Mithras Inv.Tst Share Discussion Threads

[rambutan2] 09/11/2017 03:44

And for reference, the remaining cos in CVC V:

Ahlsell


Avast (upcoming IPO?)


BJ's


Continental Foods


Cunningham Lindsey


Delachaux


Domestic & General


Elsan


Ista (agreed sale ongoing)


Sky Bet


Synsam

[skyship] 01/11/2017 13:53

AHhh - of course - had totally forgotten about that quite recent event - DOH!

Yes, a very logical end game outcome.

Thnx as ever...

[rambutan2] 01/11/2017 13:08

Hi SKY, yes I would hope that TMF would get us to 250p.

Re the end game, I do think they will be able to sell the port, just not too early I hope. The obvious buyer is Pomona, who already own a 50% stake in the underlying. In any case, it should all play out next year, so not long to wait.

[skyship] 31/10/2017 08:51

Thnx for that RAM. I think TMF was valued at c.45p/share; though likely uplifted at the Sept. valuation to c50p/share. I suspect from the wording of the news item that the TMF sale value could well add a further 15%-20%, taking MTH's underlying NAV up to c250p. What would be your estimate?

Anyway, on the basis of this I've bought back in for a few this morning.

Another consideration for any prospective purchaser is the end game here. One more Tender was considered likely; but what then? Selling the portfolio seems unlikely as surely too small for other PE players. So the likelihood has to be a spell as an unlisted holding whilst they continue to liquidate.

Is that how you view it?

[rambutan2] 31/10/2017 02:45

TMF agreed sale, and sounds like at premium to carrying value:

[pvb] 18/10/2017 16:34

DNE has been taking off recently, after a long time in the doldrums.

[skyship] 18/10/2017 16:27

langbarb - effectively no difference.

I considered buying back in; but having sold out in the Tender @ 224p really little point buying back in now at 223p inc SD - also the Market size doesn't really make it worthwhile - not for me and not for the moment at any rate.

Still have a small residue with IGDealing; so pleased at today's RNS.

[langbarb] 18/10/2017 15:32

Hi Skyship, could I ask what is the difference form unaudited and pro forma NAV? Is it the same thing and the difference in valuation is down to the completion of the Tender Offer? Would you be tempted to buy at around 222 for a 241p NAV. The trust should wind down by the end of next year according to the latest interims which at no change in NAV would mean a gain of 8.5 to 9%.

[skyship] 18/10/2017 14:45

Sure enough - another good rise in the Net Asset Value:

As at close of business on 30 September 2017, the unaudited Net Asset Value per Ordinary 2p share of the Company was 234.3 pence. Following completion of the Company's Seventh Tender Offer on Monday, 2 October 2017, the Company's proforma Net Asset Value was 241.3 pence per Ordinary 2p share.

[papy02] 05/10/2017 09:21

With Selftrade 100% also. I use iDealing as well, but avoid them for stocks susceptible to this type of tender as never get any overage. Either their clients are very switched on, or I wonder if they don’t cream the overage for themselves if they can buy stock at a price that gives them a turn.

[yieldsearch] 05/10/2017 08:54

I am with YouInvest also. Applied for 100% (allocated full holding), 46.5% were bought in the tender..

[skyship] 04/10/2017 16:38

Retired 100% with YouInvest; but only 46.4% with my very small rump holding with IDealing - that being the minimum I suspect.

So after 7 tenders I bid farewell to what has been a really great investment.

Thnx again to Rambutan.

[westcountryboy] 04/9/2017 19:10

May be one of those occasions on which it might be best NOT to bid for 100% - canny shareholders might hold back, the bidder might get the 100% and forfeit future gains?

[skyship] 04/9/2017 17:37

39.5% @ 223.7352p:
=================

Seventh Tender Offer
The Company has today published a circular (the "Circular") to Shareholders setting out details of the Seventh Tender Offer to purchase up to 39.5 per cent. of the Shares in issue as part of the Company's Realisation Strategy. Shareholders (other than certain Overseas Shareholders) on the Register on the Record Date (being 6:00pm on Wednesday, 27 September 2017) will be able to tender none, some or all of their Shares within the limit of the Seventh Tender Offer.

Tenders in excess of a Shareholder's Basic Entitlement will only be accepted to the extent that other Shareholders tender less than their Basic Entitlement and will be satisfied on a pro rata basis to the number of Shares tendered. The Tender Price is 223.7352 pence. This is equal to approximately 98.8% of the unaudited NAV per Share as at close of business on 30 June 2017

[rambutan2] 11/8/2017 11:23

Perfect:

Seventh Tender Offer

As highlighted in the Company's Interim Report and Financial Statements for the period ended 30 June 2017, the Board is pleased to announce that it is currently preparing for its seventh tender offer. It is expected to be for GBP9.0 million and should be completed, including obtaining approvals and receiving tender offer requests, before Friday 6 October 2017.

The seventh tender offer will be priced at net asset value less costs, which are expected to be in the region of 1-2% of net asset value. The seventh tender offer will be based on the 30 June 2017 net asset value. Shareholders will be able to elect to tender their proportionate entitlement under the tender offer and to apply for more than their proportionate entitlement, satisfaction of which will depend on other tender elections received. Documentation is expected to be sent to shareholders in early September 2017.

[skyship] 31/7/2017 07:53

Thnx for that RAM.

Ista is/was our 3rd largest holding @ 7% - so c16p/share at the Jun'17 valuation.

[rambutan2] 31/7/2017 02:08

Agree, cash drag should rule out much of a wait. TMF, assuming an ipo happens, is one for next year. No doubts re Ista sale though...

[skyship] 27/7/2017 08:23

Yes, 226.5p NAV a tad disappointing perhaps, but the cash build-up impressive.

That £9.0m would fund a 40% Tender @ 224p; and they could do that now.

Of course, a successful TMF IPO might well boost that NAV somewhat...so do they wait...I suspect not.

[rambutan2] 26/7/2017 17:51

Here you go SKY. Nav only up a tad, but cash gushing nicely:

Liquidity and Outstanding Commitments

The Group's liquidity position continues to be strong. During the period the Group's cash position has increased from GBP5.7 million to GBP10.0 million. This is after the return of GBP9.2 million to shareholders from the sixth tender offer in April 2017 and the 1.0 pence per share dividend paid in May 2017.

Excluding subsidiary company cash balances, the Company's cash balance of GBP9.4 million compares to a maximum outstanding commitment at 30 June 2017 to MCF of GBP3.2 million although our current expectation is that only up to GBP0.4 million will be drawn, leaving a cash surplus of GBP9.0 million at 30 June 2017. The Company is now giving consideration to the timing of its next tender offer.

[skyship] 21/7/2017 17:16

Interims to 30th June likely to be next week; 27th July last year.

Hopefully a further advance in the NAV and possibly even news of the next Tender...

[skyship] 05/6/2017 08:26

Thnx for that RAM. I see TMF is our 2nd largest holding accounting for 10% of the portfolio.

[skyship] 02/6/2017 17:18

MTH continue their almost daily tick-up. Closed @ 220p-224p today.