Mithras Inv.Tst Share Discussion Threads

[rambutan2] 28/7/2016 01:22

Spot on SKY, and showing steady progress as the harvesting continues.

[skyship] 27/7/2016 11:42

Interims due any day now.

For some reason they always announce the Interims & Finals after Market hours; so keep an eye out...

[skyship] 04/7/2016 12:18

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.

[skyship] 06/5/2016 08:53

WOW - got an internet connection today! Connection very intermittent - perhaps for c 1hr every day.
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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...

[westcountryboy] 05/5/2016 11:05

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?

[skyship] 03/5/2016 16:15

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.

[skyship] 28/4/2016 18:21

That was quick off the mark; and a great result. Nothing from Youinvest yet.

[papy02] 28/4/2016 17:01

77% accepted for tender in my Selftrade a/ c. :)

[skyship] 27/4/2016 18:54

New Manager Presentation:

[skyship] 27/4/2016 18:52

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.

[skyship] 14/4/2016 15:06

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.

[skyship] 04/4/2016 18:01

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.

[skyship] 24/3/2016 10:27

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.
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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.

[eeza] 24/3/2016 09:31

5th Tender for £9m

So @ 170.4p - After costs of 1.5%?

[skyship] 03/3/2016 07:54

======================
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.

[eeza] 02/3/2016 18:53

Annual report out.


"After allowing for expected commitments to portfolio funds and other costs, the Company had a net cash position of £5.6 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 £2.4 million from MCF giving a strong start to the year in terms of cash generation."

[eeza] 02/3/2016 10:34

Joined the happy band with a small few.

[skyship] 02/3/2016 09:19

Finals were Tuesday 3rd March last year; so could be sometime this week perhaps.

NOTE: Their RNSs appear at random times of day; not at the normal 07:00.

[skyship] 19/1/2016 16:46

Currency moves since 30th Sep'15 are: £ down 6.4% v. the US$; and down 4.1% v. the Euro. Without any valuation moves this would add c6p-7p to the 168.4p NAV. So a reasonable estimate would have the current NAV @ c175p. Sp = 143p-150p.

I'm hoping the Finals at the beginning of March may deliver the next Tender; if so, these are looking very good value...

[skyship] 19/1/2016 16:07

Strewth - following Carney's remarks today (no rise in interest rates anytime soon) £Sterling has dropped through 1.30 to the Euro. Recent £ weakness will be adding a few pence to our NAV...

[leedsu36] 13/12/2015 11:31

Gresham Plc HY2015 (Ex Spark Vent.)Fri 13:21" 3,492,065 ordinary shares in Castle Street Investments plc, representing 4.9% of Castle Street's issued share capital"

"Castle Street Investments is a cash shell with £21.9m of net assets comprised of £17.9m cash and £4.8m deferred consideration receivable, offset by provisions and payables relating to the wind down of the business. The company was originally an online dating business known as Cupid, which was sold"

"The main shareholders are well known deal-doers with a successful track record and are well known to GHAM. We took on the shareholding as an asset swap in the fund raising and are looking to support the management in their next acquisition

The above a recent item in the news....I suppose you call Gresham gamblers as well as Nigel Wray?.......all involved with everything Smith and Weaver touch

You could say 'Midas touch'

[leedsu36] 12/12/2015 14:31

Gambler?

A couple of friends of mine heavily researched a new buy and build that was about to begin by two experts in their field Ian Smith and Tony Weaver (Accumuli,Capita etc etc etc fame) ctp I bought into @ 0.6p they stand today @ 83p ...not a bad gamble even if I say so myself (although I did know they have a proven track record of course)

I bought into their own merchant bank MXCP @ 0.7p currently at 3.2p (terrible gamble I suppose)

I then followed them again as they moved in and invested £millions of their own cash into PINN and I got in @ 6p...it's been a long wait but my gamble has paid off PINN currently 11p

They are currently advising CSI a cash shell with £22m in cash where to go with it and we're hoping they carry on with their tech business model,there are rumours of Nasdaq listing amongst a lot of other rumours,

Anyway I'm following them again because over the last few years they've turned my gamble to close on £850,000,now admittedly I'm a gambler,but I like to think I know a good thing when I see it,now please look at your own choice of shares and their recent graphs.

NOW PLEASE BE HONEST WITH PEOPLE,LIKE I HAVE....

[pvb] 04/12/2015 14:13

For what it's worth, I don't think it's either.