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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 / 1819

Mithras Inv.Trst PLC - Interim Management Statement

Wed 1st November, 2017 2:20pm
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

At 30 September 2017

At 30 June

2017

% change toprevious 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 2.0 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 3.2m. However, the Company does not expect this amount to be fully drawn and the current expectation is that up to 0.4m may be drawn by MCF. The Company's cash balance at 30 September 2017 was 0.4m.

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
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