Mithras Inv.Tst Share Discussion Threads

[rambutan2] 29/10/2013 13:59

jaws6, they won't be valueing STCK at that price, but difficult to know what sort of premium to last valuation it ipo d at. But from now on the shares still held will be valued at the bid, prob minus a 5-10% illiquidity discount.

MTH should shortly be receiving its share of the £206.5m cash raised from the 87,872,340 ord shares sold across the Oaktree funds.

Oaktree funds continue to hold 38% of STCK.

[jaws6] 29/10/2013 11:53

skyship
now tick up too
still not sure they count STCK on that value or not.

[skyship] 28/10/2013 14:26

Jaws - yes, good news that - certainly better than anticipated:

=============================================================
8 October 2013 - MITHRAS INVESTMENT TRUST PLC (the "Company")

As at close of business on 30 September 2013, the unaudited Net Asset Value per Ordinary 2p share of the Company was 154.4 pence.
=============================================================

[jaws6] 28/10/2013 11:32

NAV rns out better then 148 to 154

[jaws6] 28/10/2013 09:53

skyship
That's what I was thinking but it was there in link as holding .Now Stock Spirits was hold by OCM Principal Opportunities Fund IV so may be sold by them for MTH.
Now STCK is 228

[skyship] 28/10/2013 09:37

jaws - no, hadn't seen any reference to an additional sale, so thanks for that.

Presumably that adds to the £10m cash pot, so the £5m tender may be increased somewhat.

Incidentally, as far as I can see there is no reference to the sale on the website; or am I missing it?

[jaws6] 28/10/2013 09:08

skyship
Did you notice they sold Stock Spirits -see from link below

2007 Food & Beverage OCM Principal Opportunities Fund IV 3% UK

hxxp://www.mithrascapital.com/portfolio/

[skyship] 10/10/2013 18:25

RAM - I recall that c1yr ago you posted that you thought eventually MTH would deliver c200p - or that was what the ex-manager was aiming for.

Do you still think that an achievable target?

[skyship] 10/10/2013 18:20

RAM - good point about that currency headwind. Hopefully underlying portfolio gains and disposals will still ensure 150p - we'll see in c4 weeks time.

BUY @ 134p; tender result perhaps 20% @ 147p if you're lucky; leaves you in for 80% at a net 130.75p. Would be happy with that.

[pvb] 10/10/2013 17:59

Well, it depends what you mean. You don't have to take part. If you do you will get cash - so no direct costs there. You will have less shares in MTH and so total dividend income will be less. If you want to you can use the cash to buy more MTH shares, just dealing costs. This may make sense if later you can buy at less than the book value in the market.

Current dividend yield is low, about 0.78%, it was around 5% when this was a listed Mezzanine IT.

[barony] 10/10/2013 17:18

Can someone please explain how to benefit from the tender offer? I would prefer a dividend, at least I know how that works and I don't need to pay for a sell and buy.

[papy02] 09/10/2013 16:51

Rambutan, yes, good point. Also $ vs £ is down 6% over that period.

Using the portfolio currency weightings in the Half Yearly report, for 30/06, that's an overall currency headwind of -2.99% for the 30/09 NAV.

In terms of current NAV since Sept 30 (relevant for the non-tendered proportion), currency should have helped a bit though (+0.8% to 8 Oct, if assume June portfolio currency weightings)

I topped up in haste yesterday but am now hoping that doesn't prove to have been a costly mistake.

[rambutan2] 09/10/2013 15:32

Euro down 2.5% vs £ 30/06-30/09.

[papy02] 08/10/2013 17:59

Thanks Skyship.

Current price still looks a reasonable deal (if can get allocation well in excess of the minimum).

[skyship] 08/10/2013 14:29

The last tender was conducted @ 143p. The NAV as at 30/09/13 should be revealed in an IMS in November - it was 7th November last year.

I suspect we will see a small increase, something better than the mere 0.1p in Q2. I suggest 150p; in which case the tender would be at 147p.

A cash sum of £5m would translate into a 10.8% tender ; or c1:9.

Last time many of us received well in excess of the minimum; so remember to tender your full holding when the time comes.

[papy02] 08/10/2013 10:57

Re the tender offer - has the Sept 30 NAV been published anywhere (it hasn't been RNSed)?

If not, any reason to assume NAV is other than the 148p that it was at June 30th?

(e.g. I don't see any comment re whether the disposals have been above or below book value)

Many thanks

[jaws6] 08/10/2013 09:43

RNS out on tender offer coming on realisation

[rambutan2] 27/9/2013 01:50

Noted from GPE's interims this week...

Doughty Hanson & Co V
In June 2013 we acquired a secondary interest in Doughty Hanson Fund V for £5.5 million. Doughty Hanson Fund V is a €3 billion fund to which we made a €25 million commitment when it was raised in 2007. We also held a co-investment in one of fund's portfolio companies, Vue Entertainment. We first invested with Doughty Hanson in its fourth fund, raised in 2005.

Since acquiring this secondary interest Vue Entertainment has been realised. This generated a substantial uplift and ensures the secondary investment is off to a good start. The realisation of Vue, together with the sale of Avanza, has returned 39% of the cost of the portfolio of seven companies within two months.

[skyship] 04/7/2013 09:14

pvb/ram - thanks for those. I haven't yet bought back the stock I tendered; had been looking for a cheaper offer. Looks as though I may have to pay up; but will watch for the timebeing...

[rambutan2] 04/7/2013 02:02

Yes, he added 20k at 127p on 2nd. Having tendered 160k, which was less than his full entitlement, and hence his tipping over the 5% stakeholding level.

It's worth noting that MTH is currently not subject to cash drag, which has been the case for the last few years. So valuation movements in nav, both up (hopefully) and down, will kick in harder.

[pvb] 03/7/2013 17:12

Interesting that A R B Johnson has increased his holding to over 5%

Johnson was the previous manager_ of Mithras, for L&G Ventures. He maintained his large shareholding and indeed has increased it over the years.

[skyship] 29/6/2013 08:35

pvb - "What to do with the dosh?" - take a look at the NRI thread.

[smarm] 28/6/2013 19:05

papy - if you read the tender instruction letter it always says 'online' or send us an email. I ignore the online and send an email.....hasn't failed yet.

S

[papy02] 28/6/2013 18:42

Thanks Skyship.

Mine were also in an ISA a/c, so looks like it was down to who else with your broker held, and tendered for more than the 13%.