Mithras Investment Trust PLC Interim Management Statement (1593O)

TIDMMTH

RNS Number : 1593O

Mithras Investment Trust PLC

02 November 2016

 
            Mithras Investment Trust PLC (the "Company") 
              Company No: 2478424 
 
 
              Interim Management Statement (Unaudited) 
 
              For the three months ended 30 September 2016 
 
              The Company has prepared this Interim Management 
              Statement ("IMS") voluntarily and it covers the 
              three months ended 30 September 2016 
 
              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. 
 
              The Company will not make any new investments 
              but will continue to meet its existing outstanding 
              commitment to Mithras Capital Fund ("MCF"). The 
              Company will retain sufficient cash resources 
              to meet all outstanding obligations and realised 
              cash may be invested in AAA-rated money market 
              funds pending return to shareholders in accordance 
              with the Company's investment objective. 
  Financial Position and Performance Summary 
                                                               % change 
                           At 30 September    At 30 June    to previous 
                                      2016          2016         period 
  Net Asset Value per 
   Ordinary 2p share 
   (pence)                           206.3         185.2          11.4% 
  Mid market quoted 
   share price (pence)               164.5         152.0           8.2% 
  Discount (%)                        20.3          17.9           2.4% 
  FTSE All-Share Index             6,183.8       5,737.5           7.8% 
 
 Material Events and Transactions 
 In the three months ended 30 September 2016, the 
 Company received gross distributions totalling 
 approximately GBP1.5 million with GBP0.1m being 
 retained by MCF to meet ongoing obligations. These 
 distributions principally comprised proceeds from 
 a partial sell down of shares in AdvancePierre 
 Foods by OCM POF IV following its listing in July 
 2016. The Company also received final distribution 
 proceeds following the sale of OCM POF IV's investment 
 in Alstria Office, with CVC Europe V also distributing 
 final distribution proceeds from the previously 
 completed sales of Evonik and Raet. 
 
 As at 30 September 2016, the Company's maximum 
 outstanding commitment to MCF was GBP3.5m. However, 
 the Company does not expect this amount to be fully 
 drawn and the current expectation is that up to 
 GBP0.4m may be drawn by MCF. The Company's cash 
 balance at 30 September 2016 was GBP4.1m. 
 
 No dividends have been paid by the Company during 
 the period under review. 
 
 There have been no changes in the Company's share 
 capital in the quarter under review, which remains 
 at 14,228,143 Ordinary shares in issue. 
 
 
 Asset Allocation           At 2 November   At 30 September 
                                     2016              2016 
                                        %                 % 
 Fund of funds                       87.0              87.0 
 Cash and current assets             13.0              13.0 
                           --------------  ---------------- 
                                    100.0             100.0 
                           --------------  ---------------- 
 

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: [phone]

2 NOVEMBER 2016

This information is provided by RNS

The company news service from the London Stock Exchange

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November 02, 2016 09:38 ET (13:38 GMT)