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Mithras Inv.Tst Share Discussion Threads
Showing 201 to 223 of 225 messages
|Not really - it's responding to buys from those of us alerted to top up by Skyship on the PE thread :-)|
|Tracking nav upwards|
|APFH strengthening again:
free stock charts from uk.advfn.com|
|APFH hit $26.50 last night before closing just below $26. I estimate every $1 gain adds another 1.16p to our NAV...|
|At 30th Jun'16 our NAV was reported as 185.2p. Since then the £Sterling has slumped another 2%; but better yet, AdvancePierre has moved from its recent IPO price of $21, up to $25.
AP was valued at £2.72m in Dec'15; and £3.00m in Jun'16. There is no mention of whether that valuation was at $18, $19, $20 or the full IPO level at $21.
If we value conservatively at $21, then the uplift adds another 4.8p to our NAV and AP is now worth c29p/share.
So, if MTH sell their holding at this level, we could be looking at £2.3m + £3.6m in CASH, sufficient to fund a 22% Tender @ 185p - a very pleasant 12% upside to the current offer price of 165p...|
|"Still, looks to me to be on track for a Winter'16 Tender..."
& even if only @ 180p, that would be at a 16% premium to the true 155p bid; or an 11% premium to the true 162p offer.|
|RAM - thnx for yr two links above - would have thanked sooner, but rather pre-occupied with the Grounhog Day over at LMS!
I'm surprised that MTH didn't mention the listing of APFH and its effect on the 30th June valuation. Looks like minimally a 10% uplift there; and of course now the liquidity to dispose of the holding, assuming not done so at the time of the listing.
Also slightly surprised at a "mere" 4.9% uplift in the NAV to 185.2p. Based upon the currency changes I was expecting 190p. Do you have a view on that one?
Still, looks to me to be on track for a Winter'16 Tender...|
|Currently 2nd largest individual holding at 13% of port is recently NYSE listed AFPH.
Whilst largest holding TMF, at 14%, has decided not to sell itself for the time being ie until a good enough offer is made.
|Spot on SKY, and showing steady progress as the harvesting continues.
|Interims due any day now.
For some reason they always announce the Interims & Finals after Market hours; so keep an eye out...|
|Bought all of my tendered stock back between 154p & 158p.
Well pleased with that as post Brexit / post $Sterling collapse, the NAV may well now be in the region of 190p.
At the current offer price of 156p there may well be 20% upside to the next Tender price; so if you haven't recovered your tendered stock, perhaps you should do so before the Interims due at the end of this month.|
|WOW - got an internet connection today! Connection very intermittent - perhaps for c 1hr every day.
WCB - Confirmed - rec'd 60% at YouInvest.
I too made a nonsense in their Tender last June - as stated on this thread I recall. I told YI to vote for the Tender at the EGM; but failed at the same time to accept the Tender for my holding!!! Bizarre, don't know how I made such a simple error when I've been playing these liquidation Tenders for the past 5yrs across all sectors.
Still, that Tender was at 156.1p; this month's at 169.9p.
With the NAV now at 176.6p it is fast approaching Rambutan's excellent forecast made c3yrs ago that ultimately we may achieve 200p here. That figure might even prove to be conservative.
So, yes, I will buy back most of the redeemed stock at a later stage if a cheap offer presents itself...|
|I got 33% redeemed on my TDW holding.
I think you got a high percentage with Youinvest partly because my holdings with them were recorded as 'take no action'! I tried to tender them but something went wrong and the message was not received or not received correctly, probably my fault though I have never messed up like that before....
Anyway I don't think it will matter much as there should still be gains to be made and the turn to be made on any buyback looks fairly small at the moment. Are you intending to buy yours back?|
|Looks as though I may have been successful with 60% at Youinvest, either 60% or 40%! Not sure which figure is redeeming and which continuing...
Pleased with either; though happier with the 60% of course.|
|That was quick off the mark; and a great result. Nothing from Youinvest yet.|
|77% accepted for tender in my Selftrade a/ c. :)|
|New Manager Presentation:
|At a General Meeting of the Company held today, the special resolution authorising the Company to buy back up to 5,262,463 Shares in connection with its Fifth Tender Offer was passed.
A total of 15,060,920 Shares were validly tendered under the Fifth Tender Offer. As a result, the Basic Entitlement of all Shareholders, who validly tendered their Shares, will be accepted in full and excess tenders will be satisfied to the extent of approximately 1.731641160018490 per cent. of the excess shares tendered.
5,262,463 Shares will be repurchased by the Company under the Fifth Tender Offer and cancelled. This equates to 27.0% of the Company's Shares in issue at close of business on Monday, 25 May 2016 resulting in a total cost to the Company of approximately GBP8.4 million. Following the Fifth Tender Offer, the Company will have 14,228,143 Shares in issue.
It is expected that cheques will be despatched and CREST payments made by Friday, 6 May 2016 to those Shareholders who validly tendered their Shares.|
|176.6p - A little short of my expectations:
14 April 2016
MITHRAS INVESTMENT TRUST PLC (the "Company")
Net Asset Value
As at close of business on 31 March 2016, the unaudited Net Asset Value per Ordinary 2p share of the Company was 176.6 pence.|
|So the 5th Ternder actually delivering 27% @ 169.911p; so must have been further incoming as that will cost £10.7m as opposed to the "..not less than £9m.."
With the Euro strong and the likelihood of realisations having been at premia; NAV could now well be near to 180p. Hopefully they may well update us at the AGM on 27th April; when we also get the Tender result.|
|Really great news - especially as I had the good fortune to top-up twice this week to an overweight 14% allocation. Looked to me like the very best value from the PE trusts ahead of a Tender I wasn't expecting TBA until the end of next month.
24 March 2016
MITHRAS INVESTMENT TRUST PLC (the "Company")
Fifth Tender Offer
Following a strong start to 2016 in terms of exit proceeds received by the Company as highlighted in the 2015 Annual Financial Report, the Board is pleased to announce that it is currently preparing for its fifth tender offer, which is expected to be for no less than GBP9.0 million and should be completed, including obtaining approvals and receiving tender offer requests, before 6 May 2016.|
|5th Tender for £9m
So @ 170.4p - After costs of 1.5%?|
Highlights of the Year
Against a background of continued volatility in financial markets, the Company had a positive year of cash generation and NAV growth. The Company's NAV increased from 162.1 pence per share to 173.0 pence per share, an increase of 6.7% although performance was again impacted by the continued weakness of the Euro relative to Sterling during the year. Excluding the impact of any currency movements during the year, the Company's NAV at 31 December 2015 would have been 176.3 pence per share.
Update on the Realisation Strategy
The Board continues to believe that the current strategy of returning cash to shareholders by way of tender offers at close to NAV is the best way to maximise value for shareholders. After allowing for expected commitments to portfolio funds and other costs, the Company had a net cash position of GBP5.6 million as at 31 December 2015. In addition, two previously announced portfolio company realisations completed at the end of February 2016 with the Company receiving a total of GBP2.4 million from MCF giving a strong start to the year in terms of cash generation.
So, with £8m already in the bank and the Euro strength in 2016YTD raising the NAV again, put Thursday 28th April in your diaries for the Spring IMS and next Tender.
On that date last year the 4th Tender was announced from a cash position of..........£8m!
Pleased with the statement and the stats.|