Mithras Investment Trust PLC Interim Management Statement (4337D)

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RNS Number : 4337D

Mithras Investment Trust PLC

26 April 2017

 
 Mithras Investment Trust PLC (the "Company") 
   Company No: 2478424 
 
 
   Interim Management Statement (Unaudited) 
 
   For the three months ended 31 March 2017 
 
   The Company has prepared this Interim Management 
   Statement ("IMS") voluntarily and it covers the 
   three months ended 31 March 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 
                                                               % change 
                           At 31 March    At 31 December    to previous 
                                  2017              2016         period 
  Net Asset Value per 
   Ordinary 2p share 
   (pence)                       223.4             221.2            1.0 
  Mid market quoted 
   share price (pence)           202.0             181.3           11.4 
  Discount (%)                     9.6              18.0          (8.4) 
  FTSE All-Share Index         6,682.7           6,424.3            4.0 
 
 Material Events and Transactions 
 In the three months ended 31 March 2017, the Company 
 received gross distributions totalling GBP4.9 million 
 with GBP0.1 million being retained by MCF to meet 
 ongoing obligations. These distributions principally 
 comprised proceeds from the first sell down of 
 OCM POF IV's listed stake in AdvancePierre Foods, 
 exit proceeds from CVC Europe V's disposals of 
 Quironsalud and AlixPartners and as well as a further 
 smaller distribution from Riverside Europe III. 
 
 As at 31 March 2017, the Company's maximum outstanding 
 commitment to MCF was GBP3.4 million. However, 
 the Company does not expect this amount to be fully 
 drawn and the current expectation is that up to 
 GBP0.4 million may be drawn by MCF. The Company's 
 cash balance at 31 March 2017 was GBP9.8 million. 
 
 At the Annual General Meeting ("AGM") on Wednesday, 
 26 April 2017, shareholders approved a final dividend 
 of 1.0p per Ordinary 2p share payable on 5 May 
 2017 to shareholders on the Register of Members 
 on 3 March 2017. In addition at the General Meeting 
 ("GM") immediately following the AGM, shareholders 
 approved the special resolution authorising the 
 Company to buy back up to 4,197,302 shares in connection 
 with its Sixth Tender Offer. 
 
 A copy of the presentation given at the AGM will 
 shortly be available on the Company's website, 
 www.mithrasinvestmenttrust.com. 
 
 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. 
 

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]

26 APRIL 2017

This information is provided by RNS

The company news service from the London Stock Exchange

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April 26, 2017 09:19 ET (13:19 GMT)