 1.0 pence final) was paid in May 2017 in respect of the year ended 31 December 2016. As we have stated consistently since the adoption of the realisation strategy, shareholders should expect the bulk of future returns to be in the form of capital rather than income distributions.

Investment Activity within MCF

Investment activity within MCF during the first six months of 2017 was limited with just 0.2 million of retained distribution proceeds required to meet ongoing obligations to MCF. In addition CVC Europe V acquired Medipole as an add-on acquisition to Elsan, the French private hospital operator, although this add-on acquisition of 0.3 million did not require further capital from the Company.

Realisations from MCF

MCF's mature portfolio has benefitted from a continuation of a sellers market for private equity. We highlighted at the recent AGM that the prospects for distributions in 2017 were excellent. This was borne out in the first half of 2017, with the Company receiving gross distribution proceeds of 14.2 million (June 2016: 6.3 million). OCM Principal Opportunities Fund IV distributed a total of 6.4 million, of which 6.3 million related to AdvancePierre Foods. This exit was completed in two stages; a sell down of shares post IPO in February 2017 and the subsequent sale to Tyson Foods in June 2017. CVC Europe V provided the Company with distribution proceeds of 3.8 million relating to a number of distributions including the sales of Quironsalud for a multiple in excess of 4.0x cost as well the full disposals of AlixPartners and Leslie's Holdings. As previously reported in the 2016 Annual Financial Report, PAI EuropeV exited both Xella and Cerba Healthcare at multiples in excess of 2.0x cost with the Company's share of distributed proceeds amounting to 3.0 million. Doughty HansonV exited LM Wind Power providing the Company with distribution proceeds of 0.8 million and Riverside Europe III provided a small distribution of 0.2 million.

Liquidity and Outstanding Commitments

The Group's liquidity position continues to be strong. During the period the Group's cash position has increased from 5.7 million to 10.0 million. This is after the return of 9.2 million to shareholders from the sixth tender offer in April 2017 and the 1.0 pence per share dividend paid in May 2017.

Excluding subsidiary company cash balances, the Company's cash balance of 9.4 million compares to a maximum outstanding commitment at 30 June 2017 to MCF of 3.2 million although our current expectation is that only up to 0.4 million will be drawn, leaving a cash surplus of 9.0 million at 30 June 2017. The Company is now giving consideration to the timing of its next tender offer.

Principal Risks and Uncertainties

The Company's investment activities expose it to various types of risks that are associated with its investment commitments to private equity limited partnerships. The principal risks are market risk, currency risk and liquidity risk in respect of these investments. Other key risks faced by the Company include investment strategy, management resources, regulatory, operational and financial risks. These risks, and the way in which they are managed, are described in more detail under the heading "Principal Risks and Uncertainties" within the Strategic Report in the Company's Annual Financial Report for theyear ended 31 December 2016 as well as note 20 entitled "Financial Instruments, Capital and Risk Management". The Company's principal risks and uncertainties have not changed materially since the date of that Report.

Update on the Realisation Strategy

The Company has made significant progress with its realisation strategy during the first half of 2017. As a result of the realisations, there has been a significant reduction in the size of the investment portfolio to 13.0 million after carried interest (December 2016: 26.1 million). The sale of AdvancePierre Foods has reduced the proportion of pre-2010 vintage investments and the Company's residual underlying portfolio within MCF now comprises 31 portfolio companies.

MCF has moved swiftly through the carried interest catch up phase as highlighted at the 2017 AGM. This means that all future gains on investment will be allocated on a more conventional 90:10 split in favour of investors in MCF. The Company's current share of the carried interest provision within the MCF valuation is 3.0 million.

We expect to make one or two more tender offers before we commence the final stages of the realisation strategy. This should be sometime during the latter half of 2018. We therefore still believe it is appropriate to adopt the going concern basis for this Interim Report.

Outlook

The Company has enjoyed a strong start to 2017 both in terms of share price performance and cash generation. With MCF having moved through the carried interest catch up phase, the Company is now well placed for further growth in NAV. We have good visibility on the remaining residual MCF portfolio. We believe that the remaining portfolio is well positioned to deliver further distributions during the remainder of 2017. The Company's performance remains sensitive to currency movements, although this is now principally Sterling against the Euro. Whilst the political and economic environment remains uncertain, we are confident that the Company will continue to make further progress in delivering the realisation strategy.

Mithras Capital Partners LLP

Investment Manager

26 July 2017




Investments at Fair Value

Fair Value

'000

% of

Portfolio*

MCF limited partnership fund investments



6,234

39

3,661

23

2,591

16

2,200

14

1,602

10

76

-

(341)

---------

(2)

---------

16,023

100

(2,985)

=====

Total investment portfolio

---------

13,038

=====


Geographical spread of investments by fund currency exposure





13,747

86

2,200

14

76

---------

-

---------

16,023

100

=====

(2,985)


Total investment portfolio

---------

13,038

=====


* Investment portfolio excluding MCF carried interest provision.

Listed below are the ten largest underlying investments by value which account for 73% of the consolidated investment portfolio. All of these investments are held indirectly through the Company's commitment to MCF.

Top Ten Largest Underlying Investments within MCF

Portfolio Company


Sector


Country


Underlying Fund


Year of Investment


% of Portfolio


2008


19%


United States


OCM Principal Opportunities Fund IV


2008


8%


CVC European Equity Partners V


2013


7%


PAI Europe V


2013


7%


CVC European Equity Partners V


2015


6%


2008


6%


2012


6%

PAI Europe V


2013


5%


2008


5%

CVC European Equity Partners V


2014


4%

Underlying Investments by Year of Investment (by valuation)

Year

%

41

7

8

27

11

6

Underlying Investments by Continent (by valuation)

Continent

%

84

16

Underlying Investments by Sector (by valuation)

Sector

%

33

15

13

11

10

8

6

2

Building Materials & Others

1

1

Underlying Investments by Country (by valuation)

Country

%

25

23

16

13

8

7

4

4

Unaudited Condensed Consolidated Statement of Comprehensive Income



Six months ended 30 June 2017



Revenue

Capital

Total



return

return

return

Notes

'000

'000

'000

Income





9

-

519

519


365

-

365

5

224

---------

-

---------

224

---------



589

---------

519

---------

1,108

---------

Expenses





6

(375)

---------

-

---------

(375)

---------


214

519

733


(95)

---------

-

---------

(95)

---------

Profit and total comprehensive income for the

period


119

=====

519

=====

638

=====






103

519

622


16

-

16

8

0.8

=====

4.1

=====

4.9

=====

The total column of this statement represents the Consolidated Statement of Comprehensive Income, prepared in accordance with International Financial Reporting Standards ("IFRS"). The supplementary revenue return and capital return columns are both prepared under the guidance published by the AIC.

The notes form an integral part of these Condensed Consolidated Interim Financial Statements.



Six months ended 30 June 2016



Revenue

Capital

Total



return

return

return


Notes

'000

'000

'000

Income





Net gains on investments

9

-

2,013

2,013

Investment income


21

-

21

Other income

5

232

---------

-

---------

232

---------



253

---------

2,013

---------

2,266

---------

Expenses





Operating expenses

6

(374)

---------

-

---------

(374)

---------

(Loss)/proft before taxation


(121)

2,013

1,892

Taxation


(3)

---------

-

---------

(3)

---------

(Loss)/profit and total comprehensive income

for the period


(124)

=====

2,013

=====

1,889

=====

Attributable to:





Owners of the Company


(140)

2,013

1,873

Non-controlling Interests


16

-

16

Basic and diluted (loss)/earnings per Ordinary share (pence)

8

(0.8)

=====

11.4

=====

10.6

=====

The total column of this statement represents the Consolidated Statement of Comprehensive Income, prepared in accordance with International Financial Reporting Standards ("IFRS"). The supplementary revenue return and capital return columns are both prepared under the guidance published by the AIC.

The notes form an integral part of these Condensed Consolidated Interim Financial Statements.




Unaudited Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2017






Total equity



Capital


attributable

to owners

Non-



Share

redemption

Capital

Revenue

of the

controlling

Total


capital

reserve

reserve

reserve

Company

interest

equity


'000

'000

'000

'000

'000

'000

'000

At 1 January 2017

285

550

26,185

4,458

31,478

21

31,499

Profit and total comprehensive income for the period

-

-

519

103

622

16

638

---------

---------

---------

---------

---------

---------

---------

Contributions by and distributions to owners








-

-

-

(142)

(142)

-

(142)

-

-

-

-

-

(18)

(18)

(84)

84

(9,237)

-

(9,237)

-

(9,237)

---------

---------

---------

---------

---------

---------

---------

Total contributions by and distributions to owners

(84)

---------

84

---------

(9,237)

---------

(142)

---------

(9,379)

---------

(18)

---------

(9,397)

---------

At 30 June 2017

201

=====

634

=====

17,467

=====

4,419

=======

22,721

=====

19

=====

22,740

======

The notes form an integral part of these Condensed Consolidated Interim Financial Statements.

Unaudited Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 June 2016









Total equity








attributable





Capital



to owners

Non-



Share

capital

redemption

reserve

Capital

reserve

Revenue reserve

of the Company

controlling

interest

Total

equity


'000

'000

'000

'000

'000

'000

'000

At 1 January 2016

390

445

28,239

4,644

33,718

21

33,739

Profit/(loss) and total comprehensive income for the period

-

-

2,013

(140)

1,873

16

1,889

---------

---------

---------

---------

---------

---------

---------

Contributions by and distributions to owners








-

-

-

(195)

(195)

-

(195)

-

-

-

-

-

(18)

(18)

(105)

---------

105

---------

(9,051)

---------

-

---------

(9,051)

---------

-

---------

(9,051)

---------

Total contributions by and distributions to owners

(105)

---------

105

---------

(9,051)

---------

(195)

---------

(9,246)

---------

(18)

---------

(9,264)

---------

At 30 June 2016

285

=====

550

=====

21,201

=====

4,309

=======

26,345

=====

19

=====

26,364

======








The notes form an integral part of these Condensed Consolidated Interim Financial Statements.

Unaudited Condensed Consolidated Balance Sheet


Unaudited

30 June

Audited

31 December

Unaudited

30 June



2017

2016

2016


Notes

'000

'000

'000


Non-current assets






9

13,038

----------

26,113

----------

23,155

----------


Current assets







29

20

28



-

42

-



10,029

----------

5,691

----------

3,562

----------



10,058

----------

5,753

----------

3,590

----------


Total assets


23,096

----------

31,866

----------

26,745

----------


Current liabilities







(117)

(154)

(139)



(39)

----------

(13)

----------

(42)

----------



(156)

----------

(167)

----------

(181)

----------


Total assets less current liabilities


22,940

=====

31,699

=====

26,564

=====


Non-current liabilities

12

(200)

(200)

(200)




======

======

======


Net assets


22,740

31,499

26,364




======

======

======








Equity attributable to owners of the Company







201

285

285



634

550

550


17,467

26,185

21,201



4,419

-----------

4,458

-----------

4,309

---------


Equity attributable to owners of the Company


22,721

31,478

26,345



19

-----------

21

-----------

19

----------


Total equity


22,740

=====

31,499

=====

26,364

=====


Net assets per Ordinary share (pence)

- basic and diluted

10

226.5

=====

221.2

=====

185.2

=====


The notes form an integral part of these Condensed Consolidated Interim Financial Statements.

Unaudited Condensed Consolidated Cash Flow Statement


Six months

Six months



ended

ended



30 June

30 June



2017

2016


Notes

'000

'000


Cash flows from operating activities






365

21



6

15



218

219



(349)

(317)



(75)

(75)



(27)

55


9

(297)

(159)


9

13,891

---------

6,235

---------


Net cash flow from operating activities


13,732

---------

5,994

---------


Cash flows from financing activities






(142)

(195)



(18)

(18)



(9,234)

(9,043)


Net cash flow from financing activities


---------

(9,394)

---------

---------

(9,256)

---------


Net increase/(decrease) in cash and cash equivalents


4,338

(3,262)



5,691

---------

6,824

---------


Cash and cash equivalents at end of period


10,029

=====

3,562

=====


Mithras Investment Trust plc is a company incorporated and domiciled in the United Kingdom. The Condensed Consolidated Interim Financial Statements of the Group for the six months ended 30 June 2017 comprise the Company and its subsidiaries, Mithras Investments Limited ("MIL"), Mithras Capital Holdings Limited ("MCH"), Mithras Capital Partners LLP ("MCP"), Mithras Capital Partners GP Limited ("MCGP") and Mithras Capital Scottish GP LLP ("MCSGP") together referred to as the "Group". The nature of the Group's operations and its principal activities are set out in note 4 Segment Reporting.

The Group's organisational structure is unchanged from the structure set out in note 17 of the Company's Annual Financial Report for the year ended 31 December 2016.

www.mithrasinvestmenttrust.com.


Private equity


Investment

fund-of-funds


holdings

management

Consolidated

30 June 2017

'000

'000

'000

519

-

519

365

-

365

6

-

6

-

218

218

(239)

----------

(136)

-----------

(375)

-----------

651

82

733

(95)

----------

-

-----------

(95)

-----------

556

=====

82

======

638

======

22,955

141

23,096

(345)

----------

(11)

-----------

(356)

-----------

22,610

=====

130

======

22,740

======


Private equity


Investment

fund-of-funds


holdings

management

Consolidated

'000

'000

'000

6,992

-

6,992

300

-

300

19

-

19

-

440

440

(468)

----------

(260)

-----------

(728)

-----------

6,843

180

7,023

12

----------

-

-----------

12

-----------

6,855

======

180

=======

7,035

=======

31,707

159

31,866

(349)

----------

(18)

-----------

(367)

-----------

31,358

======

141

=======

31,499

=======





Private equity


Investment

fund-of-funds


holdings

management

Consolidated

'000

'000

'000

2,013

-

2,013

21

-

21

13

-

13

-

219

219

(241)

----------

(133)

-----------

(374)

-----------

1,806

86

1,892

(3)

----------

-

-----------

(3)

-----------

1,803

=====

86

======

1,889

======

26,607

138

26,745

(370)

----------

(11)

-----------

(381)

-----------

26,237

=====

127

======

26,364

======

Six months

Six months

ended

ended

30 June 2017

30 June 2016

'000

'000

218

219

6

-----------

13

-----------

224

======

232

======

*Investment management fee income is derived from priority profit share paid by MCF to MCGP. This is calculated at

0.4% of commitments to MCF.

6. Operating Expenses


Six months

Six months


ended

ended


30 June 2017

30 June 2016


'000

'000

Auditors' remuneration - audit of the Consolidated and Parent Company Financial Statements

15

15

Auditor's remuneration - audit of the Company's subsidiaries

10

10

Auditor's remuneration - audit related assurance services

13

13

Directors' emoluments

59

59

Compensation to key management personnel (note 12)

75

75

Other administrative expenses

203

202


-----------

-----------


375

374


======

======

Compensation to key management personnel includes payments made to members of MCP but excludes Directors' emoluments.

All expenses include VAT where applicable, with the exception of audit fees which are shown net.

Auditors' remuneration for audit assurance services related to the interim review and fees relating to regulatory reporting. There were no other non-audit services provided by the Auditors.

Other administrative expenditure includes: administration fees, legal and professional fees, general office costs.

The split of expenses incurred by the Company and MCP is disclosed in note 4 above.

7. Dividends


Six months

Six months


ended

ended


30 June 2017

30 June 2016


'000

'000

Final paid in relation to the year ended 31 December 2016: 1.0 pence (2015: 1.0 pence) per Ordinary 2.0 pence share

142

195


======

======

8. Earnings per Ordinary Share


Six months ended

Six months ended


30 June 2017

30 June 2016


Revenue

Capital


Revenue

Capital



return

return

Total

return

return

Total


'000

'000

'000

'000

'000

'000

Earnings for the purpose of basic earnings per Ordinary share being net profit attributable to owners

103

======

519

======

622

======

(140)

======

2,013

======

1,873

======

Weighted average number of Ordinary shares for the purpose of calculating basic earnings per Ordinary share

12,744,014

=========

17,640,070

=========


Six months ended 30 June

2017

Year ended

31 December

2016

Six months ended 30 June

2016


'000

'000

'000

20,940

26,277

26,277

5,173

----------

941

----------

941

----------

26,113

=======

27,218

=======

27,218

=======




297

209

159

(13,891)

(8,306)

(6,235)

9,087

2,760

1,656

(8,568)

----------

4,232

----------

357

----------

13,038

----------

26,113

----------

23,155

----------

16,433

20,940

21,857

(3,395)

=======

5,173

=======

1,298

=======

13,038

=======

26,113

=======

23,155

=======




9,087

2,760

1,656

(8,568)

---------

519

======

4,232

---------

6,992

======

357

---------

2,013

======

The Group is required to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2); and

Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

The level of the fair value hierarchy, within which the fair value measurement is categorised, is determined on the basis of the lowest level input that is significant to the fair value of the investment.

All investments of the Group are classified within level 3 for the six months ended 30 June 2017 and for the 2016 financial year.

The valuation of the Group's interest in MCF is calculated in accordance with International Private Equity and Venture Capital Guidelines and is based upon the NAV's of the five Underlying Funds in which MCF has invested. As a starting point, MCF's provisional valuation is based upon the sum of its pro rata share of each of the Underlying Fund's NAV. The Underlying Funds NAV's are themselves derived from the fair value of the 31 portfolio companies held by MCF and are computed by the Underlying Fund investment managers using the most appropriate valuation technique for each individual portfolio company.

The Board then considers whether this MCF NAV requires further adjustment. The Investment Manager prepares a valuation paper at the interim and year end reporting date. This valuation paper considers the valuation processes and techniques of each Underlying Fund investment manager and also the specific valuation methodology of the ten largest investments. This review also considers market conditions and any subsequent investments or realisations post balance sheet. The principal regular adjustment to the provisional MCF NAV is in respect of non co-terminous reporting periods. There is usually a significant delay in the receipt of Underlying Fund reporting and where this is the case, the Investment Manager will seek indications from Underlying Fund investment managers as to the expected valuation movements between the latest available Underlying Fund NAV and the reporting date. The Board then reviews the valuation paper along with any proposed adjustments in respect of non co-terminus reporting periods and these amounts are aggregated to represent a fair value adjustment to the MCF provisional NAV. These represent the Directors' revaluation adjustment. As at 30 June 2017, this represents 3% of the Limited Partnership fair value balance and therefore the Directors' believe that this is not so significant as to warrant further disclosure other than as outlined above. The Investment Manager has visibility over the valuation methodology for over 99% of the underlying portfolio companies in terms of their fair value and the value they contribute to the MCF NAV.

MCF has a carried interest scheme where carried interest of 10% could become payable once MCF has returned all capital contributed by LPs in addition to exceeding a net MCF IRR of 8%. As at 30 June 2017, MCF has a net MCF IRR in excess of 8% and therefore a provision has been made by MCF within its valuation for carried interest. The Company's share of this carried interest provision is 3.0 million.

10. Net Assets per Ordinary Share

11. Guarantees and Commitments

(a) Guarantees

The Company has agreed to provide such financial support to MIL as it may require to continue trading as a going concern.

(b) Commitments

The Company has a maximum outstanding commitment of 3.2 million to MCF at 30 June 2017 (30 June 2016: 3.3 million; 31 December 2016: 3.5 million). This will take the form of capital calls.

12. Related Party Transactions and Disclosures

In respect of the Interim Report and Financial Statements for the six months ended 30 June 2017, we confirm that to the best of our knowledge:

The Interim Report and Financial Statements have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting' issued by the International Accounting Standards Board, as adopted by the EU and give a true and fair view of the assets, liabilities, financial position and profit of the Company as required by DTR 4.2.4R of the Disclosure Guidance and Transparency Rules;

The Investment Manager's Review includes a true and fair review of the information required by DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of the important events that have occurred during the first six months of the financial year and their impact on the Interim Report and Financial Statements;

In accordance with DTR 4.2.8R of the Disclosure Guidance and Transparency Rules and as disclosed in note 12 above, there have been no changes in the nature or magnitude of the related party transactions that have taken place in the first six months of the current financial year and, therefore, there is nothing to report on any material effect by such a transaction on the financial position or the performance of the Company during the period; and

In accordance with DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, the description of the principal risks and uncertainties as disclosed in the Investment Manager's Review is a fair review of the information required under DTR 4.2.7R for the remaining six months of the year.

Interim Report and Financial Statements

The Company's Interim Report and Financial Statements for the six months ended 30 June 2017 will be posted to shareholders in August 2017. Copies of the Interim Report and Financial Statements will be available from the Registered Office of the Company at 10 Harewood Avenue, London NW1 6AA and on the website, www.mithrasinvestmenttrust.com, which is a website maintained by the Company's Investment Manager, MCP. A copy of the Interim Report and Financial Statements for the six months ended 30 June 2017 has been submitted to the National Storage Mechanism of the UK Listing Authority and will shortly be available for inspection at: .

For further information, please contact:

Susan Gledhill

Company Secretary

For and on behalf of

BNP Paribas Secretarial Services Limited

Tel: 020 7410 5971

26 July 2017


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