Mithras Inv.Tst Share Discussion Threads

[pvb] 19/10/2024 14:05

Latest from liquidators at FRP Advisory - 17 October 2024.

Much the same as last time!

Insolvency Practioner resigned, replaced by another one.

"Company has one remaining investment in a private equity fund held via the Mithras Capital Fund Structure. That fund is itself complete apart from a single remaining investment and a a potential contingent tax liability that continues to delay the final realisation and conclusion of the fund's life."

Still trying...

• Realise final investment
• Winding up the underlying fund structure
• Paying a fifth and or final distribution to shareholders

"A fifth and/or final distribution will be declared in due course, however... not in a position to estimate the quantum or timing of this..."

Reports on costs and charges etc.

[pvb] 28/9/2023 16:43

Latest progress report from FRP Advisory, Date: 28 September 2023, detailing liquidators costs etc. Much the same as last one!

"Outstanding matters to complete in the period following this reporting period are summarised below:

• Realising the remaining investment portfolio;
• Paying a fifth and/or final distribution to shareholders;
• Agreement of the final tax position with HMRC; and
• Obtaining final tax clearance from HMRC.

A fifth and/or final distribution will be declared to shareholders in due course, however, we are not in a position to estimate the quantum or timing of this distribution as it is dependent on further investment realisations."

[rambutan2] 12/8/2023 17:46

Thanks Glynne, i'm sure that the CVC fund still has something in it, but lost track of whether the other managers distributed everything or not.

[glynnef] 11/8/2023 17:26

I checked the status of future distributions with FRP advisory this afternoon.
As of today, they cannot give any timescale or amount of future payment(s).

[rambutan2] 26/10/2022 20:22

Many thanks. I rang them a couple of months ago but had no reply.

I'm hoping that the final distribution might be decent, but have rather lost track what might be left to come.

[pvb] 26/10/2022 18:41

Oh, forgot!

Another statement from FRP Advisory on 12th Oct. Summary of distributions to date, ongoing costs and expenses etc.

Expect to pay a fifth/final distribution at some stage, but no information of amount and timing currently. To agree final Tax position with HMRC

[pvb] 28/9/2021 12:10

Recent updated documents from FRP on progress of the liquidation, for the period 12 September 2020 to 11 September 2021.

Work done, costs, expenses, distributions already made. A fifth and/or final distribution will be declared to shareholders in due course, however not in a position to estimate the amount or timing at present.

[glynnef] 26/3/2021 12:25

pvb,
Many thanks for posting this. I followed up with iDealing.com last week and they had “just received” the cheque and it awaited clearing. Seems a long time to have waited since Feb 25th. Credited to my account yesterday.

[rambutan2] 26/2/2021 14:25

pub, many thanks for the info. I will see whether the distribution has made its way to my ii isa.

[pvb] 26/2/2021 14:07

Another letter from FRP today, with a cheque!

A further liquidation payment. Effective date of distribution 25 February, amount of 35p per share. Plus summary of Joint Liquidators' Receipts & Payments.

FRP expect a further payment, but don't know how much or when. Further update in progress report expected around October 2021.

So, to date that is: 169.5 + 46 + 20 + 35 = 270.5p per share

[rambutan2] 14/5/2020 02:17

Thanks pvb. The last payment eventually arrived in my ii isa account.

"It is estimated that the remaining net asset value of Mithras Investment Trust plc as at 31 March 2020 was 50.4 pence per share."

[pvb] 13/5/2020 22:19

...Oops! It's come back again. :-)

"It is anticipated that further smaller liquidation distributions will be made to shareholders during the liquidation process although this is subject to the successful realisation of the remaining underlying portfolio companies. Such distributions will be made solely at the discretion of the Liquidator and remain subject to the risk factors highlighted in Part III of the Liquidation Circular issued on 16 August 2018."

[pvb] 13/4/2020 10:41

Sadly, the website now seems to have been closed down.

[pvb] 31/3/2020 10:02

Another letter from FRP in the post this morning, with a cheque for 20p per share.
(My immediate thought is - "How do I process this now?")

Usual comments: Expect further distributions in future but cannot yet say how much or when. Plus 'taxation implications on your tax return for the current fiscal year.'

Effective date of this distribution is 26 March 2020.

[rambutan2] 02/11/2019 21:11

Thanks pvb. So, current nav approx 70p, compared to 62p as at 31/03 once 46p summer distribution subtracted. From the website...

Liquidation Information

Mithras Investment Trust plc entered liquidation on 12 September 2018. The Joint Liquidators are Gareth Morris and Andrew Sheridan of FRP Advisory LLP.

Liquidation distributions to date

Initial liquidation distribution: 169.5 pence per share on Friday 5 October 2018

Second liquidation distribution: 46.0 pence per share on Friday 16 August 2019

It is anticipated that further smaller liquidation distributions will be made to shareholders during the liquidation process although this is subject to the successful realisation of the remaining underlying portfolio companies. Such distributions will be made solely at the discretion of the Liquidator and remain subject to the risk factors highlighted in Part III of the Liquidation Circular issued on 16 August 2018.

Mithras Investment Trust plc is in liquidation and therefore does not produce quarterly net asset values. It is estimated that the remaining net asset value of Mithras Investment Trust plc as at 30 September 2019 was 68.8 pence per share. Please note that this figure is unaudited and is based upon the latest available valuation information provided by Mithras Capital Partners LLP in respect of Mithras Investment Trust’s commitment to Mithras Capital Fund LP.

[rambutan2] 07/10/2019 17:19

RE Avast, just noticed that CVC V placed its remaining 12% stake last month, so that's a payment due to us.

Result of secondary placing of shares in Avast plc

Sybil Holdings S.à r.l. (the "Seller"), announces that it has sold an aggregate of 120,900,914 ordinary shares of Avast plc ("Avast", or the "Company"), representing 12.4 per cent. of the Company's existing issued ordinary share capital, at a price of 367 pence per share (the "Placing") raising aggregate gross proceeds of £443.7 million. Following settlement of the Placing, which is expected to take place on 6 September 2019, the Seller will no longer hold any shares in the Company.

[pvb] 04/10/2019 18:19

Thanks for that summary, rambutan2.

[rambutan2] 04/10/2019 13:51

Another of the larger holdings and still held by CVC V. Although perhaps not quite the growth/uplift potential of some.

[rambutan2] 04/10/2019 13:29

And Marcolin, the other PAI V company, is still held and looks to be growing rather well. But perhaps has a more obvious exit route...

[rambutan2] 04/10/2019 13:07

Noted that Parex was sold at start of year, but cash wasn't due until later, so not sure if was included in the aug payout.