Mithras Inv.Tst Share Discussion Threads

[leedsu36] 04/12/2015 08:37

I know,it's hard to work out which.

[pvb] 03/12/2015 21:06

"Dead cat bounce", "pump and dump"?

Make yer mind up!

[leedsu36] 03/12/2015 15:30

Dead cat bouncing springs to mind.

[pvb] 09/11/2015 10:58

Yes. When I haven't noticed any 'pump and dump' going on "here".

[leedsu36] 09/11/2015 10:56

Is the last word on my sentence too hard to understand?

[leedsu36] 07/11/2015 06:12

Beware and expose the pump and dump going on here.

[skyship] 05/11/2015 10:34

DATE........CASH.........NET COMMITMENTS.........NET CASH

30th JUN....£3.1m........£1.1m...................£2.0m

30th SEP....£4.8m........£0.7m...................£4.1m

So, with actual cash of £5.7m needed to support a 17.5% Tender @ 167p, it could perhaps be another 3months before sufficient cash accumulated from continuing disposals in a benign Market.

Could be sooner, could be later; but with the Market bid price of 143p representing a 14.3% discount to the likely Tender price, I will be holding MTH very closely; and will add if I see an offer in the low/mid 140s.

[skyship] 04/11/2015 14:24

Pity - not quite yet enough cash for the next Tender. Shouldn't be long in coming; though the renewed slide in the Euro will once again be lopping a few
pence off the NAV.


From today's IMS:
================
"As at 30 September 2015, the Company's maximum outstanding commitment
to MCF was GBP4.0 million. However, given MCF's fully invested position,
the Company's current expectation is that up to GBP0.7m may be drawn by
MCF. The Company's cash balance at 30 September 2015 was GBP4.8m.

[eeza] 22/10/2015 17:48

Management here far more trustworthy than at LMS where
net cash at 31/12/14 was £ 9.2m;
at 30/06/15 was £ 35.3m;
+ a further £ 7.5m (approx for WeSupply, since June)

& now holding in excess of 32% of the NAV in cash & still, 10 months into the year, can't free the money from their sticky fingers.

[skyship] 22/10/2015 17:11

In Jun’15, MTH completed its fourth tender offer, buying back a total of 16.5% of the issued equity and returning another £6.1 million of cash to shareholders. MTH has now returned a gross total of £25.8 million through tenders. This equates to a total capital return of 87.4 pence/share or the cancellation of approximately 46% of the equity.

Today they announced a 6.3% rise in the NAV to 168.4p and the Market has responded in positive fashion rising c5% to 138p-142p. In the past this dividend RNS is followed two weeks later by an IMS, which last year (5th Nov.) was accompanied by the third tender.

Hopefully the June & December tender pattern will repeat; and in two weeks time we will have another tender announcement at the usual small discount to NAV.
The past 4 tenders averaging 14.4% have repaid an average of £6.45m. MTH held £3.8m of cash as at 30th Jun’15. Assuming they’ve made further realisations over the Summer, we could well see something along the lines of a 17.5% tender @ 167p repaying a total of £5.7m.

With Group Nominee stock usually providing a higher tender return to those electing for 100% (in Dec’14 I was lucky enough to receive redemption of 54% versus the stated 15.5%!), the shares at tonight’s close of 142p still look to be very good value on a 15.5% NAV discount.

[skyship] 22/10/2015 14:19

WOW!!! - A 6.3% jump in the NAV for Q3. Perhaps the next Tender will arrive before the year end and as much as 20% above the current sp:


22 October 2015

MITHRAS INVESTMENT TRUST PLC (the "Company")

Net Asset Value

As at close of business on 30 September 2015, the unaudited Net Asset Value per Ordinary 2p share of the Company was 168.4 pence.

[skyship] 02/10/2015 17:33

Egad - a trade - TWO TRADES....& both BUYS! 28k bought. A sign of a turn-round; and perhaps news of a Winter Tender later.

[skyship] 04/8/2015 14:44

29th Jul'15: Overview of Results for the Six Months ended 30 June 2015

The Company's NAV decreased from 162.1 pence per share to 158.4 pence per share in the six months to 30 June 2015, a decrease of 2.3%, although this decrease is after the payment of the final dividend of 1.0 pence per share paid by the Company to shareholders in May 2015.

…..This is usually a quiet quarter in terms of valuation movements with limited changes made to underlying portfolio company valuations. The Board has however chosen to make a Directors' revaluation adjustment at 30 June 2015, making a full provision of GBP1.0m against the current valuation of Tensator, a Riverside Europe III portfolio company, due to the company being put into administration. Apart from this, portfolio company performance in local currency terms was generally positive. The Company's overall performance however, was impacted by a further 9.5% decline of the Euro relative to Sterling during the first six months of this year.

…..The Group's liquidity position continues to be strong. During the period the Group's cash position decreased from GBP6.3 million to GBP3.6 million although this was principally due to cash of GBP6.1 million being utilised for the fourth tender offer but also includes investment activity within MCF as well as the 1.0 pence per share dividend paid in May 2015.

Excluding subsidiary company cash balances, the Company's cash balance of GBP3.1 million compares to a maximum outstanding commitment at 30 June 2015 to MCF of GBP4.0 million. Given the fully invested position of MCF, the Company expects that up to GBP1.1 million could be drawn, leaving a cash surplus of GBP2.0 million at 30 June 2015.

[rambutan2] 24/7/2015 02:16

Pomona are a large secondary outfit. Wonder whether they got a discount? But transaction confirms that plenty of growth still expected from port.
23 July 2015

MITHRAS INVESTMENT TRUST PLC (the "Company")

Transfer of LGAS interest in Mithras Capital Fund LP

The Company announces that it has been informed by Legal & General Assurance Society ("LGAS") that, following an auction process organised on behalf of LGAS, it has sold its GBP55 million commitment in Mithras Capital Fund LP ("MCF") to Pomona Capital VIII, LP.

-- Pomona Capital is a global private equity firm which specialises in secondary investing, having raised over $8 billion in capital commitments across its sponsored-funds since its inception in 1994.

Sebastien Bowen, Principal of Pomona Capital, said: "We have been following MCF for several years, having been in regular dialogue with the Investment Manager, Bernie Boylan. We are delighted to be able to acquire LGAS' interest in MCF and look forward to working together with the Company and the Investment Manager".
( )

The sale of LGAS' commitment in MCF to Pomona Capital VIII, L.P. has no direct impact on the Company. LGAS remains the Company's largest shareholder and continues to support the current realisation strategy being followed by the Company.

[skyship] 20/5/2015 17:58

Thnx pvb - missed it after hours yesterday!

So, 16.5% @ 156.1p....result 12th June; and from one's provider a few days thereafter.

[pvb] 20/5/2015 16:47

Details of fourth Tender Offer:

[skyship] 30/4/2015 10:35

SBP - thnx so much...you are quite right. Somehow I managed to see the Tender and AGM, but missed the IMS I was expecting alongside the AGM!

So NAV at 159.6p. I was too optimistic; but with the Euro down 7% over the Qtr, I suppose that 1.5% fall in NAV is a perfectly acceptable outcome.

Allowing for the stated costs of 2%, we should therefore see a Tender @ 156.4p. If the Tender amount actually arrives at £6.5m v. the £6m minimum; then we will see a 17.8% Tender.

There then comes the lottery of the allocation from your individual Group Nominee.

The last Tender was for 15.5%; uprated to 16.1% on the result. I was then successful with 56.3% from Sippdeal/YouInvest. Would be very happy with that sort of result again!

The answer to your question is sure, I continue to see value here because of their wind down policy. This is now the 4th Tender in just 2 years. They will continue doing this and, as they recently stated, they still see value in the portfolio, so the NAV should resume upward progress.

[stupidboypike] 30/4/2015 08:34

Sky, usually when I don't understand something you say it is me that has got confused. You said in post 141 that the March 31 NAV is not declared but the 28th April Interim management statement seems to say 159.6p for March 2015. Have I got confused? If not do you still see value here at that NAV?

Best regards SBP

[cousin jack] 29/4/2015 14:45

Skyship. Doh....as a Sippdeal customer I should have been alert to the name change. I tend to now think of them as AJ Bell though.

Will look at BPM...thanks for the mention. The other way I try to get to c.7% ps is by buying good yielding relatively safe mainstream shares when they are at lower points of trading range and then selling as they near top of range. There are usually some dividends too from those that get stuck in the middle. For example Amlin is getting close to a buy under that criteria.

Good luck

[skyship] 29/4/2015 11:59

Hi CJ. YouInvest is Sippdeal - just a recent name change!

Yes, it is difficult at the moment. As you state above, I lowered my expectations for 2015. I've always targeted 12%pa, but targeting just 7% this year; so reasonably happy to be +4% after the 1st 4 months.

Gains mainly from PE trusts, esp. JPEL & NRI. Anticipating further progress from BPM which are still on a 28% NAV discount to the historic 205p NAV. The June stats should raise the discount and interest; as might the rumoured earlier sale of a large portfolio holding. Well worth a look if you haven't already done so...

[cousin jack] 29/4/2015 09:52

Hi Skyship. In post 140 you mention a success rate of 46% via YouInvest in the last tender. However from posts 135/137 I had thought that rate was via Sippdeal. As I have a holding with Sippdeal, and will be contemplating tendering at the next opportunity, I would be interested to know which it was !

May I add a thanks to you and other contributors who so readily bring ideas to this and other value investing boards. Like you I am looking to make around 7% pa to supplement my retirement income but it's hard work St the moment. Hopefully post election uncertainties may throw up some opportunities.

[skyship] 28/4/2015 16:41

As suggested above, MTH has confirmed a June Tender of minimally £6m. At the moment the Mar'15 NAV not declared.

[skyship] 03/4/2015 17:42

A friend asked why I was bullish over MTH; and I thought I would copy my reply here.

# BACKGROUND:

MTH is a small Fund-of-Funds trust. It has a small portfolio which after a trio of recent Tenders has reduced to a mere £32m valuation. It is invested primarily overseas - 78% Euro-denominated; 20% US$-denominated & just 2% £-denominated. The Trust is in run-off mode – see this extract from last month’s Annual Report:

Update on the Realisation Strategy

“The Board remains committed to returning cash to shareholders. Given the strong net cash position as at 31 December 2014 and a promising pipeline of potential portfolio company realisations, the Board is confident of announcing a further tender offer during 2015.

In conjunction with its advisers, the Board recently conducted a review of the realisation strategy with a particular focus on how and when to achieve a full exit for shareholders. The Board concluded that the current strategy of returning cash to shareholders by way of further tender offers at close to NAV remains the best way to deliver maximum value to shareholders in the immediate future. Although the Company has completed three tender offers to date, it is still quite early in the overall realisation process. Shareholders still have exposure to a diversified portfolio of 64 underlying companies.”

# THE TACTICAL GAME:

Over recent years it has been possible to buy liquidating trusts such as HPEQ, NRI & MTH, gain from the closure of discounts; tactically accept tenders; receive excess tender redemptions due to pooled nominee accounts; buy back the stock at a lower price post tender – and await the next!

Each time it has been necessary of course to assess portfolio valuations and liquidation timescales.

MTH has now delivered the following three Tenders:
• Jun’13 - £6.9m
• Dec’13 - £6.1m
• Dec’14 - £6.7m

At end Dec’14 MTH held cash of £6.25m of which £3.75m is considered to be cash surplus.

A 2015 Tender can be considered a certainty, so one needs to take a view as to WHEN, HOW MUCH and at WHAT PRICE.

WHEN? - The realisations in 2014 took place against a background of a generally flat Euro-stockmarket. Over the period an amalgamation of the AEX/CAC/DAX markets rose just 2.5%; which compares quite markedly with the rise of 18.4% in Q1’15. It is likely therefore that the “promising pipeline of potential portfolio company realisations” will have been stimulated by the Market rise. My guess, but it is only that, is that we will see a June Tender again this year. If later, so be it; but with that £3.75m already waiting, just another £2.5m-£3m will be needed to trigger Tender No.4 – see below

HOW MUCH? – The previous three Tenders have averaged c. £6.5m – so I’ll go for that again

WHAT PRICE? – Well, the last Tender was at the Sept’14 NAV of 154.7p. The Dec’14 NAV had advanced to 162.1p. Last year the NAV was pretty well static, rising a mere 1.1% because of the 7.2% fall in the Euro. Without that fall the rise would have been 4.9%. Problem is that the Euro fell another 7.2% v. the £Sterling in Q1’15! Against that, the US$ rose 4.8% v. £Sterling; and portfolio valuations may well have delivered as that basket of European indices mentioned above rose 18.4% in Q1’15.

Realisations are usually conducted at a premium, so my guess (& it can only be that) is that the NAV will have advanced against that Euro fall and the Mar’15 NAV will still manage a small gain to c165p

So, Tender No.4 to be for £6.5m, ie 16.9% (3.94m shares) @ 165p.

Allow for Tender excess; and run your calculations on a 25% redemption.

# SUMMARY:

With the shares on offer at 146p, the upside may not be great; but for a Low Risk portfolio that 13% upside looks attractive. It is a call I’m prepared to make as in the last Tender of 16%, I was successful in the Tender to the tune of 56% (that was with YouInvest).

The AGM on 28th April should coincide with an IMS detailing cash and NAV. I’m hoping it may also reveal news of another Tender. If not, then I’ll just be patient – it’s going to come; just a matter of when!