Mithras Inv.Tst Share Discussion Threads

[pvb] 19/8/2019 12:53

Pleased to confirm I have today received the cash payment for MTH directly into my ISA.

[pvb] 17/8/2019 10:43

OK.

Have today received letter and cheque from the liquidators for a second distribution of 46p per share wrt Mithras. Effective distribution date 16th August. They say they are expecting a further distribution in future, but cannot at present say when or how much it will be.

Worth keeping an eagle eye on your nominee company accounts, including ISAs, to ensure you receive this payment into your account for the delisted MTH!

[rambutan2] 25/6/2019 19:44

Update. 31/03 nav was 108p. Payout of 35p minimum expected in next few weeks. Port doing well and exit pipeline remains strong.

[pvb] 24/6/2019 18:04

Thank you!

[rambutan2] 17/6/2019 20:23

Same thought, so got in touch last week. All fine, nav circa 110p, could be a payout before too long...

[pvb] 17/6/2019 19:24

...No news is... No news!

Keep watching this space. Or the skies. ;-)

[skyship] 08/10/2018 07:12

30%!!! - should that perhaps be 30p?

[rambutan2] 07/10/2018 21:00

Thanks pvb, upon checking my account I can see mine has arrived. Very nice.

If remaining nav is circa 100p, then that's already a 30% uplift from what was mooted in the liquidation circular. I would be disappointed if there isn't more to come as the tail is sold off.

[pvb] 06/10/2018 10:42

'ttention!

This morning I received first liquidation payment, dated 5 October, of 169.5p per share.

Says quarterly NAV will no longer be calculated but estimated pro-forma NAV as at 30 Sept of 270p per share before this initial payment (so estimated remaining would be 100.5p) but points out estimated nature of valuation plus "risks" etc.

[pvb] 28/9/2018 17:22

The expected payment date for the first liquidation payment has passed. Guess the liquidators decided otherwise, as per the 16 August news release:

[pvb] 12/9/2018 19:05

MTH shares to be suspended from today. Final quoted mid price 240p

[langbarb] 31/8/2018 05:32

Is there any point to hold for liquidation?

Price seems pretty close to NAV and a good chunk (75p) will be returned o we 2 years if I understand correctly.

[rambutan2] 19/8/2018 03:10

BJs (CVC 5) floated at the end of june at $17:



I'm fairly sure that there are only 2 investments left in PAI 5:

Eyewear

Ice cream

[rambutan2] 18/8/2018 14:31

The full circular:



Assuming the Resolution is passed, the Liquidators will pay a first cash distribution of £10.3 million, equal to approximately 169.0 pence per Ordinary Share on Friday, 28 September 2018. Following this distribution, the Company will have returned, in aggregate, a gross total of £63.4 million since 2013 which would equate to a capital return of 172.4 pence per Ordinary Share based upon the number of Ordinary Shares originally in issue.

The Company has today announced that it will pay an interim dividend of 3.0 pence per Ordinary Share to be paid on 10 September 2018 to Shareholders on the Register on 24 August 2018. This interim dividend is being paid to ensure the Company maintains its tax status as an investment trust.

On 25 July 2018, the Company announced that its NAV as at 30 June 2018 was 246.6 pence per Ordinary Share. The pro-forma NAV of the Company based upon its NAV as at 30 June 2018, and after taking account of the Liquidators’ first cash distribution and the payment of the interim dividend, will be 74.6 pence per Ordinary Share. The residual MCF portfolio comprises less than 20 underlying portfolio companies, mostly within the underlying funds of CVC European Equity Partners V and PAI Europe V.

It is anticipated that further smaller distributions will be made to Shareholders during the Members’ Voluntary Liquidation process (estimated at 2yrs), although this is largely dependent upon the successful realisation of these underlying portfolio companies.

[pvb] 16/8/2018 11:41

Interim dividend - though also final dividend! - of 3p announced for 10 Sept:



Timetable for members' voluntary liquidation:



Share Register closed 6pm 11 Sept.

[pvb] 25/7/2018 18:05

Circular on details of Voluntary Liquidation by mid August:



Latest NAV:

[rambutan2] 20/6/2018 16:30

Decided to hold on for time being.

Worth noting that HVPE (in its May nav update) mention that it received its TMF cash. So quite likely that we will be hearing about a distribution before long. imo

[skyship] 10/5/2018 13:54

Agreed - it was a great ride - following in the footsteps (& partly contemporaneously) of HPEQ & NRI... Moved on c2weeks ago.

Thnx again to RAM for the intro to this great play.

[tournesol] 10/5/2018 13:38

Sorry it's taken me so long to come back here after my previous post.

As promised I've been through my notes of the AGM but frankly they contained no substantive information to add to what is already in the public domain.

What I can say is that the Board seemed very positive about the final stage of the realisation process - relaxed, confident and optimistic. The impression I gained was that the final outcome is expected to be favourable - ie ahead of current NAV estimates. But this is based on the mood music and emotional dynamic of the communication rather than on any numbers. "we are very confident of a positive outcome" kind of thing.

The question then is - is it worth holding for the final chapter of the realisation?

Which begs the question, what upside might be obtained from here on in?

Let's imagine for the sake of argument that the ultimate upside is another 10% between now and the last trumpet sounding. Is that enough of a reward to take the risk of something going wrong? And the loss of control over timing? (As I understand it when the liquidator is appointed, the shares will be delisted and investors will then be locked in to the bitter end.)

My instinct is that it isn't enough compensation. It's easy to imagine some component part of the disposal process going awry for all kinds of reasons. And I am averse to the idea of being locked in for months on end.

So would 20% be enough compensation? Yes, that's more like it. But how likely is it to be achieved?

I think I might have just talked myself out of holding.

[skyship] 26/4/2018 11:19

Tournesol - always enjoy seeing your moniker as we live in a "House in the Sunflowers"
(title of book written by local author Ruth Sylvestre, mentioning our house as the restoration of a ruin!).

The sector has been a great value play for quite a few years. You'll see most of the players on the Private Equity thread (PE):

[tournesol] 26/4/2018 10:53

I attended yesterday's AGM - there was just a handful of PI's present. As a relative newcomer to this trust and a relative ignoramus wrt this sector I found the various presentations interesting and semi-enlightening - I think everyone else in the room had a better grasp of the detail than I did. Took lots of notes but given that all of the presentations have already been posted onto the website I'm not sure that there is much value I can add. Possibly there's a little additional flavour/texture to be derived from the voice overs which accompanied the slides.

I'm rather stretched this morning/afternoon but will do my best to review my notes and identify anything worth posting here as soon as I can.

[skyship] 25/4/2018 14:29

Sold my position on Monday following Friday's N/C NAV update.

Perhaps should wait for the final liquidation; but once again wanted to raise my liquidity position; and MTH looked to be the one to go.

AGM statement doesn't seem to add much to the underlying knowledge of how much and when...

[rambutan2] 12/4/2018 02:12

OrthoD sold:

[skyship] 21/2/2018 21:16

...and the top two holdings "in play" one way or another. All reads very positively.

[rambutan2] 21/2/2018 19:02

Finals out, and we enter the end game with nav at 255p and hopefully a bit more to come...